This month, Seoul apartment sale prices posted the highest growth rate in a little over five years.
According to the November nationwide dwelling price trends that KB Real Estate released on the 23rd, Seoul apartment sale prices rose 1.72% from the previous month, the biggest increase in 5 years and 2 months since September 2020 (2.00%). The gain widened from last month, which had the highest growth rate of the year (1.46%). The uptrend has continued for 18 months.
Despite transactions contracting and listings decreasing due to tightened lending regulations and a two-year owner-occupancy requirement, the increase widened as some listings changed hands at higher prices on expectations of future price gains.
By area, Dongjak District (3.94%) recorded the highest growth rate since September 2018 (4.41%), when the real estate market was in an upswing. It was followed by Seongdong District (3.85%), Gwangjin District (3.73%), Mapo District (3.41%), Songpa District (2.74%), Jung District (2.70%), and Gangdong District (2.35%), with large increases centered on the Han River belt. None of Seoul's 25 districts saw apartment prices fall.
Gyeonggi Province extended its uptrend for a sixth month, with Seongnam's Bundang District (3.81%) and Sujeong District (2.91%), Gwangmyeong (2.36%), Hanam (2.18%), Gwacheon (2.00%), Yongin's Suji District (1.87%), Anyang's Dongan District (1.50%), and Seongnam's Jungwon District (1.44%) posting high growth rates in that order. Nationwide apartment sale price growth, including the greater Seoul area, was 0.41%, with the increase widening by 0.13 percentage point from the previous month (0.28%).
The nationwide sale price outlook index was 104.1, surpassing the baseline of 100 for a third straight month, indicating a dominant view of rising home prices. Seoul came in at 107.8, down 16.6 points from the previous month, while Gyeonggi was 106.5 and Incheon was 99.1.
Nationwide apartment jeonse prices rose 0.29%, extending gains for a ninth straight month. Seoul (0.56%), Gyeonggi (0.37%), and Incheon (0.06%) all increased. In Seoul, jeonse prices rose for the 28th straight month, with large increases in Gangdong District (1.58%), Gwangjin District (1.04%), Songpa District (0.90%), Dongjak District (0.80%), Seongbuk District (0.79%), Seocho District (0.78%), and Jung District (0.64%).