After the government's June 27 household debt policy announcement, a wait-and-see attitude has intensified, leading to a decrease in transactions and a reduction in the rise of apartment sale prices in Seoul for three consecutive weeks.
According to the Korea Real Estate Board (REB) on the 17th, the average sale price of apartments in Seoul for the second week of July (as of the 14th) increased by 0.19% compared to the previous week. The increase narrowed from the previous week (0.29%). This is the third consecutive week the increase has diminished since recording 0.43% in the third week of June.
By autonomous district, Songpa District (0.36%) saw increases mainly in Jamsil and Garak-dong, Seocho District (0.32%) in Jamwon and Banpo-dong's main complexes, Yangcheon District (0.29%) in Mok and Sinjeong-dong, and Yeongdeungpo District (0.26%) in the areas around Sin-gil and Yeouido Station. However, the upward momentum has slowed in Seocho, Yangcheon, and Yeongdeungpo Districts, resulting in a decrease in overall price increases in the Gangnam area.
In Gangbuk, Seongdong District (0.45%) saw increases mainly around Geumho and Okusudong, Gwangjin District (0.44%) in the main complexes of Gwangjang and Guui-dong, Yongsan District (0.26%) in the areas around Seobinggo and Ichon-dong, and Mapo District (0.24%) in Gongdeok and Yeomni-dong. However, the momentum has slowed in Seongdong, Yongsan, and Mapo Districts, leading to a reduction in price increases in the Gangbuk area.
The Korea Real Estate Board (REB) noted, "While some new constructions and complexes in station areas are continuing to see price increases, the overall price increase in Seoul has diminished as the wait-and-see attitude among buyers has intensified, leading to a decrease in transactions."
Nationwide, the sale prices rose by 0.02%, indicating a reduction in the increase compared to the previous week (0.04%). In the metropolitan area, prices also increased by 0.07% this week, down from the previous week (0.11%), while prices in the provinces fell by 0.02%, reducing the decline compared to the previous week (-0.03%).
In Gyeonggi Province, prices rose by 0.03%, marking a reduction in the increase compared to the previous week (0.04%). Seongnam Bundang District (0.40%), Gwacheon (0.39%), and Anyang Dowon District (0.21%) showed upward trends, while Pyeongtaek (-0.24%) and Goyang Ilsandong District saw declines.
In Incheon, prices fell by 0.03%, maintaining the decline from the previous week. Jung District (-0.07%), Yeonsu District (-0.05%), Namdong District (-0.04%), and Gyeyang District (-0.03%) showed downward trends.
The national average rental price for apartments rose by 0.02%, showing an increase compared to the previous week (0.01%). The metropolitan area (0.03%→0.03%) maintained its increase, while Seoul (0.08%→0.07%) saw a reduction in its increase, and the provinces (-0.01%→0.00%) switched to a holding pattern.
The Korea Real Estate Board (REB) explained, "In areas experiencing some influence from the occupancy volume, rental prices are falling, indicating a mixed trend of increases and decreases by region and complex. However, a shortage of listings in preferred complexes, where living conditions are favorable, has allowed the overall upward trend in Seoul to continue."