Seoul Apartment Prices Stable for 2 Consecutive Weeks... "Price Increase Imminent"

Seoul apartment sale and jeonse prices remained flat (0.00%) for two consecutive weeks. As the number of areas with rising prices increased significantly compared to the previous week, there is an analysis that an apartment price upturn is imminent.

[Image source=Yonhap News]

According to Real Estate R114 on the 16th, Seoul apartment prices recorded no change. Reconstruction apartments rose by 0.02%, marking the first increase since July 2022 (0.03%), while general apartments remained flat.

In Seoul, the number of areas with price increases rose sharply from one last week to a total of seven, including the Gangnam 4 districts. However, weakness continued mainly in mid-to-low price areas, with declines in ▲Gangbuk (-0.07%) ▲Nowon (-0.03%) ▲Gwanak (-0.02%) ▲Dobong (-0.02%) ▲Yangcheon (-0.02%).

New town apartment sale prices fell by 0.01%. The decline continued in first-generation new towns such as ▲Ilsan (-0.09%) and ▲Sanbon (-0.05%), while second-generation new towns remained flat (0.00%) for two consecutive weeks.

Apartment sale prices in Gyeonggi and Incheon fell by 0.01%. By region, prices dropped in ▲Osan (-0.07%) ▲Uiwang (-0.03%) ▲Hanam (-0.03%) ▲Incheon (-0.02%) ▲Namyangju (-0.02%), but rose in ▲Siheung (0.02%) and ▲Yongin (0.01%).

Weekly Price Change Rate of Seoul Sale and Jeonse.
[Photo by Real Estate R114]

The jeonse market slowed down entering the vacation season, but price recovery was rapid mainly in the Gangnam area. Seoul remained flat (0.00%), new towns fell by 0.02%, and Gyeonggi and Incheon decreased by 0.01%.

In Seoul, jeonse demand weakened due to the rainy season and summer vacation, but the number of areas with price increases rose from two to four compared to a week ago. By region, prices fell in the order of ▲Nowon (-0.05%) ▲Gangbuk (-0.04%) ▲Jungnang (-0.03%) ▲Gangdong (-0.02%) ▲Seongdong (-0.02%), but rose in ▲Dongjak (0.03%) and ▲Gangnam (0.02%).

In new towns, prices dropped in ▲Ilsan (-0.09%) ▲Pyeongchon (-0.06%) ▲Wirye (-0.04%) ▲Sanbon (-0.03%) ▲Dongtan (-0.02%). In Gyeonggi and Incheon, prices fell in ▲Goyang (-0.04%) ▲Incheon (-0.03%) ▲Uiwang (-0.03%) ▲Namyangju (-0.02%) ▲Hanam (-0.02%), but rose in ▲Siheung (0.02%) and ▲Yongin (0.01%).

A representative from Real Estate R114 said, "In the metropolitan apartment market, an average of about 15,000 sales transactions per month have continued since the second quarter, indicating a revival of overall buying sentiment," but added, "The transaction atmosphere varies by region. Generally, high-priced and highly preferred residential areas are driving house price increases, while mid-to-low price areas are belatedly joining the trend, and the number of rebound areas is expected to increase one after another."

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