Seoul Apartment Prices Rise for 17th Week... Gangnam-gu Also Turns to Cumulative Increase

National Apartment Prices Rise for 9 Consecutive Weeks

Seoul apartment prices increased for the 17th consecutive week, with the rate of increase expanding after three weeks. In particular, Gangnam-gu turned to a positive cumulative change rate this year, ranking third after Songpa-gu and Seocho-gu.

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

According to the 'Weekly Apartment Price Trends' announced by the Korea Real Estate Board on the 14th, Seoul apartment prices rose by 0.13% in the second week of September (as of the 11th), expanding from 0.11% the previous week. Although transactions are not active due to the gap between sellers' and buyers' desired prices after the quick sale of urgent listings, the Real Estate Board explained that steady purchase inquiries are being made mainly for preferred complexes that are either newly built or have redevelopment benefits, and some upward transactions have been maintained.

By district, Songpa-gu (0.24%) saw the largest increase, followed by Gangdong-gu (0.21%), Gangnam-gu (0.20%), Seongdong-gu and Mapo-gu (each 0.19%), Jung-gu, Yongsan-gu, and Yangcheon-gu (each 0.18%).

Among these, Gangnam-gu's cumulative change rate this year turned positive at 0.16%, ranking third after Songpa-gu and Seocho-gu. Previously, Songpa-gu recorded a cumulative increase of 0.02% in the first week of July and has maintained momentum since then, while Seocho-gu recorded a cumulative increase of 0.04% in the second week of August.

Gyeonggi-do rose by 0.18%, expanding from 0.13% the previous week. Hwaseong-si, home to Dongtan New Town, increased by 0.53%, while Suwon-si Jangan-gu and Osan-si rose by 0.52% and 0.46%, respectively. Hanam-si and Bundang-gu in Seongnam-si each saw a 0.46% increase. Incheon (0.07%) also continued its upward trend. Jung-gu (0.34%), Seo-gu (0.15%), and Namdong-gu (0.08%) were strong, whereas Dong-gu (-0.02%) and Michuhol-gu (-0.01%) were weak.

Apartment prices in provincial areas rose for the fourth consecutive week. The rate of increase expanded to 0.04% from 0.02% the previous week. Although the increase in the five major metropolitan cities narrowed from 0.05% to 0.03%, Sejong City, which recorded no change last week, rose by 0.15%. Accordingly, nationwide apartment prices (0.09%) also showed an increase for the ninth consecutive week.

Nationwide jeonse prices (0.09%) rose for the eighth consecutive week. In Seoul (0.17%), jeonse prices increased for the 17th consecutive week, with Seongdong-gu (0.38%) showing the largest increase following last week. Next were Yongsan-gu (0.26%) and Songpa-gu (0.25%).

The Real Estate Board stated, "As preferred complex listings remain scarce and jeonse prices continue to rise, upward transactions are occurring mainly among actual buyers in complexes with favorable living conditions such as transportation and school districts."

Jeonse prices in Incheon and Gyeonggi rose by 0.14% and 0.25%, respectively. Provincial areas increased by 0.01%, with Sejong showing a jump from 0.20% to 0.26%.

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