Seoul Apartment Prices Pause... Gangbuk-gu Turns to Decline

Seoul apartment prices have risen for 23 consecutive weeks, but the rate of increase has slowed. Among the 25 autonomous districts, the rise in outer areas has eased, with Gangbuk-gu turning to a decline.

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

According to the 'Weekly Apartment Price Trends' announced by the Korea Real Estate Board on the 26th, nationwide apartment prices rose by 0.05% in the fourth week of October (as of the 23rd), a smaller increase compared to the previous week (0.07%). Recent weekly changes show fluctuations in the rate of increase: 0.08% → 0.06% → 0.07% → 0.05%.

Seoul apartment prices showed a similar pattern. Last week, prices rose by 0.09%, seemingly increasing from the previous week's 0.07%, but this week recorded 0.07% again.

By district, except for Jung-gu (0.10% → 0.12%), Seocho-gu (0.03% → 0.06%), and Seongbuk-gu (0.05% → 0.06%), the rate of increase was the same or even lower than the previous week. Notably, Gangbuk-gu (-0.01%) was the only district to turn to a decline, marking the first drop in 14 weeks since it switched to an upward trend. Nowon-gu (0.01% → 0.00%) and Dobong-gu (0.05% → 0.03%), grouped as 'No-Do-Gang,' also showed low growth rates.

The Real Estate Board explained, "Transactions centered on actual demand continue mainly in areas and complexes with relatively small increases, but due to the gap in desired purchase prices, buyers are holding back, showing a mixed trend and resulting in a reduced rate of increase."

Apartment prices in Gyeonggi Province, which rose 0.13% last week, increased by 0.09% this week. The upward trend softened compared to the previous week in Gwacheon-si (0.35% → 0.08%), Yongin-si (0.11% → 0.05%), Bucheon-si (0.32% → 0.22%), and Hwaseong-si (0.35% → 0.25%).

In Incheon, prices rose by 0.02%, a smaller increase compared to the previous week (0.05%). Jung-gu (0.28%), Namdong-gu (0.09%), and Seo-gu (0.08%) saw increases, while Bupyeong-gu (-0.09%) and Michuhol-gu (-0.08%) declined.

Apartment prices in provincial areas rose by 0.02%. Busan (-0.02% → -0.04%) and Jeonnam (-0.01% → -0.05%) deepened their declines, and Sejong-si (-0.05%), which had been showing a steep upward trend, gradually reduced its increase and fell for two consecutive weeks.

Nationwide jeonse prices (0.13%) also continued to rise, but the increase slowed compared to the previous week (0.15%). Seoul rose 0.18% for two consecutive weeks, with Seongdong-gu (0.44%) showing the largest increase among districts. The Real Estate Board stated, "Due to uncertainties in the sales market, actual housing demanders continue to prefer jeonse, with rental demand from newlyweds and others continuing mainly in preferred complexes and areas such as those near subway stations and large complexes."

Jeonse prices in Gyeonggi and Incheon rose by 0.31% and 0.10%, respectively. Provincial areas increased by 0.03%.

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