Seocho and Gangdong in Gangnam See House Prices Turning Up One After Another... "Impact of Exhaustion of Urgent Sale Properties"

Among the five regions in Seoul, only the southeastern area has seen housing prices turn upward. Seocho-gu shifted to an increase after about a month of stability, Songpa-gu rose for two consecutive weeks, and Gangdong-gu rebounded after three weeks.

Apartment complex in Seocho-gu, Seoul / Photo by Yonhap News

According to the weekly apartment price trends announced by the Korea Real Estate Board on the 20th, Seoul apartment prices in the third week of April (as of the 17th) fell by 0.08%, narrowing the decline compared to the previous week (-0.11%). The Real Estate Board explained, "While a wait-and-see stance continues due to expectations of further price drops and an accumulation of listings, the depletion of urgent sale properties and demand in some highly preferred areas and complexes have caused localized increases in listings and actual transaction prices."

Notably, the southeastern area, which includes the Gangnam 4 districts (Gangnam, Seocho, Songpa, and Gangdong-gu), rebounded (-0.01% → 0.02%). This is the first increase in about 11 months since the fourth week of May last year (0.01%). Among them, Songpa-gu (0.04%) saw a larger increase than the previous week (0.02%), while Seocho (0.04%) and Gangdong-gu (0.01%) showed mixed trends but rose mainly in key complexes. Gangnam-gu fell by 0.01%, maintaining the same decline as the previous week. In other regions, Dongjak-gu (0.01% → 0.03%) continued its upward trend for the second week.

In the northern area, Nowon-gu (-0.13% → -0.03%) significantly reduced its decline. Gangbuk-gu (-0.21% → -0.11%), Dongdaemun-gu (-0.28% → -0.21%), and Mapo-gu (-0.15% → -0.06%) also saw a slowdown in their rate of decline compared to the previous week.

While apartment prices in Gyeonggi-do fell by 0.17%, Hwaseong-si (0.01%), which includes Dongtan New Town, rose for the first time in about 1 year and 4 months since the first week of December 2021 (0.11%). The weekly decline, which was in the 1% range earlier this year, gradually decreased and turned into an increase. Due to the development of a national industrial complex, Cheoin-gu in Yongin-si (0.24%) rose for four consecutive weeks.

In Incheon (-0.02%), Yeonsu-gu (0.01%) turned to an increase centered around Songdo New Town. This is the first rise in about 1 year and 3 months since the third week of January last year (0.01%). Michuhol-gu also rose by 0.03%, mainly in key complexes in Yonghyeon and Juan-dong.

By city and province, Sejong-si (0.07% → 0.17%) continued its upward trend for five consecutive weeks. In contrast, Gangwon fell by 0.09%, widening the decline compared to the previous week (-0.08%).

Jeonse prices are also gradually narrowing their decline. Nationwide, the drop decreased from -0.24% to -0.20%, and in Seoul from -0.20% to -0.17%, both showing reduced declines compared to the previous week. In Michuhol-gu, Incheon, the weakness continued with a 0.20% drop following last week's (-0.22%).

The Real Estate Board stated, "Although the tenant-favorable market continues due to the impact of newly scheduled move-in volumes, some regions showed differentiated trends as urgent sale properties were depleted and listing prices rose."

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