Apartment Prices in Gangnam and Nowon Districts of Seoul Rise for 2 Consecutive Weeks... Yongsan District Also Stops Declining

Apartment prices in Gangnam-gu and Nowon-gu, Seoul continued to rise for the second consecutive week. Yongsan-gu, which had been declining for 37 weeks straight, recorded a stable price.

Apartment buildings in downtown Seoul / Photo by Yonhap News

According to the weekly apartment price trend announced by the Korea Real Estate Board on the 4th, apartment prices in Seoul for the first week of May (as of the 1st) fell by 0.05%, narrowing the decline compared to the previous week (-0.07%). The Real Estate Board explained, "Although there are regional differences, the overall decline has narrowed as actual transactions and asking prices rose moderately, mainly in preferred complexes in some areas."

By region, the southeastern area, which includes the Gangnam 3 districts (Gangnam, Seocho, and Songpa-gu), rose for the third consecutive week. Among them, the increase in Gangnam-gu (0.03%) expanded compared to the previous week (0.02%), and Seocho-gu (0.02%) rose for three consecutive weeks. This is believed to be due to the rise in asking prices after low-priced listings were exhausted. Songpa and Gangdong-gu (each -0.01%) turned to a decline after four and three weeks, respectively.

In other regions, Nowon-gu (0.02%) maintained its upward trend following last week, mainly due to transactions in mid- to low-priced established complexes in Sanggye and Junggye-dong. Yongsan-gu, which had been declining since the second week of August last year (0.00%), returned to stability after 38 weeks.

Gyeonggi Province (-0.09%) also saw a smaller decline compared to the previous week (-0.12%), with Cheoin-gu in Yongin City (0.28%) rising for the sixth consecutive week. This is due to the positive impact of the national industrial complex development. Sujeong-gu in Seongnam City (0.12%) also saw house prices rise in Wirye New Town and major complexes in the old city. Hanam City (0.04%) and Suji-gu in Yongin City (0.02%) turned to an increase as apartment prices rose mainly around Misa Riverside City and Gwanggyo New Town, respectively.

Incheon fell by 0.01%. Michuhol-gu (-0.14%) and Bupyeong-gu (-0.08%) declined, while Seo-gu (0.08%) saw prices rise mainly in small and newly built complexes centered on actual demand. Jung-gu (0.05%) saw a quick sale of major complexes in Jungsan-dong.

By city and province, Sejong (0.27%→0.23%) continued its upward trend for seven consecutive weeks, while only Jeonbuk (-0.10%→-9.13%) and Gyeongbuk (-0.07%→-0.08%) widened their decline.

Jeonse prices nationwide eased from -0.18% to -0.13%. By city and province, Seoul's decline narrowed from -0.13% to -0.11%, and Sejong rose 0.07%, continuing its upward trend for five consecutive weeks since turning positive in the last week of March.

The Real Estate Board stated, "In Seoul, although urgent sale listings were exhausted and prices in major complexes with favorable living conditions rose slightly, overall prices declined due to coexistence of concerns about further declines influenced by the supply of scheduled listings in different regions."

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