In Seoul and the greater capital region, purchase inquiries are concentrating on major complexes such as those slated for reconstruction and areas with strong school districts, with a series of higher-price contracts following. For jeonse and monthly rent as well, continued tenant demand centered on complexes near transit hubs and school districts is seen keeping the uptrend in place.
According to the nationwide housing price trend survey for October this year released on the 17th by the Korea Real Estate Board (KREB), the composite sale price index for dwellings nationwide (including apartments, row houses, and detached houses) was found to have risen 0.29%. The capital region (0.22%→0.60%) and Seoul (0.58%→1.19%) also rose, while non-capital regions (-0.03%→0.00%) turned flat.
In particular, Seoul's October growth rate was about twice that of the previous month. This is the highest rate in 7 years and 1 month since September 2018 (1.25%). It also exceeds the 0.95% rise in June, when home prices jumped sharply ahead of the June 27 lending regulations taking effect. The separately calculated sale price index for Seoul apartments was found to have risen 1.43%.
In Seoul, purchase inquiries and transactions increased mainly in preferred complexes with good residential conditions and in areas with development expectations. Specifically, in the northeastern districts, Seongdong District (3.01%) rose mainly in the large complexes in Haengdang and Eungbong neighborhoods; Mapo District (2.21%) rose mainly in the major complexes in Ahyeon and Gongdeok; Gwangjin District (1.93%) rose mainly in complexes pursuing reconstruction in Gwangjang and Jayang; Yongsan District (1.75%) rose mainly in Itaewon and Ichon; and Jung District (1.67%) rose mainly in Sindang and Hwanghak.
In the Gangnam area, Songpa District (2.93%) rose mainly around transit hubs in Sincheon and Jamsil; Gangdong District (2.28%) rose mainly in major complexes in Myeongil and Sangil; Yangcheon District (2.16%) rose mainly in complexes pursuing reconstruction in Mok and Sinjeong; Yeongdeungpo District (1.68%) rose mainly in large complexes in Singil and Yeongdeungpo; and Dongjak District (1.67%) rose mainly in Heukseok and Sango.
Gyeonggi Province fell mainly in Pyeongtaek and Icheon, but rose mainly in Bundang District in Seongnam and in Gwacheon, Gwangmyeong, and Hanam. Incheon turned upward, rising mainly in Seo, Dong, and Bupyeong districts. In the provinces, Ulsan (0.28%) rose mainly in preferred complexes in Nam and Buk districts, and Sejong (0.02%) rose mainly in complexes with good residential conditions in Dajeong and Saerom, while Jeju (-0.14%) fell mainly in Seogwipo due to an inventory overhang of unsold units, and Daegu (-0.13%) fell mainly in older stock in Dalseo District and in small to mid-sized units in Buk District.
Looking at the jeonse price index, the nationwide figure rose 0.18%. The capital region (0.17%→0.30%), Seoul (0.30%→0.44%), and non-capital regions (0.04%→0.07%) all rose. The monthly rent price index also showed increases nationwide (0.19%), in the capital region (0.30%), in Seoul (0.53%), and in non-capital regions (0.09%).