Seoul Apartment Prices Stop Falling After 11 Weeks... Gangnam 3 Districts and Yongsan Show Upward Trend

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

[Asia Economy Reporter Ryu Tae-min] Seoul apartment prices have stopped their decline after 11 weeks and shifted to a stable trend. Expectations of deregulation such as reconstruction have led the Gangnam 3 districts (Gangnam, Seocho, Songpa) to lead the rise, and Yongsan-gu, which has attracted attention due to the relocation of the presidential office, has also increased its rise, driving the upward trend.

According to the weekly apartment price trend for the first week of April announced by the Korea Real Estate Board on the 7th, as of the 4th, the apartment sale price in Seoul recorded a 0.00% change, showing stability. This is a shift from the previous week's (-0.01%) decline to stability.

In Seoul, 16 out of 25 autonomous districts recorded declines. Dobong-gu (-0.03% → -0.04%) saw an increased rate of decline, making it the district with the largest drop. The Gangnam 3 districts, which had turned to an upward trend the previous week, saw an even greater increase. Gangnam-gu (0.02%) and Seocho-gu (0.02%) continued their rise, mainly in Banpo-dong along the Han River with new constructions, where buying demand increased and reconstruction centered on deregulation expectations led to record high prices.

Incheon (-0.02% → -0.00%) shifted to stability. Yeonsu-gu (-0.02%) declined mainly due to inventory accumulation in Okryeon and Cheonghak-dong, and Namdong-gu (-0.02%) declined mainly in older buildings in Guwol-dong. Seo-gu (0.07%) rose mainly due to new constructions in Sinhyeon and Wondang-dong, and Michuhol-gu (0.01%) rose mainly in Yonghyeon and Hakik-dong, where redevelopment expectations exist.

Gyeonggi-do (-0.02% → -0.03%) saw a slight increase in the rate of decline. Icheon-si (0.32%) continued its high rate of increase. On the other hand, Suji-gu in Yongin (-0.15%) and Osan-si (-0.14%) declined due to inventory accumulation and other factors.

Sejong saw apartment prices fall by 0.08%, a smaller decline compared to the previous week (-0.14%).

Seoul area real estate agency exterior (Photo by Yonhap News)

The apartment jeonse (long-term lease) market saw a slight decrease in the rate of decline in the metropolitan area last week (-0.03%) compared to the previous week (-0.04%). Seoul showed a decline of -0.02%, the same as the previous week. Although listings accumulated in most areas, jeonse inquiries slightly increased due to spring moving season demand and expanded bank loan limits.

South of the Han River, Gangnam-gu (-0.01%) and Seocho-gu (-0.02%) continued to decline, mainly due to transactions of urgent sale properties. Songpa-gu (0.00%) and Gangdong-gu (0.00%) shifted to stability as inquiries increased mainly in major complexes in areas with relatively good residential conditions.

In other metropolitan areas, Incheon recorded -0.11%, a larger decline than the previous week (-0.08%). Seo-gu (-0.21%) declined mainly in Cheongna and Dangha-dong, and Yeonsu-gu (-0.38%) declined mainly in large complexes in Songdo New City due to inventory accumulation and falling transactions.

Gyeonggi-do showed a decline of -0.03%, the same as the previous week (-0.03%). Icheon-si (0.32%) and Pyeongtaek-si (0.18%) rose mainly in areas near industrial complexes with good proximity to workplaces or good residential conditions. On the other hand, Anyang Dongan-gu (-0.45%) declined mainly in Bisan and Pyeongchon-dong, where inventory accumulation continued.

Sejong's jeonse prices fell by 0.20% last week, continuing the decline following the previous week (-0.32%).

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