4 out of 10 Seoul Apartments Sold at Lower Prices Than Last Year... Seongbuk-gu Has the Highest Proportion

Apartment view in the Seoul area (Photo by Asia Economy DB)

[Asia Economy Reporter Tae-min Ryu] Nearly 4 out of 10 apartments in Seoul have seen their average sale prices decline compared to last year.

On the 7th, Real Estate R114 released results comparing the average sale prices of apartments in the same complexes and with the same exclusive area in Seoul, contracted last year and this year, using the Ministry of Land, Infrastructure and Transport's actual transaction price disclosure system. Among the 4,086 cases surveyed, 1,492 cases (36.5%) showed average sale prices lower than last year.

By autonomous district, Seongbuk-gu had the highest proportion of apartments with average sale prices lower than last year at 55.9% (100 out of 179 cases). This was followed by Seodaemun-gu at 51.9% (82 out of 158 cases) and Eunpyeong-gu at 51.3% (82 out of 160 cases).

Among the Gangnam 3 districts, Songpa-gu stood out with a decline transaction rate of 45.8%. This contrasted with Seocho-gu, which had the lowest transaction proportion in Seoul at 14.0% (31 out of 222 cases). Gangnam-gu also had a rate of 24.6%, which was 11.9 percentage points lower than the average.

Apartment sale prices in Songpa-gu have been declining for 23 consecutive weeks, resulting in a cumulative price drop of 2.78% this year. In particular, in the fourth week of October, prices fell by 0.43%, marking the largest decline among Seoul’s 25 autonomous districts. For example, an 84.8㎡ (exclusive area) apartment in Jamsil Els, Jamsil-dong, Songpa-gu, changed hands for 1.95 billion KRW on the 7th of last month, down 720 million KRW from the highest price of 2.67 billion KRW recorded in March.

This is interpreted as a result of the steady decline in Seoul apartment prices since the beginning of this year. Seoul apartment sale prices have been falling increasingly as buying sentiment has frozen due to consecutive interest rate hikes and concerns over falling housing prices. According to the Korea Real Estate Board, the average sale price of Seoul apartments fell by 0.34% in the last week of October compared to the previous week, marking the 23rd consecutive week of decline.

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