The price of apartments in Seoul, which had maintained an upward trend for 40 consecutive weeks, has stabilized. Nationwide apartment prices continued to decline for seven consecutive weeks.
According to the Korea Real Estate Board, the national apartment price in the last week of December last year (as of Dec. 30) decreased by 0.03% compared to the previous week. The decline from last week was maintained.
The price of apartments in Seoul had shown an upward trend for 40 consecutive weeks until last week but stabilized (0%) this week. By autonomous district, Songpa District (0.06%) saw increases mainly in the redevelopment areas of Sincheon and Bangi-dong, while Seocho District (0.03%) rose mainly in the Jamsil-dong key complexes. Gangseo District (0.02%) increased mainly in Deungchon and Magok-dong, Gangnam District (0.02%) increased mainly in Gaepo and Apgujeong-dong, and Yangcheon District (0.01%) saw rises primarily in Mok and Sinjeong-dong areas with favorable residential conditions.
In the northern part of Seoul, Jongno District (0.02%) increased mainly in Myeongnyun 2-ga and Sungin-dong, while Yongsan District (0.02%) rose primarily in the small-and-medium-sized complexes in Hangang-ro 3-ga and Itaewon-dong. However, Nowon District (-0.03%) saw a decline mainly in the Sanggye-dong non-transit zone, and Eunpyeong District (-0.02%) decreased primarily in Bulkwang and Eungam-dong, indicating a transition to decline in some areas of northern Seoul.
The Korea Real Estate Board noted, "While a local upward trend is observed in preferred complexes such as redevelopment and new constructions, a wait-and-see attitude has deepened due to seasonal off-peak periods. Consequently, the sentiment for real estate purchases has shown signs of slowing, leading to a stabilization compared to last week."
The metropolitan area saw a 0.01% drop last week and has maintained this decline for the second week. Regional areas fell by 0.04%, maintaining the decline from last week. Gyeonggi Province saw a 0.02% decline, keeping the drop from the previous week. In Incheon, this week, a 0.09% decline reduced the drop from last week (-0.10%).
In Gyeonggi Province, Anyang Manan District (0.13%), Anyang Dongan District (0.10%), and Gwacheon (0.08%) showed an upward trend, while Pyeongtaek (-0.09%), Gwangmyeong (-0.09%), and Icheon (-0.08%) were on a downward trend. In Incheon, Gyeyang District (-0.16%), Namdong District (-0.13%), Jung District (-0.13%), Yeonsu District (-0.10%), and Bupyeong District (-0.08%) were experiencing declines.
The nationwide average lease price for apartments remained stable (0%) following last week. The metropolitan area (-0.01%→0.00%) transitioned to stability, while Seoul maintained stability. Regions (0.00%→-0.01%) turned to a decline.
The Korea Real Estate Board explained, "While large-scale and preferred complexes are witnessing a transaction increase due to a shortage of listings, mixed trends continue due to areas affected by occupancy and transactions focused on low-priced listings, resulting in overall stability in Seoul."