Gangnam Apartment Prices Rise for 2 Consecutive Weeks... Seoul Apartment Prices Near Stabilization

As the sale prices in Gangnam-gu, Seoul have risen for two consecutive weeks, the sale and jeonse prices of apartments in Seoul are on the verge of stabilizing. In particular, redevelopment apartments, which are sensitive to market trends in Gyeonggi Province, have recorded stability for two consecutive weeks, creating an atmosphere of growing expectations for a shift to an upward trend.

A view of the Yeouido apartment area in Yeongdeungpo-gu, Seoul, seen from the 63 Building
[Photo by Ryu Taemin]

According to Real Estate R114 on the 28th, the rate of change in Seoul apartment sale prices was recorded at -0.01%, narrowing the decline by 0.01 percentage points (p) compared to the previous week. Redevelopment apartments showed stability (0.00%) for two consecutive weeks, while general apartments fell by 0.02%. New towns and Gyeonggi/Incheon fell by 0.01% and 0.02%, respectively.

The rate of decline by autonomous districts also appears to be slowing. This week, among the 25 autonomous districts in Seoul, only Gangnam-gu showed an increase, with 8 districts stable and 4 districts slightly down (-0.01%). The number of areas escaping weakness compared to the early year, when most regions were in decline, has significantly increased.

In particular, redevelopment apartments, which are sensitive to real estate market trends, have recorded stability for two consecutive weeks, showing signs of an imminent shift to an upward trend in line with Seoul City's efforts to revitalize central area redevelopment.

Yoon Ji-hae, chief researcher at Real Estate R114, explained, “To achieve a clearer rebound, a higher transaction volume than the levels seen in April and May is essential,” adding, “There are still many hurdles to overcome before the urgent sale properties priced below market value completely disappear from the market.” He further noted, “In June, about 25,000 households are scheduled to move into the metropolitan area alone, which is expected to act as a factor making it difficult for both jeonse and sale prices to rebound.”

The jeonse market is also showing a continued slowdown in the rate of decline. Seoul has fallen by 0.02% for two consecutive weeks, approaching stabilization. New towns and Gyeonggi/Incheon fell by 0.03%. By region, the following areas declined: ▲Gangdong (-0.10%) ▲Gwanak (-0.10%) ▲Dobong (-0.08%) ▲Dongjak (-0.05%) ▲Eunpyeong (-0.05%) ▲Jongno (-0.05%) ▲Yeongdeungpo (-0.04%).

In new towns, the following areas declined: ▲Pyeongchon (-0.05%) ▲Sanbon (-0.04%) ▲Jungdong (-0.04%) ▲Pangyo (-0.04%) ▲Ilsan (-0.03%) ▲Bundang (-0.02%).

In Gyeonggi/Incheon, while 10 districts showed declines at the city/county/district level, 18 districts were stable (0.00%), about twice as many. The areas that fell were ▲Pyeongtaek (-0.07%) ▲Bucheon (-0.06%) ▲Osan (-0.05%) ▲Guri (-0.04%) ▲Gimpo (-0.04%) ▲Namyangju (-0.04%) ▲Siheung (-0.04%) ▲Yongin (-0.04%) in that order.

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