National Apartment Prices Rise for 13 Consecutive Weeks... Increase Rate Slows Down

Apartment prices nationwide continued to rise for the 13th consecutive week, albeit with a narrower increase. Seoul also saw prices rise for the 21st week, but the upward trend slowed after the holiday period.

View of the surrounding apartments from the observatory of the 63 Building in Yeouido, Seoul. / Photo by Hyunmin Kim kimhyun81@

According to the 'Weekly Apartment Price Trends' released by the Korea Real Estate Board on the 12th, nationwide apartment prices rose by 0.06% in the second week of October (as of the 9th). This is a slight decrease compared to the previous week's increase of 0.08%.

In the metropolitan area, the increase narrowed from 0.13% to 0.09%, while in the provinces, prices rose by 0.03% for the third consecutive week.

Seoul apartment prices increased by 0.07%, down from 0.10% the previous week. The Korea Real Estate Board explained that the slowdown was influenced by a decrease in purchase inquiries and transactions after the holiday, concerns over rising market interest rates, and a deceleration in the rising asking prices of major complexes that had been steadily increasing.

Among the 25 autonomous districts, Gwangjin-gu (0.15%→0.07%), Seongdong-gu (0.15%→0.09%), Dongdaemun-gu (0.18%→0.13%), Gangnam-gu (0.11%→0.05%), and Seocho-gu (0.08%→0.03%) saw their rate of increase shrink by more than 0.05 percentage points compared to the previous week. Conversely, some districts such as Jongno-gu (0.10%→0.14%), Jung-gu (0.07%→0.11%), Yongsan-gu (0.12%→0.13%), and Dongjak-gu (0.05%→0.06%) experienced increases.

Gyeonggi Province rose by 0.11%, a smaller increase than the previous week's 0.16%. Gwacheon-si (0.32%) and Anyang-si Dongan-gu (0.30%) showed strong performance, and Seongnam-si Sujeong-gu, home to Wirye New Town, also rose by 0.26%. Guri-si (-0.02%) declined mainly in Galmae and Topyeong-dong areas. Incheon (0.04%) continued its upward trend despite a narrower increase. Jung-gu (0.15%), Seo-gu (0.2%), and Yeonsu-gu (0.04%) rose, while Michuhol-gu (-0.09%) and Dong-gu (-0.04%) fell.

In the provinces, the five major metropolitan cities saw their increase expand from 0.02% to 0.03%, but Sejong-si, which rose 0.15% last week, remained flat this week. Busan and Jeonnam (each -0.02%) and Jeju (-0.01%) continued their downward trends.

Nationwide jeonse prices (0.09%) rose for the 12th consecutive week. Seoul (0.11%) saw jeonse prices increase for the 21st consecutive week, with Seongdong-gu (0.22%) recording the largest rise among districts. This was followed by Gangdong-gu (0.20%), Yongsan-gu and Seodaemun-gu (each 0.18%), and Eunpyeong-gu (0.16%).

The Korea Real Estate Board stated, "Overall, in a situation of limited supply, rental inquiries remain steady mainly in preferred areas and major complexes, but the gap between asking prices and transaction prices has not narrowed," adding, "Mixed upward and downward transactions have appeared, resulting in a reduced rate of increase compared to the previous week."

Jeonse prices in Incheon and Gyeonggi rose by 0.10% and 0.21%, respectively. In the provinces, prices increased by 0.02%.

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