Seoul Apartment Prices: Gangnam Alone Sees Decline as Yongsan and Dongjak Turn Upward

Korea Real Estate Board Releases Weekly Apartment Price Trends

The rate of increase in Seoul apartment prices has grown for the second consecutive week. While the downward trend continued, especially in the three Gangnam districts, there are signs that the decline is slowing in areas other than Gangnam-gu. Yongsan-gu and Dongjak-gu have shifted to an upward trend.

According to weekly apartment price trend data released by Korea Real Estate Board on April 2, as of the fifth week of March (March 30), Seoul's apartment sales prices rose by 0.12% compared to the previous week. The previous week's increase was 0.06%, so the rate of increase doubled in just one week. The rate of change in sales prices had dropped to 0.05% in mid-March but then rose to 0.06% the following week. The upward trend continued this week as well.

Compared to the previous week's rate of increase, many areas within Seoul saw a greater rise. In 18 out of 25 districts, the week-on-week increase was higher. Gangnam-gu saw a decline of 0.22%, with the drop widening compared to the previous week's -0.17%. In contrast, Seocho-gu (from -0.09% to -0.02%) and Songpa-gu (from -0.07% to -0.01%) showed signs that the downward trend is easing.

An apartment complex in Gangnam-gu, Seoul. Photo by Yonhap News Agency

Yongsan-gu, which had recorded five consecutive weeks of negative growth, returned to an upward trend. Dongjak-gu, after two straight weeks of decline, also shifted back to an increase. Seongdong-gu fell by 0.02%, recording three consecutive weeks of decline, while Gangdong-gu, which had also fallen for three straight weeks, remained flat at 0.00%.

Notable increases were recorded in Gangseo-gu (from 0.17% to 0.27%), Gangbuk-gu (from 0.03% to 0.16%), Yeongdeungpo-gu (from 0.16% to -0.24%), and Gwanak-gu (from 0.09% to 0.26%). These are areas where housing prices are lower compared to the Gangnam region. The rise is interpreted as being driven by buyers shifting from Han River-adjacent areas to relatively more accessible outlying districts, thereby pushing up prices.

The Korea Real Estate Board explained, "Although there are some complexes where the number of properties for sale is increasing locally, Seoul as a whole saw price increases driven by transactions in large complexes, complexes near subway stations with good residential environments, and those undergoing reconstruction."

Jeonse prices rose by 0.15% during the same period, maintaining a similar level to the previous week. In Seoul, Seongbuk-gu, Dobong-gu, Yeongdeungpo-gu, Jung-gu, and Songpa-gu saw particularly notable increases in jeonse prices. In Gwacheon, jeonse prices fell by 0.19%, while in contrast, Suwon Yeongtong, Hwaseong Dongtan, and Gimpo saw higher rates of increase compared to a month ago.

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