The nationwide apartment transaction prices have turned to an upward trend after 12 weeks. As rising transactions were concluded in reconstruction-promoted areas, Seoul continued its upward trend with an expanding increase.
According to the Korea Real Estate Board on the 12th, nationwide apartment prices rose 0.03% in the second week of June (as of the 9th). It turned upward from last week's flat (0%). After experiencing declines and flat periods since the third week of March (0.02%), it turned upward for the first time in 12 weeks.
Seoul rose 0.26%, expanding its increase compared to last week (0.19%) and maintaining its upward trend for 19 consecutive weeks. By district, Songpa District (0.71%) increased mainly in preferred complexes in Jamsil and Sincheon-dong, Gangnam District (0.51%) focused on reconstruction-promoted complexes in Apgujeong and Daechi-dong, Gangdong District (0.50%) on Godeok and Myeongil-dong, Seocho District (0.45%) on Banpo and Jamwon-dong, and Dongjak District (0.39%) on Heukseok and Sangdo-dong.
In northern Seoul, Seongdong District (0.47%) increased mainly in Hangkat and Oksu-dong, Mapo District (0.45%) focused on major complexes in Ahyeon and Dohwa-dong, Yongsan District (0.43%) on Ichon and Dowon-dong, Jongno District (0.17%) on recent builds in Pyeong and Hongpa-dong, and Gwangjin District (0.17%) on Gwangjang and Guui-dong.
The Korea Real Estate Board explained, "While some complexes are experiencing a wait-and-see trend for buyers, the hopeful selling prices are rising mainly in preferred complexes such as those promoted for reconstruction, and upward transactions are being closed, leading to a continued overall upward trend in Seoul."
The metropolitan area rose 0.09% this week, expanding its increase compared to last week (0.05%), while the provinces decreased 0.03%, reducing their decline compared to last week (-0.04%).
Gyeonggi Province rose 0.02%, turning upward from last week's flat position. Incheon turned from a 0.05% decline last week to a flat condition this week. In Gyeonggi Province, Seongnam Bundang District (0.39%) and Gwacheon (0.35%) showed upward trends, while Goyang Ilsandong District (-0.16%) and Pyeongtaek (-0.13%) experienced downward trends. In Incheon, Namdong District (0.06%), Donggu (0.02%), and Bupyeong District (0.01%) showed upward trends, while Yeonsu District (-0.09%) and Junggu (-0.07%) indicated downward trends.
The nationwide apartment rent prices turned upward, rising 0.01% from last week's flat position. The metropolitan area (0.02%→0.03%) and Seoul (0.06%→0.08%) increased their rising rate, while the provinces (-0.01%→-0.02%) expanded their decline.
The Korea Real Estate Board noted, "As rental demand continues mainly in preferred complexes such as those located near stations, large complexes, and in good school districts, upward contracts are being established, and a phenomenon of shortages in listings is observed in some complexes, leading to a sustained overall upward trend in Seoul."