Seoul Apartments, Sales and Jeonse Prices Drop Further

[Asia Economy Reporter Ryu Tae-min] The decline in apartment prices in the Seoul metropolitan area is widening again. Despite the announcement of the 1·3 measures that include regulatory easing, it seems insufficient to stop the continued buyer hesitation and price decline.

According to Real Estate R114 on the 13th, apartment prices in Seoul fell by 0.09% in the second week of January. Compared to the previous week (-0.04%), the drop more than doubled. Reconstruction and general apartments fell by 0.15% and 0.07%, respectively. New towns and Gyeonggi·Incheon recorded -0.04% and -0.07%, respectively.

In Seoul, inquiries about some urgent sale properties slightly increased, but the wait-and-see sentiment remains dominant. By region, the declines were in the order of ▲Gwanak (-0.42%) ▲Gangnam (-0.31%) ▲Yeongdeungpo (-0.22%) ▲Gangbuk (-0.19%) ▲Guro (-0.08%) ▲Dongdaemun (-0.05%) ▲Seocho (-0.05%).

In new towns, ▲Pyeongchon (-0.18%) ▲Sanbon (-0.16%) ▲Gwanggyo (-0.12%) ▲Pangyo (-0.01%) declined, while the rest remained flat. In Gyeonggi·Incheon, influenced by the supply of move-in units, ▲Suwon (-0.19%) ▲Anyang (-0.18%) ▲Yongin (-0.14%) ▲Seongnam (-0.13%) ▲Hwaseong (-0.11%) ▲Siheung (-0.10%) declined.

The jeonse market in Seoul fell by 0.16%. By region, declines were seen in ▲Gwanak (-0.54%) ▲Gangnam (-0.48%) ▲Yeongdeungpo (-0.38%) ▲Guro (-0.24%) ▲Gwangjin (-0.21%) ▲Mapo (-0.19%) ▲Seocho (-0.15%).

New towns and Gyeonggi·Incheon recorded changes of -0.07% and -0.09%, respectively. The decline was led by large complexes with severe inventory accumulation due to demand slowdown and ongoing apartment move-ins in the southern Gyeonggi area. In new towns, ▲Pyeongchon (-0.40%) ▲Gwanggyo (-0.30%) ▲Sanbon (-0.09%) ▲Ilsan (-0.06%) ▲Pangyo (-0.04%) declined. In Gyeonggi·Incheon, ▲Anyang (-0.31%) ▲Suwon (-0.23%) ▲Yongin (-0.18%) ▲Siheung (-0.17%) ▲Goyang (-0.15%) ▲Seongnam (-0.15%) ▲Hwaseong (-0.14%) fell.

Real Estate R114 explained, "Although expectations for regulatory easing spread following the announcement of the 1·3 measures, the buyer wait-and-see sentiment continues, making it difficult to shift the market atmosphere," adding, "The weakness was prominent in large complexes with accumulating inventory and in areas with ongoing apartment move-ins such as Gangnam-gu in Seoul and the southern Gyeonggi region."

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