It was found that Seoul apartment prices rose sharply by more than 0.5% around the announcement of the Oct. 15 real estate measures, which designated all of Seoul and 12 areas in Gyeonggi Province as regulated areas (adjustment target areas and speculative overheating districts) and land transaction permit zones.
According to the Korea Real Estate Board (KREB) on the 23rd, nationwide apartment sale prices rose 0.12% in the third week of October (as of the 20th). Since last week's publication was as of Oct. 13, the figure reflects the situation for the week starting just before the Oct. 15 measures were announced.
Seoul apartment sale prices rose 0.50%, posting a gain of more than 0.5% following the previous week (0.54%). This surpasses the 0.47% recorded in the first week of September 2018, marking the largest increase on record. The previous week's increase rate was 0.54%, but that was a two-week cumulative figure skipping publication during the Chuseok holiday; the one-week increase at the time of the pre-Chuseok publication (as of Sept. 29) was 0.27%.
By district, Gangdong District (1.12%) rose mainly in large complexes in Myeongil and Godeok neighborhoods; Yangcheon District (0.96%) rose mainly around stations in Mok and Sinjeong neighborhoods; Songpa District (0.93%) rose mainly in complexes pursuing redevelopment in Bangi and Munjeong neighborhoods; and Yeongdeungpo District (0.79%) rose mainly in major complexes in Singil and Yeongdeungpo neighborhoods.
In Gangbuk, Gwangjin District (1.29%) rose mainly in major complexes in Gwangjang and Guui neighborhoods; Seongdong District (1.25%) rose mainly around stations in Geumho and Haengdang neighborhoods; Jung District (0.93%) rose mainly in large complexes in Sindang and Hwanghak neighborhoods; Mapo District (0.92%) rose mainly in small to mid-size units in Gongdeok and Yeomni neighborhoods; and Yongsan District (0.63%) rose mainly in Dowon and Ichon neighborhoods. In particular, Mapo (0.28%→0.43%), Yongsan (0.12%→0.28%), and Seongdong (0.41%→0.59%) saw their gains expand significantly.
The Korea Real Estate Board (KREB) said, "Overall, Seoul's upward trend continued as inquiries and transactions increased, with rising transactions concluded, centering on preferred complexes such as large complexes and areas around stations with good residential environments, as well as complexes pursuing redevelopment."
Gyeonggi Province rose 0.16% this week, with a larger increase than the previous week (0.15%). Seongnam Bundang District (1.78%), Gwacheon (1.48%), and Gwangmyeong (0.76%) showed gains, while Pyeongtaek (-0.17%) and Icheon (-0.14%) declined.
Seoul's Gangdong District and Seongnam's Bundang District, as well as the city of Gwacheon, surpassed even the previous week's increase that reflected the two-week cumulative figure, marking a record high since the Korea Real Estate Board (KREB) began publishing weekly statistics in January 2013. Seongdong District and Gwangjin District posted their highest-ever weekly increases.
The Seoul metropolitan area rose 0.25% this week, maintaining the previous week's increase, while non-metropolitan areas were flat (0.00%) for the second week.
Incheon rose 0.02%, with a smaller increase than the previous week (0.07%). Dong District (0.06%), Michuhol District (0.06%), Bupyeong District (0.05%), Namdong District (0.02%), and Gyeyang District (0.02%) showed gains.
Nationwide apartment jeonse prices rose 0.06%. The Seoul metropolitan area (0.09%), Seoul (0.13%), and non-metropolitan areas (0.03%) all increased.
The Korea Real Estate Board (KREB) said, "As jeonse prices rise due to a shortage of listings, contracts were concluded mainly in complexes with good residential environments such as areas around stations and strong school districts, and Seoul overall showed an upward trend."