Seoul Apartment Prices Rise for 5 Consecutive Weeks... Nowon-gu Also Returns to an Upward Trend

Seoul apartment prices have risen for five consecutive weeks. While the upward trend in the Gangnam area and Yongsan and Mapo districts remains unbroken, Nowon District ended its four-week period of stagnation and decline, turning to an increase after five weeks.

According to the 'Weekly Apartment Price Trends' released by the Korea Real Estate Board on the 22nd, Seoul apartment prices rose by 0.04% in the third week of June (as of the 19th), expanding the increase from the previous week (0.03%).

The Real Estate Board stated, "While prices and transaction prices have risen moderately mainly in some preferred complexes, the gap between buyers' and sellers' desired prices remains, causing a simultaneous accumulation of listings, resulting in localized mixed trends depending on the region and complex."

Among the 25 autonomous districts, the Gangnam area continued its upward trend with Seocho-gu (0.10%), Gangnam-gu (0.16%), Songpa-gu (0.29%), and Gangdong-gu (0.05%) all rising. Yongsan, Seongdong, and Dongjak districts (each 0.02%) also maintained slight increases. Mapo-gu (0.09%) rose for the fifth consecutive week.

Nowon-gu, which had returned to stagnation in the fourth week of May after four weeks of rising and then shifted to a decline, rose again by 0.06% after five weeks. This was the largest increase in rate of change compared to the previous week (-0.03%).

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

Apartment prices in the Seoul metropolitan area (0.03%), including Seoul, have risen for three consecutive weeks, while Gyeonggi Province (0.03%) also shifted from stagnation last week to an increase. Hwaseong City (0.43%) saw price rises mainly in large complexes in Osan and Cheonggye-dong, and Gwacheon City (0.38%) experienced increases centered on new constructions in Burim and Wonmun-dong. Cheoin-gu in Yongin City (0.36%), benefiting from the national industrial complex development, showed strong performance for the 13th consecutive week, mainly in Idong and Namsa-eup.

Incheon (0.03%) saw a slight decrease in the rate of increase, with Michuhol-gu (-0.10%) and Dong-gu (-0.07%) declining. Jung-gu (0.10%), Yeonsu-gu (0.09%), and Bupyeong-gu (0.06%) saw apartment prices rise.

Seoul jeonse prices (0.03% → 0.02%) continued to rise for five consecutive weeks, although the rate of increase slowed due to ongoing cautiousness among buyers and sellers. Songpa-gu (0.25%), Yeongdeungpo-gu (0.14%), Yangcheon-gu (0.12%), and Mapo-gu (0.09%) saw increases. Nationwide, jeonse prices fell by 0.04%, maintaining the same rate of decline as the previous week.

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