As the growth rate of apartment sale prices in Seoul hit a record high for the first time in 15 weeks, the increase in jeonse prices also widened to the largest level in 10 years and 6 months.
According to the Korea Real Estate Board (REB) on the 14th, apartment sale prices in Seoul in the second week of May rose 0.28% from the previous week, marking the highest increase since the fourth week of January this year (0.31%). The previous week's increase was 0.15%.
The REB said that although some areas remained in a wait-and-see mode, transactions continued to rise as buyer inquiries increased, mainly in complexes pushing for reconstruction and those with good residential conditions.
In the Gangnam area, Gangnam District, which had fallen for 11 straight weeks, rose 0.19%, while Songpa District increased 0.35% and Seocho District 0.17%, widening the gains. Yongsan District also rose 0.21%.
In the northern part of the city, Seongbuk District rose the most at 0.54%, followed by Seodaemun District at 0.45%, Jongno District at 0.36%, and Dongdaemun District and Gangbuk District each up 0.33%.
The uptrend continued in Seoul's outer areas as well. Gangseo District rose 0.39%, and Guro District increased 0.33%.
The rise in jeonse prices was also steep. Seoul apartment jeonse prices rose 0.28% from the previous week, the largest increase in about 10 years and 6 months since November 2015.
Seongbuk District rose the most at 0.51%, followed by Songpa District at 0.50%, and Seongdong District and Gangbuk District each up 0.40%.
The REB said that as lease demand continued to focus on preferred complexes such as large-scale developments and strong school districts, higher-priced contracts were concluded.