KB Market Prices Also Show Largest Drop in Seoul Apartment Prices in Over 9 Years

Seoul Declines for 8th Consecutive Week...Longest Period Since 2019
Sejong City Records Largest Drop in Sale and Jeonse Prices Nationwide

[Asia Economy Reporter Noh Kyung-jo] According to private statistics, Seoul apartment sale prices recorded the largest weekly decline in 9 years and 1 month.

According to KB Kookmin Bank's weekly housing price trend statistics on the 12th, as of the 5th, Seoul apartment sale prices fell by 0.08% compared to the previous week. This is the largest drop since July 29, 2013 (-0.10%) based on the survey date, as well as this year. The downward trend has continued for 8 consecutive weeks, marking the longest period since the 21-week decline from January 14 to June 10, 2019.

The decline was more pronounced in Gangbuk (-0.11%) than in Gangnam (-0.06%). By district, Dobong-gu, which has fallen for 5 consecutive weeks (-0.35%), showed the largest drop. It was followed by Nowon-gu (-0.21%), Dongdaemun-gu (-0.19%), Songpa-gu and Yangcheon-gu (-0.15%). Except for Mapo-gu, which remained flat for 2 weeks, five districts including Gangbuk, Yongsan, Jongno, Gwanak, and Dongjak shifted from decline to flat within a week.

The nationwide rate of change was -0.10%, declining for 13 consecutive weeks. This is the largest weekly drop since January 19, 2009. By city and province, Sejong-si (-0.35%) showed the largest decline compared to the previous week, followed by Daejeon (-0.20%), Gyeonggi, Incheon, and Daegu (-0.14%). Some areas recorded increases, including Gangwon (0.06%), Jeju and Seogwipo (0.03%), and Jeonbuk (0.02%).

Jeonse prices also continued their weak trend. Nationwide apartment Jeonse prices fell by 0.08% compared to the previous week, with Sejong-si dropping 0.64%, marking the largest decline by city and province. Seoul, Gyeonggi, and Incheon fell by 0.07%, 0.14%, and 0.11%, respectively.

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