At the start of the new year, the rise in Seoul apartment sale prices is widening again.
According to the weekly apartment price trends for the third week of Jan. (on the 19th) released by the Korea Real Estate Board (REB) on the 22nd, the average sale price of Seoul apartments rose 0.29% from the previous week. The sale price growth rate widened from 0.18% in the first week of Jan. to 0.21% in the second week, marking a two-week uptrend.
Dongjak District (0.51%) recorded the highest increase in Seoul as prices rose mainly in Sando and Sadang-dong. Yangcheon District (0.43%) rose mainly for small and mid-sized units in Sinjeong and Mok-dong, and Gangdong District (0.41%) rose centered on complexes pursuing reconstruction in Myeongil and Gil-dong. Gwanak District (0.44%) also posted a relatively large increase.
The REB said, "With buying inquiries steadily increasing for favored complexes such as those pursuing reconstruction, new builds, and large-scale complexes, higher-priced transaction expanded and Seoul rose overall."
Gyeonggi Province (0.09%→0.13%) also saw a wider increase from the previous week. After the Oct. 15 measures, a sharp rise in some southern areas newly designated as regulated areas and land transaction permit zones led the overall increase.
Suji District in Yongin (0.68%) widened its weekly increase by 0.23 percentage points from the previous week, marking the biggest rise since the third week of Mar. 2020 (0.85%). Giheung District in Yongin (0.24%→0.39%), which avoided regulation, also saw its growth rate expand significantly.
Bundang District in Seongnam (0.59%) increased its growth rate by 0.20 percentage points from the previous week as prices rose mainly for small and mid-sized units in Geumgok and Gumi-dong. Dongan District in Anyang (0.48%) also saw its weekly growth rate increase by 0.15 percentage points, and Sujeong District in Seongnam (0.06%→0.46%) showed a notable expansion in gains. Gwangmyeong (0.39%) and Hanam (0.38%) also recorded high growth rates. Incheon (0.02%) saw its increase narrow by 0.02 percentage points.
Outside the greater Seoul area, prices rose 0.02% from the previous week, extending a 12-week uptrend. The five major metropolitan cities rose 0.02%, and Sejong (0.03%) turned to an increase from flat. The eight provinces (0.02%) had the same growth rate as the previous week. The nationwide apartment sale price growth rate (0.09%) widened by 0.02 percentage points from the previous week.
Nationwide apartment jeonse prices (0.08%) maintained the same growth rate for the third week. In Seoul (0.14%), amid a continued shortage of listings, rental demand persisted mainly for complexes with good residential conditions, leading to higher-priced transaction and overall price increases.
Seocho District (0.40%) is continuing a steep rise in jeonse prices mainly for older complexes in Jamwon and Banpo-dong, and Dongjak District (0.21%), Yangcheon District (0.20%), Gangdong District (0.20%), and Gwangjin District (0.19%) also rose, centered on strong school districts and large-scale complexes. Gyeonggi rose 0.10% from the previous week, and Incheon rose 0.08%, with the overall growth rate for the greater Seoul area at 0.11%.