National Apartment Prices Rise for 3 Consecutive Weeks... Regional Declines Also Narrow

Apartment prices nationwide have risen for three consecutive weeks. Seoul led the increase in the metropolitan area with an 11-week rise, while the provinces saw a reduction in the decline.

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

According to the 'Weekly Apartment Price Trends' released by the Korea Real Estate Board on the 3rd, apartment prices nationwide in the fifth week of July (as of the 31st) rose by 0.03%, expanding the increase compared to the previous week (0.02%). This marks the third week since prices shifted from being flat to rising.

In particular, apartment prices in the metropolitan area rose for the ninth consecutive week, with Seoul, Gyeonggi, and Incheon showing respective changes of 0.09%, 0.08%, and 0.07%. All three regions saw a larger increase compared to the previous week.

Among them, Seoul had no districts experiencing a decline for three consecutive weeks. Songpa-gu (0.27%) saw the highest increase, followed by Mapo-gu (0.20%), Gangnam-gu and Seongdong-gu (each 0.18%), Gangdong-gu (0.17%), and Dongdaemun-gu and Yangcheon-gu (each 0.12%). The Real Estate Board explained, "Although quick-sale properties have been exhausted and asking prices have risen, resulting in less active transactions, inquiries for purchase are increasing in preferred complexes within the region and areas with expectations for redevelopment projects, with intermittent rising transactions occurring."

In Incheon, Yeonsu-gu (0.22%) rose mainly in older complexes in Oryeon and Yeonsu-dong, and Jung-gu (0.21%) saw apartment prices rise centered on new complexes in Jungsan and Unseo-dong. On the other hand, Gyeyang-gu (-0.05%) showed weakness in older complexes in Jakjeon, Yongjong, and Hyoseong-dong.

In Gyeonggi, Dongducheon-si (-0.33%) and Uijeongbu-si (-0.09%) declined due to inventory accumulation, but Gwacheon-si (0.48%) and Hwaseong and Hanam-si (0.45%) rose mainly in complexes with favorable living conditions.

The provinces (-0.01%) are gradually reducing the rate of decline. Gangwon and Gyeongbuk (each -0.02% → 0.03%) turned to an increase, and Sejong (0.25% → 0.16%) continued its upward trend despite a reduced rate.

Nationwide jeonse prices (0.02%) also rose for two consecutive weeks. Seoul (0.09%) saw all 25 districts rise simultaneously, continuing the increase for the 11th week. Incheon recorded a flat trend (0.00%) for three consecutive weeks. The provinces (-0.04% → -0.03%) also reduced the rate of decline compared to the previous week.

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