Apartment rental prices in Seoul have turned to a downward trend for the first time in 1 year and 7 months. Seoul apartment prices have remained steady for the second consecutive week.
According to the Korea Real Estate Board, the rental price for apartments in Seoul decreased by 0.01% compared to the previous week as of the first week of January (based on Jan. 6). This is the first decline in Seoul’s rental prices since the fourth week of May 2023, a gap of 86 weeks.
Nationwide apartment rental prices maintained a flat rate (0%) following the previous week. The metropolitan area remained steady, while Seoul (-0.01%) turned downward, and the provinces (0.00%) shifted to a steady rate.
In Seoul's districts, Dongdaemun-gu, where large complexes have completed their reconstruction projects, saw a decrease of 0.08%, along with Seongdong-gu (-0.09%), Gangdong and Songpa-gu (-0.03%). Gangnam-gu also turned downward with a 0.01% decline. Gyeonggi province increased by 0.01%, but Incheon fell by 0.04% compared to the previous week, resulting in a flat rate (0.00%) for the entire metropolitan area.
The Korea Real Estate Board noted, "While some transactions are occurring mainly in preferred areas with good residential conditions such as school districts, the rental prices are declining due to the influence of supply and the aging properties, causing an overall shift from flat to downward in Seoul."
Meanwhile, nationwide apartment prices fell by 0.03% compared to the previous week, maintaining last week’s decline.
Seoul apartment prices continued to hold steady (0%) following the previous week. By district, Gangdong-gu (-0.02%) experienced declines primarily in Cheonho and Seongnae-dong, while Gwanak-gu (-0.02%) fell mainly in Bongcheon and Sillim-dong. In contrast, Seocho-gu (0.03%) rose, focusing on Seocho and Banpo-dong, and Songpa-gu (0.03%) rose mainly in Songpa and Okum-dong, while Yeongdeungpo-gu (0.02%) increased primarily in Yeouido and Singil-dong.
In the northern region, Jungnang-gu (-0.02%) fell primarily in Myeonmok and Sindae-dong, while Dongdaemun-gu (-0.02%) decreased mainly in Jeonnong and Dapshimni-dong. However, Yongsan-gu (0.04%) rose, focusing on Dowa and Ichon-dong, Seongdong-gu (0.04%) rose primarily in Geumho and Haengdang-dong, and Gwangjin-gu (0.03%) increased focusing on Gwangjang and Jayang-dong.
The Korea Real Estate Board explained, "While some preferred complexes, such as those undergoing reconstruction, continue to see an upward trend, other complexes are maintaining a flat rate due to influences such as lending regulations, remaining cautious in buying decisions since last week."
The metropolitan area fell by 0.02%, maintaining last week's decline. The provinces decreased by 0.05%, expanding the decline compared to last week (-0.04%). Gyeonggi province declined by 0.01%, reducing the decline compared to last week (-0.02%). Incheon also dropped by 0.07% this week, lessening the decline compared to last week (-0.09%).
In Gyeonggi province, Anyang's Dong-an-gu (0.10%) and Anyang's Manan-gu (0.09%) were on an upward trend, while Icheon (-0.13%), Pyeongtaek (-0.09%), and Yongin’s Cheoin-gu (-0.09%) were experiencing a downward trend. Incheon showed declines in Gyeyang-gu (-0.16%), Namdong-gu (-0.16%), Jung-gu (-0.08%), Michuhol-gu (-0.05%), and Seo-gu (-0.01%).