In the previous month, the increase in Seoul dwelling sale, jeonse and monthly rent prices grew larger than a month earlier, showing triple strength. The monthly rent growth rate hit a record high since the statistics began.
According to the June nationwide dwelling price trend survey results released on the 15th by the Korea Real Estate Board (REB), the average sale price of Seoul dwellings overall (apartments, row houses and detached dwellings) rose 1.03% from a month earlier. The increase was up 0.13 percentage points from the previous month, the highest level this year. In particular, apartment sale prices climbed 1.21% from the previous month, exceeding the overall dwelling increase.
The uptrend in Seoul apartment jeonse also quickened. The Seoul apartment jeonse growth rate was 1.37%, higher than the sale price growth rate, and the increase widened from 1.15% in May.
On the basis of all dwellings including apartments, Seoul's overall jeonse growth rate hit the highest level since September 2011 (1.56%), and the apartment jeonse growth rate reached a record high since October 2013 (1.57%). On a cumulative basis, the apartment jeonse growth rate came to 4.99% through June this year. That exceeds last year's annual increase of 3.77%.
Seoul apartment monthly rents rose 1.15%, and monthly rents for dwellings overall increased 0.96%. Seoul's monthly rent growth rate for both apartments and dwellings overall was the highest since June 2015, when the statistics were first published, and set a record high in just one month following the previous month.
The Korea Real Estate Board (REB) said, "In Seoul, while a wait-and-see mood continued in some areas, increases were concluded mainly in large complexes and areas near subway stations with good residential conditions," and added, "For both jeonse and monthly rents, tenant demand steadily continued to center on complexes with good residential conditions, such as large complexes and areas near subway stations."