Following the government's household debt measures announced on June 27, the wait-and-see attitude has intensified and transactions have decreased, leading to a reduction in the rise of apartment sale prices in Seoul for four consecutive weeks.
According to the Korea Real Estate Board (REB) on July 24, apartment sale prices in Seoul for the third week of July (as of the 21st) rose by 0.16% compared to the previous week. The increase shrank compared to the prior week (0.19%). This marked a reduction in the increase for four consecutive weeks since recording 0.43% in the third week of June.
By autonomous district, Songpa District (0.43%) rose mainly in the reconstruction complexes in Jamsil and Songpa-dong, Seocho District (0.28%) rose in the main complexes in Jamwon and Banpo-dong, Yangcheon District (0.27%) focused on mid-sized complexes in Sinjeong and Mokdong, and Yeongdeungpo District (0.22%) rose around the Yeouido and Sin-gil subway station areas.
In northern Seoul, Seongdong District (0.37%) rose mainly in Okusoo and Haengdang-dong, Yongsan District (0.24%) in the main complexes in Ichon and Hyochang-dong, Gwangjin District (0.20%) focused on the school district areas in Jayang and Gwangjang-dong, Jung District (0.13%) in the large complexes of Sindang and Hwanghak-dong, and Seodaemun District (0.11%) rose primarily in Namgajwa and Hong-eun-dong.
The Korea Real Estate Board (REB) noted, "Contracts have been signed with a rise concentrated around certain preferred complexes and reconstruction projects, but the buying wait-and-see attitude persists, and transactions have decreased, leading to a reduction in the overall increase in Seoul."
The national sale prices rose by 0.01%, reducing the increase compared to the previous week (0.02%). The metropolitan area increased 0.06% this week, with a reduction compared to the prior week (0.07%), while provincial areas fell by 0.03%, expanding the decline compared to the previous week (-0.02%).
In Gyeonggi Province, prices rose by 0.02%, showing a reduction compared to the previous week (0.03%). Areas like Gwacheon (0.38%), Seongnam Bundang District (0.35%), and Anyang Dongan District (0.17%) showed increasing trends, while Goyang Ilsanseo District (-0.13%) and Pyeongtaek (-0.13%) experienced declines.
In Incheon, prices fell by 0.02%, indicating a reduction compared to the previous week (-0.03%). Districts like Jung District (-0.05%), Namdong District (-0.04%), Michuhol District (-0.03%), Gyeyang District (-0.02%), and Bupyeong District (-0.02%) showed declining trends.
The national rental prices for apartments rose by 0.01%, reducing the increase compared to the previous week (0.02%). The metropolitan area (0.03%→0.02%) and Seoul (0.07%→0.06%) saw a reduction in increase, while provincial areas (0.00%→0.00%) maintained stability.
The Korea Real Estate Board (REB) explained, "A shortage of listings is evident around the subway station areas and preferred complexes, leading to an upward trend in rental prices," adding that "the overall increase in Seoul has contracted due to price declines in some areas affected by the supply of new occupancies."