National apartment prices continued their descent for five consecutive weeks. As the effects of government loan regulations deepened, the decline widened.
According to the Korea Real Estate Board on the 19th, nationwide apartment prices dropped by 0.03% compared to the previous week, as of the third week of December (as of the 16th). The decline from last week was maintained.
Apartment prices in Seoul rose by 0.01%, marking the 39th consecutive week of increases, but the increase was smaller compared to last week (0.02%). By district, Seocho District (0.06%) rose primarily in the key complexes of Banpo and Seocho-dong, Gangnam District (0.04%) centered on large complexes in Gaepo and Daechi-dong, Songpa District (0.04%) focused on Bangi and Songpa-dong, Gangseo District (0.03%) predominantly in the Yekgeon areas of Deungchon and Yeomchang-dong, and Yeongdeungpo District (0.03%) focused on Sin-gil and Yeouido-dong.
In the northern part of Seoul, Jongno District (0.04%) rose primarily in the key complexes of Muak and Sungin-dong, Yongsan District (0.04%) centered on key complexes in Hangangno 3-ga and Ichon-dong, Gwangjin District (0.04%) focused on the well-established housing conditions of Guui and Gwangjang-dong, Seongdong District (0.03%) primarily in the key areas of Geumho and Ok-su-dong, and Mapo District (0.02%) focused on key complexes in Ahyeon and Gongdeok-dong.
The Korea Real Estate Board noted, “Demand for purchases is steady in preferred areas like reconstruction and new construction in Seoul, with rising transactions occurring. However, outside these areas, the buying wait-and-see attitude persists due to the impact of loan regulations, causing the increase compared to last week to shrink.”
The metropolitan area maintained a stable trend after a hold last week. The provinces declined by 0.05%, maintaining the decline from last week. Gyeonggi increased by 0.01% after holding steady last week. Incheon saw a 0.09% drop this week, expanding the decline compared to last week (-0.05%).
In Gyeonggi, Anyang Manan District (0.11%) and Gwacheon (0.09%) were on the rise, while Seongnam Sujeong District (-0.13%) and Icheon (-0.08%) were in decline. Incheon showed declines in Gyeyang District (-0.12%), Namdong District (-0.11%), Yeonsu District (-0.11%), Dong District (-0.11%), and Bupyeong District (-0.09%).
Nationwide apartment rental prices transitioned to a stable trend compared to last week (0.01%). The metropolitan area (0.02%→0.01%) saw a reduction in its increase, and Seoul (0.01%→0.00%) switched to stability. The provinces maintained a stable trend, continuing from last week.
The Korea Real Estate Board explained, “Rental prices are showing an upward trend, mainly in preferred areas such as school districts and transportation hubs. However, as the supply of available units increases in some areas, potential transaction prices are declining, resulting in a mixed trend and transition to stability compared to last week.”