Apartment Prices Nationwide Hold Steady for 2 Weeks... Seoul Sees 7 Consecutive Weeks of Increase

Seoul apartment prices rose for the seventh consecutive week, but the rate of increase slowed. Prices in provincial areas also saw larger declines, resulting in nationwide prices remaining flat after ending a year-long decline last week.

View of city apartments from the observation deck of Lotte World Tower in Songpa-gu, Seoul. / Photo by Yonhap News

According to the 'Weekly Apartment Price Trends' released by the Korea Real Estate Board on the 6th, Seoul apartment prices increased by 0.03% in the first week of July (as of the 3rd). However, the rate of increase narrowed compared to the previous week (0.04%).

The Real Estate Board stated, "While rising transactions are occurring in major complexes in areas with favorable living conditions, some places are showing buyer hesitation after the exhaustion of urgent sale listings, resulting in a continued mixed trend."

By district, the Gangnam area continued its upward trend with Seocho-gu (0.12%), Gangnam-gu (0.07%), Songpa-gu (0.21%), and Gangdong-gu (0.04%) all rising. Yongsan-gu (0.03%) shifted from stable to rising, and Mapo-gu (0.08%) increased for the seventh consecutive week. Dongjak-gu and Seongdong-gu (each 0.30%) also maintained their upward momentum. In contrast, Nowon-gu, which has fluctuated between rises and falls, declined by 0.05%, mainly due to decreases in older complexes in Gongneung and Hagye-dong.

Including Seoul, apartment prices in the metropolitan area (0.04%) rose for the fifth consecutive week, with Gyeonggi Province (0.04%) seeing an expanded rate of increase compared to the previous week (0.03%). Gwacheon-si (0.41%), Guri-si (0.33%), Hwaseong-si and Cheoin-gu in Yongin-si (each 0.26%), and Bundang-gu in Seongnam-si (0.24%) showed strong performance. Among these, Cheoin-gu, benefiting from the development of a national industrial complex, has risen for 15 consecutive weeks.

Incheon (0.05%) saw a slight decrease in the rate of increase, with Dong-gu (-0.13%) and Michuhol-gu (-0.07%) declining. Yeonsu-gu (0.19%), Jung-gu (0.15%), and Seo-gu (0.06%) experienced rises in apartment prices.

Nationwide, prices remained flat (0.00%), which is attributed to simultaneous declines in provincial cities and provinces except for Sejong (0.21%) and Chungbuk and Chungnam (0.00%).

Seoul jeonse prices (0.04%) rose for the seventh consecutive week, but the rate remained the same as the previous week. The Real Estate Board explained that areas with slowing price increases coexist with areas showing some rising transactions. Nationwide, jeonse prices fell by 0.02%. Among the 17 cities and provinces, Sejong (0.18%) had the largest increase.

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