As the rise in Seoul apartment sale prices edged up slightly, home prices in southern Gyeonggi Province, including Dongtan District in Hwaseong, jumped sharply. Jeonse prices again widened their gains, hitting the highest level in 10 years and 8 months.
According to the weekly apartment price trends for the second week of June (as of the June 8 survey) released on the 11th by the Korea Real Estate Board (REB), apartment sale prices in Dongtan District of Hwaseong, Gyeonggi Province, rose 1.98%. That is a steep climb, far more than double the prior week's 0.60% increase.
Analysts cite Dongtan's surge to its advantage as a bedroom community with good access to major semiconductor business sites such as Samsung Electronics, coupled with the recent global semiconductor boom. In addition, because it has not yet been designated a land transaction permit zone, so-called "gap investing," in which buyers purchase homes with jeonse in place, is seen as having stirred the market.
Nearby Pyeongtaek, also a beneficiary of the semiconductor sector, rose 0.14% this week, breaking out of a long slump. Pyeongtaek apartment prices turned upward for the first time since the third week of Feb. 2024, about two years and four months.
Meanwhile, both apartment sale and jeonse prices nationwide continued to rise. This week, nationwide apartment sale prices climbed 0.10% from a week earlier, and jeonse prices also posted a solid 0.12% increase.
By region, strength centered on the greater Seoul area stood out. The wider capital region rose 0.20% and Seoul gained 0.27%, leading the advance, while non-capital regions were flat at 0.00%. Among non-capital areas, the five major metropolitan cities fell 0.01% and Sejong slipped 0.21%, but the eight provincial regions rose 0.02%, balancing the overall picture.
By city and province, Gyeonggi Province (0.20%), Ulsan (0.07%), South Jeolla Province (0.07%), and North Chungcheong Province (0.05%) rose, while Gwangju (-0.09%), Jeju (-0.03%), North Gyeongsang Province (-0.03%), and Busan (-0.01%) fell. Of 181 cities, counties, and districts nationwide, the number with rising sale prices increased from 101 last week to 108 this week.
In Seoul (0.27%), some areas showed a wait-and-see mood, but steady buying into complexes with high expectations for maintenance projects (reconstruction and redevelopment) and large-scale complexes broadened overall gains.
In the 14 districts north of the Han River (0.27%), Dongdaemun District (0.39%) saw increases mainly in small and mid-sized apartments in Dapsimni and Huigyeong-dong, and Dobong District (0.39%) rose centered on the Chang-dong area. In the 11 districts south of the Han River (0.27%), Gangseo District (0.42%), highlighted by key complexes in Gayang-dong and Hwagok-dong, and Guro District (0.40%), led by Gaebong and Gocheok-dong, drove gains.
In Incheon (0.04%), Jung and Namdong districts fell, but reconstruction complexes in Yeonsu District (0.11%) were strong. In Gyeonggi (0.20%), Gwacheon (-0.30%) declined mainly among large complexes, while Bundang District of Seongnam (0.62%), buoyed by expectations for maintenance projects, jumped sharply centered on Jeongja-dong. Seongnam Jungwon District (0.48%) and Anyang Dongan District (0.40%) also showed strong gains.
In non-capital sale markets, declines and rebounds were mixed. Gwangju (-0.09%) fell mainly among small and mid-sized units in Buk and Dong districts, and Busan (-0.01%) slipped centered on Yeonje and Nam districts. Sejong (-0.21%) in particular saw a larger drop around Jochiwon-eup and Dodam-dong. By contrast, South Jeolla (0.07%), which recorded the highest increase among the eight provinces, was led by large complexes in Sanjeong and Okgam-dong in Mokpo (0.24%) and Bitgaram-dong in Naju (0.21%).
The apartment jeonse market, similar to sales, was led higher by the greater Seoul area. This week, jeonse prices in the capital region rose 0.22%, Seoul jumped 0.32%, and non-capital regions gained 0.02%. By city and province, Gyeonggi Province (0.19%), Ulsan (0.15%), and Incheon (0.11%) rose, Gangwon Province (0.00%) was unchanged, and Gwangju (-0.10%) and Jeju (-0.03%) declined.
Seoul's jeonse growth rate in particular reached a record high in about 10 years and 8 months since the fourth week of Oct. 2015 (0.33%). Seongdong District (0.64%) saw large complexes in Haengdang-dong and Oksu-dong lead gains, and Dobong District (0.55%) was driven by large complexes in Chang-dong. In the Gangnam area, jeonse listings were transacted at higher prices mainly in the large complexes of Jamsil and Sincheon-dong in Songpa District (0.53%) and in Singil-dong in Yeongdeungpo District (0.38%).
In Incheon (0.11%), Seo District (0.15%), led by Cheongna and Dangha-dong, and Yeonsu District (0.15%) were strong. In Gyeonggi (0.19%), Gwacheon (-0.27%) and Icheon (-0.11%) fell, but Gwangmyeong (0.44%) and Sujeong District of Seongnam (0.41%) rose, centered on complexes with good residential conditions.
Jeonse prices in non-capital regions (0.02%) moved modestly. Ulsan (0.15%) rose as listings were absorbed mainly among small and mid-sized apartments in Nam and Buk districts, and Busan (0.06%) showed strength in key complexes in Haeundae and Geumjeong districts. Sejong (0.06%) also saw jeonse rise mainly in large complexes with superior residential environments in Saerom-dong and Dodam-dong, and North Jeolla (0.06%), which ranked first among the eight provinces, saw jeonse contract prices adjusted upward centered on Deokjin District (0.14%) in Jeonju and Namwon (0.13%).