Seoul Apartment Prices Rise 0.1% in First Week of October... 29 Consecutive Weeks of Increase

"Strong Buyer's Wait-and-See Sentiment, Increasing Supply and Decreasing Trading Volume"

Seoul Jeonse Prices Rise for 73rd Week, Same Increase as Last Week

Seoul Walking Column - A residential complex in downtown Seoul where apartments and houses coexist. Photo by Yongjun Cho jun21@

Apartment sale prices and jeonse prices in Seoul and the metropolitan area maintained the same rate of increase as the previous week.

According to the "Apartment Price Trends for the First Week of October (as of the 7th)" released by the Korea Real Estate Board on the 10th, apartment prices in Seoul rose by 0.10% this week compared to the previous week, showing the same rate of increase as the previous week. This marks the 29th consecutive week of price increases.

On a nationwide basis, the rate of increase in sale prices was 0.01%, slightly down from 0.02% last week. The metropolitan area maintained the same rate of increase at 0.06% (0.06%→0.06%). The provinces showed the same rate of decline at -0.02% (-0.02%→-0.02%).

In Seoul, apartment sale prices showed a slight slowdown in the upward trend as the rate of increase decreased for three consecutive weeks starting from the third week of September, due to the impact of loan regulations and other factors.

A Korea Real Estate Board official explained, "Although the recent slowdown in price increases has strengthened buyers' wait-and-see sentiment, leading to an increase in listings and a decrease in transaction volume, localized price increases and transactions driven by demand for new buildings and school districts are observed, maintaining the upward trend."

According to the real estate big data company 'Asil,' after a surge in transactions in July, the number of apartment listings in Seoul decreased to around 78,000 in early August. However, with a contraction in transactions in September, the number of listings increased again to around 83,000 to 85,000 as of early October.

Looking at the weekly apartment price increase rates in Seoul by district, Gangnam-gu, led by reconstruction projects in Gaepo-dong and Apgujeong-dong, recorded the highest increase at 0.20%. It was followed by Mapo-gu (0.17%), Yongsan-gu (0.16%), Seongdong-gu (0.15%), Seocho-gu (0.15%), Yeongdeungpo-gu (0.14%), and Gangdong-gu (0.11%).

In Incheon (0.03%→0.02%) and Gyeonggi Province (0.05%→0.04%), the rate of increase decreased compared to last week. Areas such as Gimpo (-0.06%) and Pyeongtaek (-0.04%) in Gyeonggi saw declines, but Jungwon-gu (0.22%) and Sujeong-gu (0.14%) in Seongnam, Gwacheon (0.17%), and Yeongtong-gu (0.12%) in Suwon showed relatively large increases.

The jeonse market also followed a similar trend to last week. Seoul (0.10%→0.10%) and the metropolitan area (0.10%→0.10%) maintained their rates of increase. The provinces remained flat (0.00%→0.00%). Nationwide, the rate of increase was 0.05%, the same as last week.

In Seoul, the upward trend in jeonse prices has continued for 73 weeks. By district, jeonse prices showed strength in Seongdong-gu (0.20%), Gangnam-gu (0.17%), Yeongdeungpo-gu (0.17%), Jung-gu (0.15%), Eunpyeong-gu (0.15%), and Yangcheon-gu (0.14%). In Gangdong-gu, the 'Olympic Park Foreon,' a complex with 12,032 households scheduled for move-in at the end of November, saw jeonse prices rise by 0.04% this week, continuing the upward trend.

A Korea Real Estate Board official explained, "Rental demand remains steady around preferred areas such as stations and large complexes, and desired transaction prices are being adjusted upward. However, due to concerns about the increased prices in some complexes, transactions have slowed, maintaining the rate of increase."

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