Yongsan Apartment Prices Rebound... All Seoul Districts Rise Except Gangnam

Korea Real Estate Board Releases Weekly Apartment Price Trends for the First Week of May

Apartment sale prices in Yongsan-gu, Seoul rose by 0.07% compared to the previous week. This marks a turnaround after three consecutive weeks of decline, occurring for the first time in about a month. In Seoul, all districts except for Gangnam-gu showed an upward trend. With the implementation of heavier capital gains taxes for owners of multiple homes set to take effect on May 10, the rate of price increases appears to be accelerating.

According to the weekly apartment price trend data released by Korea Real Estate Board on May 7, the apartment sale price index in Seoul for the first week of May (as of May 4) increased by 0.15%. This is a slight increase from the previous week’s rate of 0.14%.

By district, Yongsan-gu, which had been recording negative growth since mid-April, rose by 0.07% compared to the previous week. Seocho-gu, which along with Yongsan-gu has long been designated as a regulated area, rose by 0.04%, with the pace of increase picking up after last week's shift from a 0.01% gain. Songpa-gu jumped by 0.17%, marking three consecutive weeks of growth, and the rate of increase rose compared to the previous week’s 0.13%.

Meanwhile, Gangnam-gu declined by 0.04% over the same period, marking its eleventh consecutive week of negative growth. While neighboring Seocho-gu, Songpa-gu, and Yongsan-gu are showing a delayed shift to upward trends, Gangnam-gu alone continues to see declines. The Korea Real Estate Board explained, "Across Seoul, there is a mix of areas with a wait-and-see attitude and areas—mainly large apartment complexes and locations near subway stations—where buyer inquiries remain steady and transactions at higher prices are taking place, resulting in an overall increase."

An apartment complex in downtown Seoul. Photo by Yonhap News

Within Seoul, Gangseo-gu (0.30%), Seongbuk-gu (0.25%), Gangbuk-gu (0.25%), Dongdaemun-gu (0.24%), and Guro-gu (0.24%) showed relatively large increases. Among adjacent areas, apartment prices in Gwacheon, which had declined for 11 consecutive weeks since mid-February, were flat at 0.00%. In Gyeonggi Province, Hanam (0.33%), Gwangmyeong (0.31%), Guri (0.29%), and Dongtan in Hwaseong (0.25%) recorded higher rates of increase compared to other regions.

Jeonse prices (long-term apartment rental deposits) in Seoul rose by 0.23% from the previous week. This matches the highest level since mid-December 2019 (0.23%). Songpa-gu (0.49%), Seongbuk-gu (0.36%), Gwangjin-gu (0.34%), and Nowon-gu (0.32%) saw strong increases. In areas adjacent to Seoul, Gwangmyeong (0.41%), Dongtan (0.31%), Hanam (0.26%), and Namyangju (0.25%) also posted high rates of increase.

The Korea Real Estate Board explained, "Jeonse prices for apartments in Seoul increased overall, as rental demand continued and rental inquiries rose, especially in popular complexes with good residential environments, leading to more contracts being signed at higher prices."

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