National Apartment Prices Turn Down After 23 Weeks... Jeonse Prices Continue to Rise

Last week, the nationwide apartment sale prices, which had recorded no change (0.00%), turned downward. Apartment prices in Seoul also stopped rising, with 11 autonomous districts including Gangnam-gu, Seocho-gu, and Mapo-gu experiencing declines.

Apartment buildings in downtown Seoul / Photo by Yonhap News

According to the 'Weekly Apartment Price Trends' released by the Korea Real Estate Board on the 30th, the nationwide apartment sale price change rate for the fourth week of November (as of the 27th) recorded -0.01%. This marks the first decline in 23 weeks since the third week of June (-0.01%).

Seoul apartment prices shifted from a 0.03% increase last week to no change. By district, Gangbuk-gu (-0.03%) and Nowon-gu (-0.04%) have declined for four consecutive weeks, while Guro-gu (-0.02%) has shown a downward trend for three consecutive weeks.

Gangnam-gu (-0.04%) also saw apartment prices fall for two consecutive weeks, and Seocho-gu (-0.02%), grouped as part of the 'Gangnam 3 districts,' turned to a decline. Songpa-gu (0.01%) maintained an upward trend, but the rate of increase narrowed compared to the previous week (0.05%).

The Real Estate Board stated, "There are purchase inquiries mainly for urgent sale properties, but as expectations for price increases have lowered, transactions have decreased and the market is becoming more cautious," adding, "Listings have accumulated, and sellers' desired prices have been adjusted downward."

Gyeonggi Province also recorded no change (0.02% → 0.00%). While Dongducheon-si (-0.15%), Icheon-si (-0.11%), and Uijeongbu-si (-0.10%) declined, Gwacheon-si (0.28%), Hanam-si (0.17%), and Yangju-si (0.16%) rose, showing mixed trends by region.

Incheon (-0.05% → -0.07%) saw a larger decline. Michuhol-gu (-0.19%) experienced price drops mainly in Juan and Yonghyeon-dong, and Bupyeong-gu (-0.14%) saw declines centered around Sangok and Bupyeong-dong, where new housing supply is scheduled.

The provinces (-0.02%) also shifted from no change to a decline. The five major metropolitan cities (-0.02% → -0.03%) increased their rate of decline, and Sejong City showed the same rate of decline as the previous week (-0.02%).

Meanwhile, nationwide jeonse (long-term lease) prices rose by 0.08%, continuing the upward trend, though the increase was slower than the previous week (0.10%).

Seoul's jeonse prices rose by 0.16%, with Yangcheon-gu (0.34%) showing the largest increase among districts. This was followed by Dongjak-gu (0.26%), Gwangjin-gu (0.25%), Songpa-gu (0.23%), and Gangseo-gu (0.22%), which also saw significant rises.

The Real Estate Board explained, "Although price reductions are observed in high-priced listings to facilitate contract completion, transactions and listing prices continue to rise mainly in school districts and preferred complexes," adding, "Some of the demand shift to jeonse due to cautious sale market conditions is also influencing the trend."

Gyeonggi Province's jeonse prices rose by 0.15%, Incheon recorded no change, and the provinces increased by 0.03%.

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