Seoul Apartment Prices Rise for 15 Consecutive Weeks..."Upward Transaction Trend Continues"

Seoul apartment prices rose for the 15th consecutive week, although the rate of increase slowed compared to the previous week. Nationwide, prices increased for the 7th consecutive week.

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 31st, Seoul apartment prices rose by 0.13% in the fourth week of August (as of the 28th), a smaller increase compared to the previous week (0.14%).

By district, all areas except Dongjak-gu, which remained flat for the second week (0.00%), saw price increases. Songpa-gu (0.28%), Seongdong-gu (0.23%), and Gangnam and Dongdaemun-gu (each 0.20%) led the gains, while Seongbuk-gu (0.06%→0.15%), Nowon-gu (0.02%→0.03%), and Eunpyeong-gu (0.06%→0.10%) saw an expanded rate of increase.

The Real Estate Board explained, "Unlike older buildings showing a wait-and-see attitude due to differences in desired transaction prices, price increases have been maintained following rising transactions mainly in complexes with development project expectations or newly built properties."

Gyeonggi Province rose by 0.12%. Hwaseong-si (0.58%), Hanam-si (0.41%), Sujeong-gu in Seongnam-si (0.34%), and Gwacheon-si (0.31%) showed strong performance. Cheoin-gu in Yongin-si, which had been posting double-digit growth rates due to national industrial complex development benefits, rose only 0.03% this week. On the other hand, Dongducheon-si (-0.14%) and Namyangju-si (-0.07%) were weak.

Incheon rose by 0.08%, an increase from the previous week's 0.06%. Jung-gu (0.26%), Yeonsu-gu (0.14%), and Namdong-gu (0.12%) led the gains. Michuhol-gu's decline narrowed significantly from -0.08% to -0.01%.

The provinces maintained an upward trend for the second consecutive week (0.02%→0.01%). However, the five major metropolitan cities shifted from a 0.02% increase last week to flat, and Sejong's (0.08%→0.03%) rate of increase slowed. Accordingly, nationwide apartment prices (0.07%→0.06%) rose for the 7th consecutive week, though the rate of increase narrowed.

Nationwide jeonse prices (0.07%) rose at the same rate as the previous week, marking the 6th consecutive week of increase. Seoul (0.14%) saw jeonse prices rise for the 15th consecutive week, with Seongdong-gu (0.27%) showing the largest increase by district. The Real Estate Board stated, "Overall, due to a shortage of listings, low-priced properties in complexes with good transportation conditions are being depleted, and buyer inquiries remain steady."

Jeonse prices in Incheon and Gyeonggi rose by 0.11% and 0.15%, respectively, while the provinces remained flat.

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