Apartment Prices Rise Simultaneously in Gangnam 3 Districts... Nowon-gu Also Turns to Increase

Southeastern Seoul Rises for 2 Consecutive Weeks
Nowon-gu Increases for the First Time in 1 Year and 4 Months

Apartment prices in Seoul's Gangnam 3 districts (Gangnam, Seocho, and Songpa) have all escaped from a decline. Nowon-gu also turned to an increase for the first time since the first week of January last year (0.03%).

View of Seoul apartments from 63 Square in Yeouido, Seoul. / Photo by Hyunmin Kim kimhyun81@

According to the weekly apartment price trend announced by the Korea Real Estate Board on the 27th, apartment prices in Seoul fell by 0.07% in the fourth week of April (as of the 24th), narrowing the decline compared to the previous week (-0.08%). The Real Estate Board explained, "Although the market remains cautious, urgent sales in major complexes in highly preferred areas have been exhausted, followed by consecutive price increases, which reduced the price decline compared to the previous week."

In particular, the southeastern area maintained a 0.02% increase after rebounding last week (-0.01% → 0.02%). Songpa-gu (0.04%) continued its upward trend for three consecutive weeks, and Seocho-gu (0.03%) also rose for the second week. Gangnam-gu, which had declined last week, turned to a 0.02% increase. This is the first time in 11 months since the last week of May last year (0.01%). Gangdong-gu recorded no change.

In other regions, Nowon-gu (0.04%) turned to an increase as urgent sales in older complexes mainly in Junggye and Sanggye-dong were exhausted. Dongjak-gu, which had risen for two consecutive weeks earlier, remained flat.

In Gyeonggi-do, prices fell by 0.12%, while Cheoin-gu in Yongin-si (0.35%) rose for five consecutive weeks due to the development benefits of the national industrial complex. Hwaseong-si (0.01%), which includes Dongtan New Town, showed the same increase for two consecutive weeks, and Osan-si, which had been gradually reducing its decline, rose by 0.10%.

Incheon (-0.03%) saw its decline widen by 0.01 percentage points. Seo-gu (0.10%) rose mainly due to new constructions in the residentially favorable Geomdan and Cheongna New Towns, while Michuhol-gu (-0.17%) turned to a decline after a week as prices fell mainly in the outskirts of Sungui-dong and large complexes in Juan-dong with many move-ins.

By city and province, Sejong (0.17% → 0.27%) continued its upward trend for six consecutive weeks. Incheon and Gwangju (-0.13% → -0.14%), Gangwon (-0.09% → -0.11%), and Jeju (-0.14% → -0.22%) saw their declines widen.

Jeonse prices nationwide eased their decline from -0.20% to -0.18%. By city and province, Seoul's decline narrowed from -0.17% to -0.13%, and Sejong rose by 0.10%, continuing its upward trend for four consecutive weeks since turning positive in the last week of March.

The Real Estate Board said, "Amid long-term price declines and stable interest rates, localized demand has emerged, leading to slight increases in jeonse prices due to relocation demand to areas or complexes with good residential conditions and the exhaustion of urgent sales."

Meanwhile, Michuhol-gu, suffering from jeonse fraud issues, saw a significant expansion in the decline of jeonse prices (-0.20% → -0.65%).

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