About one month after the Oct. 15 real estate measures took effect, the pace of gains in Seoul apartment prices continues to slow. However, as listings have decreased amid subdued transaction activity, the upward trend in key areas has not eased sharply.
According to weekly apartment price trends for the second week of November (as of the 10th) released by the Korea Real Estate Board (REB) on the 13th, the average sale price of apartments in Seoul rose 0.17% from the previous week. Seoul's weekly home price growth has slowed each week from 0.54% just before the Oct. 15 measures to ▲0.5% ▲0.23% ▲0.19%.
However, in detail, price adjustments were not large, with some expansion in gains in the Hangang belt—such as Songpa District, Seongdong District, Yongsan District, and Seocho District—where the uptrend had been steep before the Oct. 15 measures.
Seongdong District (0.37%) increased its gain by 0.08 percentage points from the previous week, and the upward trend in Yongsan District (0.23%→0.31%), Seocho District (0.16%→0.20%), and Songpa District (0.43%→0.47%) was higher than the previous week. Also in the core Hangang belt, Gwangjin District (0.15%) and Mapo District (0.23%) posted the same gains as the previous week.
The Korea Real Estate Board said, "With an overall wait-and-see mood continuing, buyer inquiries decreased and transactions were quiet, but higher-priced transaction deals were concluded in some preferred complexes and redevelopment candidates, lifting Seoul overall."
In Gyeonggi Province, gains eased slightly but remained high in cities bound by regulatory and land transaction permit zones, including Gwacheon (0.44%→0.40%) and Bundang District in Seongnam (0.59%→0.58%).
Among nonregulated areas, the balloon-effect bellwethers Hwaseong (0.26%→0.25%) and Guri (0.52%→0.33%) saw their gains ease slightly from a week earlier but still posted high increases. Gwonseon District in Suwon (0.13%→0.21%) and Giheung District in Yongin (0.21%→0.30%) saw their gains expand.
The overall growth rate in Gyeonggi Province was 0.10%, down 0.01 percentage points from the previous week. In the greater Seoul area, gains slowed from 0.13% to 0.11%. In the provinces (0.01%), after turning positive for the first time in 100 weeks the previous week, the same level of gains was maintained this week.
During this period, nationwide apartment sale prices rose 0.06%. Nationwide apartment jeonse prices climbed 0.08% last week, the same increase as the previous week.
Seoul (0.15%) rose mainly in preferred complexes such as strong school districts and stationside areas. Incheon (0.06%→0.08%) and Gyeonggi (0.09%→0.10%) saw larger increases in jeonse. For the greater Seoul area overall, the growth rate was unchanged at 0.11% from the previous week.
In the provinces (0.05%→0.04%), the uptrend narrowed slightly. The five major metropolitan cities rose 0.06%, and the eight provinces climbed 0.01%. Sejong (0.49%) posted a relatively large increase as demand grew for complexes with good residential conditions.