The pace of home price gains in Seoul widened for the second straight month from the end of the year. In particular, it was found that prices rose more than 1% from the previous month in just the last month.
According to the January nationwide dwelling price trend survey that the Korea Real Estate Board (REB) released on the 19th, Seoul's comprehensive dwelling (apartments, row houses, and detached houses) sale prices rose 0.91% from the previous month.
The rate of increase shrank by 0.42 percentage points to 0.77% on-month in Nov. last year due to the Oct. 15 measures, then widened again to 0.80% in Dec., continuing a two-month expansion.
In Gangbuk, Seongdong District (1.37%) saw higher gains centered on stationside areas in Eungbong and Geumho-dong, and Yongsan District (1.33%) rose mainly in complexes pushing redevelopment in Dowon and Ichon-dong, while Jung District (1.18%), Mapo District (1.11%), and Seongbuk District (0.84%) also posted relatively large increases.
In Gangnam, Songpa District (1.56%) recorded a sharp rise led by large complexes in Songpa and Garak-dong, and Dongjak District (1.45%), Gangdong District (1.35%), Yangcheon District (1.28%), and Yeongdeungpo District (1.24%) also rose, centered on stationside areas and complexes pursuing redevelopment.
Gyeonggi (0.32%→0.36%) saw its increase widen by 0.04 percentage points. Even after being designated as regulated areas (adjustment target areas and speculative overheat districts) and land transaction permit zones by the Oct. 15 measures, Suji District in Yongin, Bundang District in Seongnam, and Dongan District in Anyang, which have strong upward momentum, led the overall rise.
Incheon (0.10%→0.07%) saw a narrower increase, while the broader Seoul metropolitan area (0.46%→0.51%) widened by 0.05 percentage points.
Outside the greater Seoul area, prices rose 0.06% on-month, extending gains for a third month. The five major metropolitan cities rose 0.08%, the eight provinces gained 0.05%, and Sejong climbed 0.17%. Ulsan (0.46%) and North Jeolla (0.20%) recorded higher growth rates.
Nationwide comprehensive dwelling sale prices rose 0.28%, with the rate of increase widening by 0.02 percentage points from the prior month.
For apartments, Seoul (0.87%→1.07%) widened by 0.20 percentage points, Gyeonggi (0.42%→0.48%) by 0.06 percentage points, while Incheon (0.19%→0.16%) narrowed by 0.03 percentage points. The broader Seoul metropolitan area (0.53%→0.62%) widened by 0.09 percentage points. Outside the greater Seoul area (0.10%→0.09%), the rate was similar to the previous month, and nationwide (0.31%→0.34%) it edged higher.
An official at the real estate board said, "The upward trend centered on end-user demand is being maintained mainly in complexes with strong residential conditions, such as good school districts and stationside areas, in Seoul and the metropolitan area," and noted, "Sales fell in older complexes on the outskirts and in some areas with excessive move-in supply, but rose mainly in complexes with mid- to long-term development issues such as redevelopment, leading the nation to rise from the previous month."
For jeonse and monthly rentals, while listings decreased overall, demand for new complexes, good school districts, and areas with favorable transport conditions persisted, lifting prices from the previous month. In January, the nationwide comprehensive dwelling jeonse price growth rate was 0.27%, similar to the prior month's 0.28%.
Seoul (0.53%→0.46%) saw a narrower gain than the previous month but still rose, centered on large complexes and stationside areas amid tight listing supply.
Seocho District (1.20%) posted a high jeonse increase led by major complexes in Jamwon and Banpo-dong, while Seongdong District (0.80%), Dongjak District (0.67%), Nowon District (0.64%), and Gangdong District (0.61%) also showed relatively strong gains.
Gyeonggi rose 0.35% from the previous month, Incheon climbed 0.21%, and the broader Seoul metropolitan area increased 0.37%.
The nationwide comprehensive dwelling monthly rent price increase was found at 0.26%, down 0.01 percentage points from the previous month.
In Seoul, Seongdong District (0.81%), Seocho District (0.80%), Nowon District (0.78%), Yeongdeungpo District (0.72%), and Yongsan District (0.67%) showed strong gains centered on stationside areas and large complexes, with the city overall up 0.45%.
Gyeonggi (0.32%) had the same monthly rent increase as the previous month, and Incheon (0.29%→0.28%) showed a similar rise. Outside the greater Seoul area (0.16%), the monthly rent increase was also unchanged from the previous month.