Seoul Apartment Prices Rise for 8 Consecutive Weeks... Nationwide Prices Stable for 3 Consecutive Weeks

by Kim Minyoung

Published 13 Jul.2023 14:32(KST)

Seoul Sees Increase in Both Gangnam and Gangbuk
Jeonse Prices Rise Only in Seoul and Capital Area... Decline in Provinces

The upward trend in Seoul apartment prices continued for the eighth consecutive week. While nationwide apartment prices remained flat for three consecutive weeks, the Seoul metropolitan area maintained its rate of increase, and prices in other regions continued to decline.

[Image source=Yonhap News]

According to the 'Weekly Apartment Price Trend' released by the Korea Real Estate Board on the 13th, as of the second week of July (the 10th), Seoul apartment prices rose by 0.04% compared to the previous week.

Seoul apartment prices have increased for eight consecutive weeks on a weekly basis, with the rate of increase rising by 0.01 percentage points from last week’s 0.03%.

This growth appears to be driven by an increase in listings and a moderate rise in transaction prices, especially in major complexes.

By district in Seoul, Songpa-gu saw the largest increase in apartment prices (0.16%), mainly in large complexes. Including Songpa-gu, apartment prices in 11 districts of the Gangnam area rose by an average of 0.05%, while prices in 14 districts of the Gangbuk area increased by 0.02%.

Nationwide apartment sale prices remained flat compared to the previous week. The Seoul metropolitan area rose by 0.04%, the same as last week, with Gyeonggi and Incheon increasing by 0.04% and 0.05%, respectively.

On the other hand, housing prices in other regions fell by 0.04%. Sejong saw a 0.13% increase, narrowing from last week’s 0.21%, and the five major metropolitan cities recorded a smaller decline of 0.05%, compared to last week’s -0.06%.

During the same period, nationwide apartment jeonse prices fell by 0.02%. Seoul apartment jeonse prices rose by 0.05%, and jeonse prices in the Seoul metropolitan area also increased by 0.03%.