Apartment prices in Seoul have been rising for nine consecutive weeks. With the land transaction permission area regulations being imposed on Gangnam, Seocho, Songpa, and Yongsan districts, it is projected that the volume of transactions will decrease and the rate of price increases will also slow down.
According to Real Estate R114's "weekly apartment market report for the third week of March" released on the 21st, the sale price of apartments in Seoul increased by 0.17% compared to last week.
This week, the sale price of apartments in the metropolitan area also rose by 0.08%, with Seoul leading the price increase. In contrast, Gyeonggi and Incheon fell by 0.02%, marking a decline for two consecutive weeks.
National apartment sale prices rose by 0.05%. The five major metropolitan cities saw a decline of 0.05%, while other regions dropped by 0.02%.
Among the 17 cities and provinces nationwide, seven saw price increases, one remained stable, and nine experienced declines. ▲Seoul (0.17%) ▲Gwangju (0.12%) ▲Jeonnam (0.08%) exhibited the largest increases. In contrast, ▲Busan (-0.17%) ▲Jeonbuk (-0.14%) ▲Gangwon (-0.10%) showed notable decreases.
Yoon Ji-hae, chief researcher at Real Estate R114, noted, "With Seoul City moving to reassign the land transaction permission area (land transaction regulation) about a month after the 3.19 measures, approximately 400,000 apartments located in Gangnam, Seocho, and Songpa districts (the Gangnam three districts) and Yongsan district will be subject to this regulation starting on the 24th. It is expected that temporary reductions in transactions and slowdowns in price increases will occur in response to the policy shock."
He further added, "The areas currently designated as land transaction areas, such as 'Apgujeong, Yeouido, Mokdong, and Seongsu-dong,' have shown limitations in price control, so the inflow of financially capable actual demand groups for residential purposes will likely continue to drive price increases in the future."