Nationwide Apartment Prices Stop Falling After 13 Months... Seoul Rises for 6 Consecutive Weeks

Apartment prices nationwide have stopped declining after about a year. This is due to the depletion of low-priced listings and the rise in apartment prices in the Seoul metropolitan area, including Seoul, while the decline in prices in other regions has also slowed.

View of downtown apartments from the Seoul Lotte World Tower Observatory / Photo by Yonhap News

According to the 'Weekly Apartment Price Trends' announced by the Korea Real Estate Board on the 28th, apartment prices nationwide in the fourth week of June (as of the 26th) stopped falling, which had continued since the second week of May last year (-0.01%), and turned stable for the first time in 1 year and 1 month.

Seoul (0.04%) rose for six consecutive weeks, and Gyeonggi Province (0.03%) maintained the same level as last week. Incheon saw its increase widen from 0.03% to 0.06%. As a result, apartment prices in the entire metropolitan area also increased from 0.03% last week to 0.04% this week.

By district, the upward trend continued in the Gangnam area with Songpa-gu (0.26%) and Seocho-gu (0.12%). In the outskirts of Seoul, Mapo-gu (0.11%), where inbound demand increased, and Dongjak-gu (0.06%), which recently attracted attention due to the new public housing projects by the Capital Defense Command (Subangsa) New:Home and the Heukseok River Park Xi non-priority subscription, saw an increase in the rate of rise compared to last week. On the other hand, Gangseo-gu (-0.03%), experiencing a backlog of listings, saw a wider decline compared to the previous week, and Seongbuk-gu (0.01%→-0.02%) turned to a decline.

In Gyeonggi Province, Pyeongtaek-si rose 0.05%, marking three consecutive weeks of increase, and nearby Osan-si, which fell 0.01% last week, turned to a 0.24% rise this week. Bundang-gu in Seongnam-si (0.25%) also maintained its strong performance.

In other regions, Sejong (0.21%) showed a steady upward trend. Daegu fell 0.04%, but the decline narrowed compared to last week (-0.08%).

Despite the reverse jeonse (rental deposit) market, jeonse prices in the metropolitan area rose 0.02%, marking an increase for the first time in about 1 year and 6 months since the second week of January last year (0.01%). This appears to be due to increased demand for new jeonse homes following a recent drop in jeonse loan interest rates and a reduction in affordable listings.

Jeonse prices for apartments in Seoul and Gyeonggi rose 0.04% each, widening the increase compared to last week (0.02% and 0.01%), while Incheon fell 0.08%, with the decline slowing compared to last week (-0.11%). The Real Estate Board stated, "Due to the prolonged decline in jeonse prices, a perception of low prices is emerging."

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