Seoul is leading the increase in apartment prices in the metropolitan area, which has broadened the rise in nationwide apartment sales prices.
According to Real Estate R114 on the 21st, the nationwide apartment sales price in the third week of this month rose 0.07% compared to last week. The increase was greater than the previous week's rise of 0.01%.
Seoul rose 0.14%, and the metropolitan area increased by 0.09%. The Gyeonggi-Incheon region turned upward, increasing 0.02% from last week's flat position (0.00%). In the provinces, the five major cities saw a decrease of 0.01%, while other regions rose by 0.02%.
Among the 17 cities and provinces nationwide, there were 9 areas of increase, 3 areas of stability, and 5 areas of decline, indicating that increasing areas were dominant. The regions with the largest increases were Jeonbuk (0.15%), Seoul (0.14%), Jeonnam (0.13%), Chungbuk (0.11%), Gangwon (0.05%), Ulsan (0.03%), and Gyeonggi (0.03%).
In the rental market, most regions nationwide exhibited limited price movements, while the metropolitan area showed a slight increase. In the third week of February, nationwide apartment rental prices remained flat (0.00%). Seoul and the metropolitan area, along with Gyeonggi-Incheon, each rose by 0.01%, while the five major cities and other provinces fell by 0.01% each. Among the 17 cities and provinces nationwide, there were 3 areas of increase, 12 areas of stability, and 2 areas of decline, indicating a prevailing stability. By region, Incheon (0.03%), Chungnam (0.02%), and Seoul (0.01%) increased, while Gyeongnam (-0.04%) and Daegu (-0.02%) decreased.
Real Estate R114 noted, "On the 19th, the government announced the 'Regional Construction Industry Support Plan' through a meeting to review the people's economy. Supporting construction companies suffering from capital shortages and preparing improvements to the responsible completion guarantee system, amid concerns about the potential bankruptcies of construction companies during real estate project financing, is positively evaluated." It also conveyed the need for strengthening the self-sufficiency of the market supported by demand to overcome the downturn in the local real estate market.
It added, "This announcement included the introduction of favorable interest rates for 'lend' loans and other financial easing measures, but as the application level and implementation timing have not been specified, the policy's effectiveness in restoring the local real estate market through expanded demand is expected to be limited."