The rise in Seoul home prices, including apartments, narrowed in November from a month earlier.
According to last month's nationwide dwelling price trend survey results released on the 15th by the Korea Real Estate Board (REB), Seoul's composite sales price index for dwellings (apartments, row houses, and detached houses) rose 0.77% from the previous month. The increase narrowed by 0.42 percentage points from the previous month (1.19%), falling to the level of July (0.75%). It remains elevated compared with August (0.45%) and September (0.58%).
On a composite dwelling basis, in Seoul's Gangbuk area, Yongsan District (1.37%) posted a high increase centered on Ichon and Dowon neighborhoods, and Seongdong District (1.37%) rose mainly across major complexes in Haengdang and Oksu. Mapo District (0.97%) climbed around redevelopment-candidate complexes in Seongsan and Daehung, Jung District (0.88%) rose mainly for small and mid-size homes in Sindang and Jungnim, and Jongno District (0.60%) gained around Muak and Sajik.
In Gangnam, Songpa District (2.10%) saw sharp gains led by redevelopment-candidate complexes in Garak and Sincheon, and Dongjak District (1.46%) also posted a strong rise centered on stationside areas in Bon and Sadang. Yangcheon District (1.24%) was driven by small and mid-size homes in Mok and Sinjeong, Gangdong District (1.16%) by large complexes in Godeok and Amsa, and Yeongdeungpo District (1.06%) showed strength in Singil and Yeongdeungpo.
For the wider Seoul metropolitan area overall (0.60%→0.45%), the month-on-month increase narrowed by 0.15%, but in Gyeonggi (0.34%→0.32%), newly designated regulated areas such as Bundang District in Seongnam, Gwacheon, and Suji District in Yongin continued to show high gains, so the overall slowdown in the increase was limited. Incheon (0.07%→0.09%) saw a slight expansion in the increase.
Non-capital regions (0.04%), which halted a decline last month and reached flat, turned to an increase for the first time in 24 months since Nov. 2023. The five major metropolitan cities (-0.01%→0.04%) and eight provinces (0.00%→0.04%) turned higher, and Sejong (0.02%→0.11%) expanded its gains. Ulsan (0.37%) and North Jeolla (0.25%) recorded high increases.
Nationwide composite dwelling sales prices rose 0.24%, narrowing by 0.05 percentage points from the previous month.
On an apartment basis, Seoul's increase was 0.81%, down 0.62 percentage points from the previous month (1.43%). Gyeonggi (0.45%→0.42%) saw a relatively smaller narrowing, and the Seoul metropolitan area overall (0.70→0.51%) fell by 0.19 percentage points. Non-capital regions (0.06%) turned up from flat, and nationwide (0.34%→0.27%) the increase narrowed by 0.07 percentage points.
In Seoul, row houses (including multi-household homes) rose 0.88% from the previous month, and detached houses (including multi-family houses) gained 0.34%, with all dwelling types rising from the previous month. In the Seoul metropolitan area, row houses rose 0.40% and detached houses 0.21%, and nationwide, row houses climbed 0.26% and detached houses 0.08%, with prices rising across all types as well.
An official at the real estate board said, "Transactions at higher prices are occurring mainly in new and large complexes in Seoul and the metropolitan area that are highly preferred and in complexes with development expectations," and noted, "While some outlying areas and older stock fell, nationwide rose from the previous month as gains centered on redevelopment-candidate complexes and areas with strong residential conditions."
With a shortage of jeonse supply continuing in preferred areas and the winter break moving season approaching, the rise in jeonse prices is also steadily widening. In October, nationwide composite jeonse prices for dwellings rose 0.24%, increasing the month-on-month growth rate by 0.06 percentage points.
Last month, Seoul's composite jeonse price growth rate for dwellings was tallied at 0.51%. The increase widened from 0.44% the previous month. Excluding row and detached houses, apartment jeonse prices surged 0.63%. Amid a shortage of listings, demand from tenants persisted for preferred complexes in good residential environments such as school districts and stationside areas, widening the increase.
By district, Seocho (1.24%), Songpa (1.20%), Gangdong (0.83%), Yangcheon (0.82%), Yeongdeungpo (0.71%), and Yongsan (0.69%) recorded high increases.
Gyeonggi (0.24%→0.32%) rose centered on Hanam, Yeongtong District in Suwon, and Bundang District in Seongnam, while Incheon (0.14%→0.23%) saw jeonse prices rise centered on Seo, Yeonsu, and Namdong districts.
Non-capital regions (0.07%→0.12%) also saw the five major metropolitan cities (0.13%→0.19%) and eight provinces (0.02%→0.04%) strengthen their uptrends, and Sejong (0.90%→1.45%) continued a sharp rise.
Nationwide composite monthly rent prices for dwellings (0.19%→0.23%) also expanded their month-on-month increase. Seoul (0.53%→0.52%) was slightly adjusted at a level similar to the previous month. Songpa (1.07%), Yongsan (0.92%), Yeongdeungpo (0.86%), Yangcheon (0.83%), Gangdong (0.83%), and Seocho (0.77%) showed strength.
Gyeonggi (0.20%→0.28%) and Incheon (0.15%→0.22%) saw larger increases. For the Seoul metropolitan area overall (0.30%→0.35%), the month-on-month growth rate rose by 0.05 percentage points, and non-capital regions (0.09%→0.12%) also continued to widen their increases.