After the government's June 27 household debt measures announcement, a wait-and-see attitude has continued to prevail, leading to a decline in demand and a reduction in the increase of apartment sale prices in Seoul for five consecutive weeks.
According to the Korea Real Estate Board (REB) on the 31st, the sale price of apartments in Seoul during the third week of July (as of the 28th) rose by 0.12% compared to the previous week. The increase was smaller than the previous week's (0.16%). Since recording 0.43% in the third week of June, the rate of increase has decreased for five consecutive weeks.
By district, Songpa District (0.41%) saw increases primarily in the Songpa and Okumdong reconstruction projects, Seocho District (0.21%) in the Banpo and Jamwon areas, Yangcheon District (0.17%) in Mok and Sinjeong-dong, and Yeongdeungpo District (0.13%) in areas around the Munrae and Yeouido subway stations.
In Gangbuk, Seongdong District (0.22%) increased mainly in the Kumho and Oksoo areas, Gwangjin District (0.17%) in the Gwangjang and Kuui areas, Yongsan District (0.17%) in the Munbae and Seobinggo areas, Mapo District (0.11%) in the Gongdeok and Yeomni areas, and Jung District (0.08%) in the Sindang and Hoehyeon areas.
The Korea Real Estate Board (REB) noted, "While there are localized increases in transactions related to reconstruction issues, the overall demand has declined as the wait-and-see mentality among real estate market participants persists, leading to a reduction in the overall increase in Seoul."
The national sale prices rose by 0.01%, maintaining the increase from the previous week. In the metropolitan area, prices climbed by 0.04% this week, reducing the increase compared to the previous week (0.06%), while prices in other regions fell by 0.02%, narrowing the decrease compared to the previous week (-0.03%).
Gyeonggi Province saw a 0.01% rise, reducing the increase compared to the previous week (0.02%). Areas such as Gwacheon (0.29%), Seongnam Bundang District (0.25%), and Anyang Dongan District (0.19%) showed an upward trend, while Pyeongtaek (-0.17%) and Siheung (-0.10%) experienced declines.
In Incheon, prices fell by 0.03%, widening the decrease compared to the previous week (-0.02%). Jung District (-0.04%), Seo District (-0.03%), Gyeyang District (-0.03%), Namdong District (-0.03%), and Yeonsu District (-0.03%) all showed downward trends.
National apartment jeonse prices rose by 0.01%, maintaining the increase from the previous week. The metropolitan area (0.02%→0.01%) saw a reduction in the increase, while Seoul (0.06%→0.06%) maintained its increase, and other regions (0.00%→0.00%) remained steady.
The Korea Real Estate Board (REB) explained, "Amid mixed trends of increases and decreases by region and district, there is a shortage of listings in areas with good living conditions, such as near subway stations and large complexes, thus maintaining the overall upward trend in Seoul."