Seoul Apartment Prices Stabilize for 4 Consecutive Weeks... Gangnam Area Continues to Thrive

Apartment view from Namsan. Photo by Mun Ho-nam munonam@

[Asia Economy Reporter Ryu Tae-min] The decline in Seoul apartment prices has stopped, showing a flat trend for four consecutive weeks. While the rise is expanding mainly in the Gangnam area, where expectations for deregulation such as reconstruction are high, Yongsan-gu, which has high expectations for redevelopment projects, also seems to be continuing its upward trend.

According to the weekly apartment price trend for the fourth week of April announced by the Korea Real Estate Board on the 28th, as of the 25th, the rate of change in apartment sale prices in Seoul recorded 0.00%, showing a flat trend. This marks four consecutive weeks of stability.

In Seoul, 11 out of 25 autonomous districts recorded declines. Among the districts, Seongbuk-gu (-0.02% → -0.03%) showed the largest drop. The three Gangnam districts continue their upward trend. Gangnam-gu (0.03%) saw price increases mainly in Daechi and Gaepo-dong, where deregulation expectations exist, and Seocho-gu (0.05%) saw a larger rise with new record prices mainly in popular complexes in Banpo and Bangbae-dong. On the other hand, Songpa-gu recorded -0.01%, turning downward from the previous week (0.00%). In Gangbuk, Yongsan-gu (0.03%) continued its rise due to expectations for regional development.

Incheon (-0.01% → -0.02%) maintained its decline. Gyeyang-gu (0.06%) rose mainly in Gyesan and Jakjeon-dong. Yeonsu-gu (-0.04%) declined in areas such as Ongnyeon and Cheonghak-dong.

Gyeonggi-do (-0.02% → -0.01%) saw a slight reduction in the rate of decline. Icheon-si (0.26%) rose due to demand from proximity to workplaces. Osan-si (-0.14%) declined mainly in Won and Naesammi-dong due to weakened buyer sentiment, and Hwaseong-si (-0.08%) declined mainly in Dongtan New Town due to inventory accumulation and other factors.

Sejong saw apartment prices fall by 0.16%, a larger decline than the previous week (-0.08%).

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

The apartment jeonse (long-term lease) market last week showed a decline of -0.01% in Seoul, the same as the previous week. In Seoul, some areas in the northern part saw a shift to rising prices due to a decrease in move-in volume and reduced listings, but overall demand decreased due to high jeonse prices, loan interest burdens, and tenants' preference for monthly rent, resulting in a continued downward trend.

Due to burdens such as jeonse loan repayments, most areas showed flat or declining trends. South of the Han River, Gangnam-gu (-0.01%) declined mainly in older buildings in Daechi-dong, Seocho-gu (0.00%) was flat mainly in older buildings in Seocho and Jamwon-dong, and Songpa-gu (-0.01%) declined mainly in Jangji and Munjeong-dong.

In other metropolitan areas, Incheon recorded -0.02%, a smaller decline than the previous week (-0.04%). Yeonsu-gu (-0.07%) declined mainly in Songdo and Yeonsu-dong along with sale prices, and Seo-gu (-0.04%) declined mainly in Cheongna-dong.

Gyeonggi-do declined by -0.02%, a larger drop than the previous week (-0.01%). Icheon-si (0.23%) rose mainly in Daewol-myeon and Bubal-eup, which have good proximity to workplaces, and in Anheung and Gwango-dong, which are perceived as relatively low-priced. Gwangmyeong-si (-0.29%) declined mainly in mid- to low-priced areas of Cheolsan and Haan-dong, and Yangju-si (-0.23%) declined mainly in major complexes in Hoecheon New Town and Okjeong-dong due to inventory accumulation.

Sejong's jeonse prices fell by 0.13% last week, a smaller decline than the previous week (-0.35%).

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