Seoul apartment prices rose 0.10% in a week. As asking prices continued to climb due to a shortage of listings, sale prices also increased.
According to Real Estate R114 on Dec. 19, nationwide apartment sale prices in the third week of December rose 0.12% from the previous week. By region, Gyeonggi Province recorded the highest increase at 0.19%, followed by Sejong (0.18%), North Chungcheong (0.13%), Daejeon (0.13%), and Seoul (0.10%).
Nationwide apartment jeonse prices rose 0.14%, up for the second straight week. Seoul rose 0.19%, the greater capital area 0.16%, Gyeonggi and Incheon 0.13%, the five major metropolitan cities 0.08%, and other regions 0.06%, with all major areas posting gains.
However, there are concerns that the disclosed figures differ from actual transaction prices because they reflect prices from 1 to 2 months ago for which land transaction permits were issued. Baek Sae-rom, a senior researcher at Real Estate R114, said, "In a situation where volumes are limited, the more sellers' asking prices are reflected in market quotes, the more prices in the greater capital area (apartments) can be distorted." Baek added, "It is necessary to refer to price trends from three market survey institutions and monitor the trajectory of properties of interest to strengthen negotiating power."