Seoul Apartment Prices Narrow Gains for 2 Consecutive Weeks Amid Buyer Caution

Seoul Land Prices Rise for 16 Weeks, Nationwide for 8 Weeks
Jeonse Prices Also Increasing... Gyeonggi and Sejong Up 0.20%

Seoul apartment prices have risen for 16 consecutive weeks, but the pace of increase has narrowed for the second week as buyers remain cautious. Nationwide, apartment price increases in provincial areas have expanded, rising for eight consecutive weeks.

View of downtown apartments from Namsan, Seoul. / Photo by Yonhap News

According to the 'Weekly Apartment Price Trends' released by the Korea Real Estate Board on the 7th, Seoul apartment prices rose by 0.11% in the first week of September (as of the 4th), a smaller increase compared to the previous week (0.13%). Recent weekly changes show a slowdown for two consecutive weeks from 0.14% → 0.13% → 0.11%.

Among the 25 autonomous districts, Songpa-gu (0.24%) saw the highest increase. However, compared to the previous week (0.24%), the rate of increase narrowed. This was followed by Mapo-gu (0.18%), Yongsan, Dongdaemun, Yangcheon, and Gangdong-gu (each 0.17%), and Seongbuk, Yeongdeungpo, and Gangnam-gu (each 0.14%).

The Real Estate Board stated, "After the quick sale properties were exhausted, buyer caution has intensified, and the rise in sellers' desired prices is limited. However, intermittent upward transactions are occurring mainly in preferred complexes, maintaining the overall trend."

Apartment prices in Gyeonggi Province, which rose 0.12% last week, increased by 0.13% this week. Strong areas included Gwacheon-si (0.40%), Danwon-gu in Ansan-si (0.39%), and Hwaseong-si (0.38%). Areas showing weakness were Gimpo-si (-0.08%), Dongducheon-si (-0.05%), and Icheon-si (-0.04%).

In Incheon, prices rose by 0.06%, a smaller increase compared to the previous week (0.08%). Jung-gu (0.45%), Yeonsu-gu (0.15%), and Namdong-gu (0.07%) led the rise. Michuhol-gu, which had significantly reduced its decline from -0.08% to -0.01%, fell again by 0.08% this week.

Apartment prices in provincial areas rose for the third consecutive week. The increase was 0.02%, expanding from the previous week (0.01%). The five major metropolitan cities, which recorded no change last week, rose by 0.05%, while Sejong gradually reduced its increase to show no change (0.00%).

Nationwide apartment prices have risen for eight consecutive weeks. The increase also expanded to 0.07% from 0.06% the previous week.

Nationwide jeonse (long-term lease) prices (0.09%) have risen for seven consecutive weeks. In particular, Seoul (0.17%) has seen jeonse prices rise for 16 consecutive weeks, with Seongdong-gu (0.35%) showing the largest increase for the second week in a row. The Real Estate Board said, "Despite the shortage of listings, inquiries for jeonse purchases remain steady. Prices are rising mainly in preferred complexes with good living conditions and complexes in good repair, followed by an increase in sellers' asking prices."

Jeonse prices in Incheon and Gyeonggi rose by 0.12% and 0.20%, respectively. Provincial areas rose by 0.01%, with Sejong showing a sharp increase from 0.09% to 0.20%.

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