Nationwide Housing Sales Sentiment in March "Stable"... Seoul Declines, Gyeonggi and Incheon Rise

Last month, nationwide consumer sentiment in the housing sales market declined slightly compared to the previous month, maintaining a stable trend. While sales sentiment in Seoul declined, it rose in Gyeonggi Province and Incheon, resulting in regional differences within the greater Seoul area.

According to the results of the "March Real Estate Market Consumer Sentiment Survey" released by the Korea Research Institute for Human Settlements on April 15, the nationwide housing sales market consumer sentiment index stood at 110.6 last month, down 1.7 points from the previous month. This index is classified as follows: below 95 indicates a downward phase, 95 or above but below 115 is considered stable, and 115 or above signals an upward phase.

Jamwon Hangang Apartment viewed from Gangbuk. Photo by Hyunghan Hur

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The consumer sentiment index for the housing sales market in the greater Seoul area was 114.9, up 0.5 points from the previous month, maintaining a stable trend. Seoul recorded 117.8, a decrease of 3.5 points, but Gyeonggi Province (114.8) and Incheon (108.0) rose by 2.2 points and 3.8 points, respectively. Outside the greater Seoul area, the index was 105.7, a decline of 3.9 points. The decrease was particularly notable in Sejong (101.7), Ulsan (112.7), and Gwangju (92.0), with drops of 16.1 points, 13.7 points, and 10.1 points, respectively.

The nationwide housing jeonse (long-term lease) market consumer sentiment index stood at 109.5, down 0.3 points from the previous month, maintaining a stable trend. The nationwide land market consumer sentiment index was 79.5, down 3.0 points, continuing a downward trend. The combined nationwide real estate market consumer sentiment index for both housing and land stood at 107.0, down 1.2 points from the previous month.

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