Last month, the rise in Seoul home prices, including apartments, narrowed. Home prices in the three Gangnam districts—Gangnam, Seocho and Songpa—turned lower.
According to the March nationwide dwelling price trend survey released on the 15th by the Korea Real Estate Board (REB), the average sale price of dwellings in Seoul overall (apartments, row houses and detached houses) rose 0.39% from the previous month.
The increase in Seoul home prices widened for two straight months in December last year (0.80%) and January this year (0.91%). After turning to a narrower gain in February (0.66%), it slowed for a second straight month.
The three Gangnam districts turned weaker. By district, Gangnam-gu (-0.39%) fell mainly in reconstruction-pursuit complexes in Apgujeong and Gaepo-dong; Songpa-gu (-0.09%) declined mainly in Jamsil and Bangi-dong; and Seocho-gu (-0.05%) also saw prices fall. In contrast, Gwangjin-gu (0.91%), Jung-gu (0.83%), Seongbuk-gu (0.81%), Yeongdeungpo-gu (0.76%), Seodaemun-gu (0.74%), Gangseo-gu (0.70%), Jongno-gu (0.69%) and Guro-gu (0.67%) recorded relatively high increases.
Gyeonggi (0.26%) also saw its gain narrow by 0.10 percentage point from the previous month. Still, Dongan-gu in Anyang (1.54%), Suji-gu in Yongin (1.38%) and Guri (1.18%) each topped 1%, posting the highest increases nationwide.
Incheon (0.00%) shifted from gains to flat, and the Seoul metropolitan area overall (0.42%→0.27%) saw the increase shrink by 0.15 percentage point.
Home prices outside the Seoul metropolitan area (0.03%) rose for a fifth straight month. The five major metropolitan cities (0.00%) were flat; Sejong was down 0.10%; and the eight provinces were up 0.04%. In March, the nationwide overall dwelling sale price rose 0.15% from the previous month.
For apartments, Seoul's (0.34%) growth rate fell 0.40 percentage point from the previous month, marking a second month of slowing.
Gyeonggi (0.33%) narrowed by 0.12 percentage point, and Incheon (0.04%) by 0.06 percentage point, while the Seoul metropolitan area overall (0.29%) shrank by 0.20 percentage point. Apartment prices outside the metropolitan area rose 0.04%, and nationwide increased 0.16%.
The board said, "Listings and falling transaction are occurring mainly in Seoul and the metropolitan area, while in some reconstruction-pursuit complexes and preferred complexes, rising transaction continues, showing a mixed pattern," adding, "For sales, regions watching the increase in listings and the trend of price declines coexisted with regions where rising transaction occurred locally, centered on reconstruction and complexes near subway stations."
For jeonse and monthly rent, amid a shortage of listings, demand concentrated in major complexes such as new builds and those near subway stations with strong residential conditions, pushing prices higher from the previous month. In February, the nationwide overall dwelling jeonse price rose 0.28% from the previous month.
Seoul (0.46%) saw its growth rate rise by 0.11 percentage point from the previous month. Seongbuk-gu (0.75%) posted large jeonse increases mainly in large complexes in Gireum and Jeongneung-dong, and Nowon-gu (0.70%) saw big gains centered on Gongneung and Junggye-dong; Gwangjin-gu (0.61%), Mapo-gu (0.61%), Eunpyeong-gu (0.58%) and Guro-gu (0.53%) also recorded high increases.
Gyeonggi rose 0.42% and Incheon 0.21%, and the Seoul metropolitan area overall (0.31%→0.41%) widened its gain by 0.10 percentage point.
The overall dwelling monthly rent growth rate was 0.29%. In Seoul (0.51%), the increase from the previous month widened by 0.10 percentage point. Areas near subway stations and large complexes, as well as small and mid-sized units, in Nowon-gu (0.99%), Seocho-gu (0.74%), Gwangjin-gu (0.73%), Seongbuk-gu (0.72%) and Mapo-gu (0.71%) led the gains. Gyeonggi rose 0.35% from the previous month and Incheon 0.38%, and the Seoul metropolitan area overall rose 0.41%. Outside the metropolitan area (0.18%), the five major metropolitan cities rose 0.21%, Sejong 0.31% and the eight provinces 0.15%.