Housing prices in the metropolitan area have fallen for the first time in eight months. According to the Korea Real Estate Board on the 26th, housing prices in the metropolitan area in the fourth week of December (as of the 23rd) decreased by 0.02% compared to the previous week. This is the first decline in housing prices in the metropolitan area since the fourth week of April (-0.01%). While prices in Seoul increased by 0.01%, prices in Gyeonggi (-0.02%) and Incheon (-0.10%) fell.
In Seoul, analyzing by the 25 autonomous districts, Seocho (0.06%), Songpa (0.04%), Gangnam, Yongsan, and Mapo (0.03%), Yangcheon, Yeongdeungpo, Jongno, and Seongdong (0.02%), and Jung-gu (0.01%) all saw increases. However, 10 districts, including Geumcheon and Jungnang (-0.03%), experienced declines, while 3 districts, including Gwangjin, Dongjak, and Gangdong, remained steady. National apartment prices decreased by 0.03%, marking the sixth consecutive week of declines.
The rental market also showed weakness due to the impact of loan regulations. Both national and Seoul apartment rental prices have remained stable for two consecutive weeks. Overall rental prices in the metropolitan area decreased by 0.01%, marking a shift to decline. This is the first such change in about a year and a half since the second week of June 2023 (-0.01%). Apartment rental prices in Gyeonggi Province also halted their upward trend and returned to stability, the first such shift in about a year and a half since the second week of June 2023 (-0.02%).
The Korea Real Estate Board noted, "Seoul is showing an upward trend in key complexes, such as school districts, but due to the burden of loan interest and the impact of a certain supply of apartments in some regions, the possible transaction prices are trending downward, resulting in a mixed trend and maintaining stability since last week."