As the buying stance remains cautious, the increase in apartment sale prices in Seoul has decreased, leading to a stabilization in nationwide apartment prices.
According to the Korea Real Estate Board (REB) on the 21st, the nationwide apartment sale prices during the third week of August (as of the 18th) transitioned from a 0.01% increase the previous week to a stable state (0.00%). It appears that the continuing decrease in Seoul's apartment price increase, which has lasted for eight consecutive weeks since June 23, has influenced this change.
The sale prices of apartments in Seoul increased by 0.09%, reducing the increase compared to the previous week (0.10%). By district, Songpa District (0.29%) rose primarily in redevelopment projects in Sincheon and Munjeong-dong, Seocho District (0.15%) focused on Banpo and Seocho-dong, Gangnam District (0.12%) concentrated on major complexes in Daechi and Gaepo-dong, and Yangcheon District (0.10%) increased mainly in Mok and Sinjeong-dong large complexes.
In northern Seoul, Seongdong District (0.15%) increased primarily in small to medium-sized areas in Geumho and Seongsu-dong, Yongsan District (0.10%) focused on major complexes in Ichon and Itaewon-dong, Jung District (0.09%) concentrated on large complexes in Sindang and Hwanghak-dong, Gwangjin District (0.09%) increased primarily in Gwangjang and Jayang-dong, and Dongdaemun District (0.07%) rose mainly in Jeonnong and Dapsimni-dong.
The Korea Real Estate Board (REB) explained, "While localized purchases in preferred areas like some new and redevelopment projects are leading to increased sale prices, an overall cautious buying sentiment continues, and the increase compared to the previous week has slightly decreased."
In the metropolitan area, prices rose by 0.03% this week, reducing the increase compared to the previous week (0.04%), while regional prices fell by 0.02%, expanding the decline compared to the previous week (-0.01%).
In Gyeonggi Province, prices transitioned from a 0.01% increase to a stable state this week. Areas like Gwacheon (0.20%) and Anyang's Dongan District (0.17%) showed an upward trend, while Pyeongtaek (-0.27%), Goyang's Ilsanseo District (-0.15%), and Paju (-0.10%) experienced declines.
In Incheon, prices fell by 0.01%, reducing the decline compared to the previous week (-0.04%). Areas like Namdong District (0.02%) and Michuhol District (0.01%) showed increases, while Yeonsu District (-0.05%), Gyeyang District (-0.03%), and Dong District (-0.02%) experienced declines.
Nationwide apartment rental prices increased by 0.01%, maintaining the rise from the previous week. The metropolitan area (0.02%) and Seoul (0.05%) maintained their upward trends, while the regions (0.00%) remained stable.
The Korea Real Estate Board (REB) noted, "While some areas influenced by entering inventory showed declines in rental prices, a continued shortage of listings, especially in preferred locations such as transit hubs and large complexes, maintained the overall upward trend in Seoul."