The area excluding major districts in Seoul showed a deepening wait-and-see attitude, resulting in a reduction in the increase in apartment prices.
According to the Korea Real Estate Board (REB) report on residential price trends published on the 18th, home prices across the country rose by 0.12% compared to the previous month in July. This was a slight decrease from the previous month's increase of 0.14%.
In Seoul, prices rose by 0.75%, reducing the increase compared to the previous month's 0.95%. The metropolitan area saw a decrease in the increase from 0.37% to 0.33%, while provinces saw a reduced decline from -0.09% to -0.08%.
In individual areas of Seoul, Yeongdeungpo-gu (1.34%) rose mainly in the areas of Yeouido and Singil-dong, Songpa-gu (1.28%) rose mainly in the redevelopment areas of Jamsil and Songpa-dong, Yangcheon-gu (1.26%) focused on large complexes in Mok and Sinjeong-dong, Gangnam-gu (1.24%) rose mainly in the existing areas of Apgujeong and Gaepo-dong, while Seocho-gu (1.13%) saw increases mainly in the areas of Jamwon and Banpo-dong.
In the northern regions, Seongdong-gu (2.07%) rose primarily around the subway station areas of Haengdang and Okus-dong, Yongsan-gu (1.48%) focused on major complexes in Dowon and Ichon-dong, Mapo-gu (1.37%) rose in medium-sized areas of Daehung and Gongdeok-dong, Gwangjin-gu (0.79%) focused on school district areas in Gwangjang and Jayang-dong, while Jung-gu (0.53%) rose mainly around Sindang and Hwanghak-dong.
The Korea Real Estate Board (REB) noted that while there continues to be consistent inquiries about properties in redevelopment, transit areas, and new complexes located in Seoul and the metropolitan area, other complexes are showing a deepening wait-and-see attitude. They explained, "Demand for existing and peripheral complexes is decreasing, and due to localized inventory accumulation and various redevelopment and development project issues, the price increase expectations in some areas coexist with those showing declining trends, leading to a reduction in the nationwide increase. "
The national jeonse (long-term lease) prices increased by 0.04% this month, showing an expanded rise compared to the previous month's 0.03%. The metropolitan area (0.11%→0.11%) and Seoul (0.24%→0.24%) maintained their increase, while provinces saw a decrease in the decline from -0.04% to -0.03%.
The national monthly rent prices rose by 0.09%, increasing from the previous month's 0.06%. The metropolitan area (0.12%→0.15%) saw an expanded rise, Seoul (0.24%→0.23%) experienced a reduction in the increase, and provinces (0.00%→0.03%) turned upward from being flat.
The Korea Real Estate Board (REB) explained that while areas with increased move-in supply and high renewal contract ratios are experiencing a downward trend, the increase in rental contracts due to the weakened housing buying sentiment has continued, centered around preferred areas like transit stations and school districts, thus expanding the increase in both jeonse and monthly rent prices.