Home sale prices in Seoul last month rose by the most in nine months. Prices in the lease market for jeonse and monthly rent also remain at high levels.
According to the "July nationwide dwellings price trend survey" released by the Korea Real Estate Board (REB) on the 18th, the overall Seoul dwellings (including apartments, row houses, and detached dwellings) sale price rose 1.09% from the previous month. This rate of increase is 0.06 percentage points higher than the previous month and is the largest in nine months since October last year (1.19%).
Seoul's monthly home price increase widened for the fourth straight month, hitting 0.39% in March from the previous month, then 0.55% in April, 0.90% in May, and 1.03% in June.
By district, Seongbuk District (1.73%) led gains on the back of large complexes mainly in Hawolgok and Gireum, and Nowon District (1.64%) centered on Sanggye and Junggye, where expectations for redevelopment projects were reflected. They were followed by Jungnang District (1.35%), Guro District (1.33%), and Gangdong District (1.29%), which also saw high increases.
By contrast, Gangnam District (1.04%→0.56%) and Seocho District (0.80%→0.50%), which had led prior gains, saw their month-over-month increases narrow. Songpa District (1.15%) maintained a 1% increase.
Gyeonggi Province also rose 0.65% from the previous month as Dongtan in Hwaseong (3.30%), Yeongtong in Suwon (2.46%), and Giheung in Yongin surged on semiconductor-related momentum. Incheon rose 0.02%, bringing the overall sale price increase for the greater Seoul area to 0.72%.
Meanwhile, areas outside the greater Seoul area (0.01%) stayed flat as Sejong (-0.04%) and seven provincial regions (-0.01%) declined. The nationwide average sale price for dwellings rose 0.35%.
Isolating apartments, the Seoul apartment sale price index jumped 1.27%, leading the uptrend. The month-over-month increase widened by 0.06 percentage points. Row houses, including villas, also rose 0.96%, extending gains. The average Seoul dwellings sale price was 1.02364 billion won (median 795.19 million won).
Meanwhile, in the lease market, nationwide jeonse prices for dwellings rose 0.38%, continuing a similar trend to the previous month. Seoul (1.03%) saw its month-over-month increase narrow by 0.05 percentage points but maintained a 1% range increase for the second straight month.
Nowon District (1.69%) posted the highest jeonse price increase. Strength also continued in key areas such as Gangdong District (1.53%) and Seongbuk District (1.48%). Gyeonggi Province rose 0.55% on gains in Gwangmyeong (1.79%) and Dongtan in Hwaseong (1.68%).
The monthly rent market also rose 0.38% nationwide on average, the same increase as the previous month. In Seoul (0.94%), the uptrend eased slightly but remained strong centered on Nowon District (1.67%) and Seongbuk District (1.60%), while Gyeonggi (0.52%) saw gains led by Dongtan (1.54%) and Giheung (1.35%).