Soaring Apartment Prices in Busan Haeundae-gu Also 'Turn Down'

Apartment buildings in the Seoul area (Photo by Yonhap News)

[Asia Economy Reporter Ryu Tae-min] Due to interest rate hikes and accumulated fatigue over housing prices, the apartment sale prices in Haeundae, Busan, which soared to unprecedented heights last year, have declined.

According to the Korea Real Estate Board on the 12th, the apartment sale prices in Busan rose by 0.01% in the first week of February (as of the 7th). Busan apartment prices, which increased by 13.59% last year, have maintained a steady trend with weekly increases of 0.01% to 0.02% since the new year.

By region, Haeundae-gu, which led the rise in housing prices last year, experienced a decline. Haeundae recorded a 0% increase for four consecutive weeks starting from the second week of January but turned to a decline this week with -0.01%.

Other districts such as Dong-gu (-0.04%), Yeongdo-gu (-0.02%), and Yeonje-gu (-0.02%) also saw decreases. Jung-gu (0.02%) and Seo-gu (0.01%) recorded slight increases, while other districts showed steady or declining trends.

Meanwhile, the apartment jeonse (long-term lease) prices in Busan rose by 0.01% compared to the previous week. By district, Busanjin-gu fell by 0.01%, while Haeundae-gu (0.01%) and Yeonje-gu (0.03%) showed slight increases or steady trends.

This content was produced with the assistance of AI translation services.