Seoul Apartment Prices Flat for 2 Consecutive Weeks... "Effect of 1·10 Measures Not Yet Seen"

by Kwon Hyeonji

Published 28 Jan.2024 11:39(KST)

Seoul apartment prices have been stagnant for two consecutive weeks. On the 10th, the government announced measures to expand supply, including easing redevelopment and reconstruction regulations, but buyer sentiment has not revived.

According to Real Estate R114 on the 28th, the apartment sale prices in Seoul for the fourth week of this month remained flat (0.00%). This follows last week's 0.00%, marking two consecutive weeks. Both reconstruction and general apartments showed no price changes. Looking at each autonomous district, all 24 districts remained flat except Guro-gu, which fell by 0.01%.

Gyeonggi and Incheon also showed no change (0.00%). While Gimpo (-0.08%), Pyeongtaek (-0.02%), and Suwon (-0.01%) declined, Anyang (0.01%) rose. New towns fell by 0.01% for three consecutive weeks, including Gwanggyo (-0.03%), Pyeongchon (-0.03%), and Ilsan (-0.03%).

Real Estate R114 explained, "Although it is a seasonal off-peak period, there has been little change in the market despite the government's January 10th measures," adding, "Since policies covering regional development, finance, taxation, and transportation (such as the metropolitan express railway) are continuously being introduced, it is necessary to observe whether the mood will turn around."

The jeonse (long-term lease) market also stalled due to the cold wave. Seoul and new towns recorded no change (0.00%). However, some areas with real demand inflows showed an upward trend. In Seoul, Dongdaemun (0.01%), Dongjak (0.01%), Mapo (0.01%), Seongbuk (0.01%), and Yeongdeungpo (0.01%) rose slightly, while in new towns, Gwanggyo (0.05%) and Dongtan (0.02%) increased. Ilsan (-0.03%), Pyeongchon (-0.03%), and Bundang (-0.01%) declined.

Gyeonggi and Incheon rose by 0.01%, marking four consecutive weeks of increases since the first week of January. Hwaseong (0.06%), Uijeongbu (0.05%), Incheon (0.03%), Pyeongtaek (0.02%), and Suwon (0.02%) rose, while Icheon (-0.01%) fell.

View of apartments in Ichon-dong, eastern Seoul, seen from the 63 Building observatory. Photo by Hyunmin Kim kimhyun81@