Seoul apartment prices rose for the 75th straight week. In Gyeonggi Province, the uptrend was pronounced in areas near the semiconductor belt.
According to the Korea Real Estate Board (REB) on Jul. 16, apartment sale prices in Seoul in the second week of July (as of the 13th) rose 0.30% from the previous week. The pace of increase was the same as the week before.
In Seoul, Seongbuk District (0.49%) posted a high rate of increase centered on large complexes in Jeongneung and Hawolgok-dong, and the strength in outlying areas of Seoul continued in Guro District (0.44%), Jung District (0.40%), Gangseo District (0.38%), Jungnang District (0.37%), and Nowon District (0.37%). Geumcheon District rose 0.32%, marking the largest increase in about 7 years and 10 months since the third week of September 2018 (0.35%).
In the three Gangnam districts, Seocho District (0.11%→0.11%), Gangnam District (0.18%→0.16%), and Songpa District (0.34%→0.32%) all showed little change in the rate of increase from the previous week. By contrast, Yongsan District saw its gain widen from 0.10% to 0.19%.
In Gyeonggi Province, the uptrend was still centered on the semiconductor belt. In the case of Dongtan District in Hwaseong (0.73%), the gain narrowed by 0.56 percentage points from the previous week, but it is still maintaining a high rate of increase. Suwon's Yeongtong District (0.64%) and Yongin's Giheung District (0.59%), which are semiconductor hinterland areas, as well as Gwangmyeong (0.59%) and Yongin's Giheung District (0.59%), also posted high rates of increase.
Nam Hyeok-woo, a Woori Bank researcher, said, "In Dongtan and Suwon's Yeongtong District, the gain narrowed due to the burden of short-term price increases, but the rise is widening as demand shifts to Giheung District, where relatively low-priced apartments are concentrated." He added, "There are some signs of people seeking low-priced listings in adjacent non-regulated areas such as Pyeongtaek Jije Station and Hwaseong Byeongjeom, but it remains to be seen whether the balloon effect will persist with the same intensity as in the past."
Meanwhile, the pace of increase in jeonse prices slowed, from 0.12% to 0.11% nationwide and from 0.31% to 0.28% in Seoul. By district, Seongbuk District was highest at 0.49%, followed by Gangdong District (0.44%), Songpa and Nowon districts (0.41%), and Dobong and Geumcheon districts (0.40% each).