"Fierce Buy-Sell Standoff"... Seoul Apartment Prices Fluctuate Repeatedly

Seoul apartment prices have been showing a slight downward trend on a weekly basis, fluctuating up and down. Since the second week of March, the sales prices have been falling by around 0.02%p, showing mixed trends, and the battle of wits between sellers and buyers is expected to intensify further.

View of downtown apartments from Namsan, Seoul
Photo by Yonhap News

According to Real Estate R114 on the 9th, the rate of change in Seoul apartment prices fell by 0.05%, slightly widening the decline compared to last week (-0.04%). Reconstruction apartments dropped by 0.06%, and general apartments fell by 0.05%. New towns and Gyeonggi·Incheon fell by 0.02% and 0.04%, respectively.

In Seoul, the decline continued mainly in quasi-new complexes aged 6 to 10 years, and transactions are difficult due to the gap between sellers' asking prices and buyers' desired prices. By region, the prices fell in the order of ▲Gangseo (-0.15%) ▲Gwanak (-0.13%) ▲Guro (-0.10%) ▲Gwangjin (-0.09%) ▲Dobong (-0.09%) ▲Geumcheon (-0.08%) ▲Nowon (-0.08%) ▲Mapo (-0.08%) ▲Yangcheon (-0.08%).

In new towns, prices fell in ▲Pyeongchon (-0.05%) ▲Dongtan (-0.05%) ▲Paju Unjeong (-0.04%) ▲Ilsan (-0.03%) ▲Gwanggyo (-0.02%) ▲Bundang (-0.01%) ▲Sanbon (-0.01%).

In Gyeonggi·Incheon, adjustments were mainly made downward for medium-sized older apartments. By region, prices fell in ▲Gimpo (-0.22%) ▲Suwon (-0.12%) ▲Goyang (-0.07%) ▲Paju (-0.07%) ▲Incheon (-0.06%) ▲Gwangju (-0.06%) ▲Namyangju (-0.05%) ▲Anyang (-0.03%) ▲Siheung (-0.02%) ▲Uijeongbu (-0.02%).

The jeonse market saw increased declines as transactions were mainly made through low-priced urgent sales. Seoul fell by 0.09%, new towns remained the same as the previous week at -0.04%, and Gyeonggi·Incheon dropped by 0.06%.

In Seoul, price declines were clear mainly in mid- to low-priced large apartment complexes. Prices fell in the order of ▲Gangseo (-0.32%) ▲Yangcheon (-0.24%) ▲Dobong (-0.18%) ▲Jongno (-0.15%) ▲Gwanak (-0.12%) ▲Geumcheon (-0.12%) ▲Yeongdeungpo (-0.12%) ▲Gwangjin (-0.11%) ▲Nowon (-0.11%) ▲Seocho (-0.11%).

In Gyeonggi·Incheon, prices fell in ▲Gimpo (-0.19%) ▲Goyang (-0.14%) ▲Suwon (-0.13%) ▲Paju (-0.13%) ▲Incheon (-0.08%) ▲Hwaseong (-0.07%) ▲Namyangju (-0.06%) ▲Uijeongbu (-0.05%) ▲Guri (-0.04%).

In new towns, prices declined in ▲Pyeongchon (-0.11%) ▲Pangyo (-0.06%) ▲Paju Unjeong (-0.05%) ▲Jungdong (-0.04%) ▲Dongtan (-0.04%) ▲Bundang (-0.03%) ▲Sanbon (-0.03%).

Baek Saerom, lead researcher at Real Estate R114, explained, “Recently, Seoul City has re-designated Apgujeong, Yeouido, Mokdong, and Seongsu as land transaction permission zones, which raises concerns that demand and price expectations may concentrate and rise in relatively freely traded areas such as Banpo-dong, Jamwon-dong, and Sinwol-dong.” She added, “However, since the current real estate market is mainly affected by macro uncertainties such as global financial risks and economic slowdown, which act as major downward price pressures, the impact of this zone re-designation on the market is expected to be limited.”

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