After a two-month decline, national housing prices have reversed and begun to rise again. The increase was significantly boosted in the Seoul area, particularly in the three districts of Gangnam (Gangnam, Seocho, Songpa).
According to the 'June National Dwellings Price Trends Survey Results' released by the Korea Real Estate Board (REB) on the 15th, the overall transaction prices of dwellings (apartments, villas, single-family homes, etc.) in June rose by 0.14% compared to the previous month. This marked a reversal from a 0.02% decline the previous month.
Seoul saw a rise of 0.95%, substantially widening from last month's 0.38%. The metropolitan area experienced an increase from 0.10% to 0.37%, while the provinces saw a decline narrow from -0.12% to -0.09%.
In individual areas of Seoul, Songpa District (2.38%) surged, primarily in the area around Jamsil and Sincheon-dong. Gangnam District (2.20%) increased around Apgujeong and Gaepo-dong, while Seocho District (2.11%) rose mainly in the areas of Jamwon and Banpo-dong. Gangdong District (1.70%) saw increases in the area around Myeongil and Goduk-dong, and Dongjak District (1.17%) rose in Heukseok and Daebang-dong.
In the northeastern region, Seongdong District (2.17%) increased, focusing on major complexes in Haengdang and Oksoo-dong. Mapo District (1.66%) saw a rise concentrated around Daehung and Gongdeok-dong, while Yongsan District (1.62%) increased around Itaewon and Ichon-dong. Gwangjin District (0.77%) rose in the districts of Gwangjang and Jayang-dong, and Seodaemun District (0.55%) saw increases mainly in the areas of Bukahyeon and Namgajwa-dong.
Notably, the increases were substantial in the three districts of Gangnam, as well as in Mapo, Yongsan, and Seongdong. Although Gangnam and Yongsan were designated as land transaction permission zones due to abnormal price surges since March 24, they continue to show strength.
Gyeonggi Province rose by 0.11%, marking a reversal from last month's -0.05%, while Incheon saw a decline of 0.08%, widening from -0.07% the previous month.
The Korea Real Estate Board (REB) noted that 'major new and reconstruction complexes in Seoul and the metropolitan area are experiencing a continued price increase due to high demand, while older complexes and those in outer areas are showing limited price growth.' They explained, 'Although demand for transactions for non-transportation zones and older complexes has decreased nationwide, expectations for price increases continue around new constructions, reconstruction, and development projects in Seoul and the metropolitan area, leading to a national turnaround in housing prices.'
The national jeonse price turned around, rising 0.03% from last month's unchanged (0%). In the metropolitan area (0.06% to 0.11%) and Seoul (0.15% to 0.24%), the increase was broader, while the provinces saw a reduction in decline from -0.05% to -0.04%.
The national monthly rent price increased by 0.06%, broadening the rise from last month's 0.05%. The metropolitan area (0.10% to 0.12%) and Seoul (0.16% to 0.24%) saw an expanded increase, while the provinces changed from an increase (0.01%) to being unchanged (0.00%).
The Korea Real Estate Board (REB) explained, 'Demand for external regions and aging complexes is limited, but as rental demand increases due to rising transaction prices, the upward trend continues in areas with excellent living conditions, such as transport hubs and school districts. Consequently, jeonse prices have turned around, and the scope of monthly rent increases has expanded.'