Apartment prices in Songpa District turned downward in step with Gangnam and Seocho for the first time in five months. But as prices keep rising mainly in outer Seoul, demand for purchases remains steady, centered on mid- to low-priced homes.
According to the "weekly apartment price trends for the first week of September (as of the 7th)" that the Korea Real Estate Board (REB) released on the 10th, apartment sale prices in Seoul rose an average 0.20% from the previous week. The pace of increase narrowed by 0.02 percentage points. Overall in Seoul, prices have been rising for 83 consecutive weeks since the first week of February last year. The longest increase on record is 85 weeks, from the second week of June 2020 to the third week of January 2022.
The Korea Real Estate Board (REB) said, "In some areas, listings with price adjustments came out and led to decline transactions, while sale prices rose for key complexes such as large-scale developments and those near subway stations, lifting Seoul overall."
By area, the increase was relatively larger in the Gangbuk region (14 districts). Gangbuk District (0.46%), where transactions clustered in small- to mid-sized units around Mia and Beon-dong, as well as Dobong District (0.43%), home to large complexes in Chang and Ssangmun-dong, Seodaemun District (0.43%), centered on Hongje and Hongeun-dong, and Seongbuk District (0.42%), recorded gains above the average.
Gangnam District (-0.35%) and Seocho District (-0.30%), where high-priced complexes are concentrated, turned downward as listings with price adjustments emerged mainly in large complexes around Apgujeong, Daechi and Banpo-dong. Songpa District (-0.02%) also turned downward for the first time in 21 weeks since the third week of April. However, complexes near subway stations in outer areas such as Gwanak District (0.41%), Gangseo District (0.38%) and Guro District (0.33%) continued to rise, curbing the overall decline in the Gangnam region.
In Gyeonggi Province, Suwon's Gwonseon District (0.48%), Yeongtong District (0.47%) and Hanam (0.47%) led sale prices higher, while Icheon (-0.17%) and Dongducheon (-0.08%) fell. In Incheon, major complexes in Seohae District (0.08%) and Yeonsu District (0.07%) rose, slightly widening the gain from the previous week.
The national apartment sale price index rose 0.08% from the previous week. Apartment sale prices in the provinces rose just 0.01%, showing a generally calm trend. The four major metropolitan cities (0.01%) and the seven provincial regions (0.01%) all posted slight increases.
By city and province, Gyeonggi (0.17%), North Chungcheong (0.06%), North Jeolla (0.05%), Daejeon (0.04%) and Ulsan (0.04%) recorded gains, while Jeju (-0.06%), South Chungcheong (-0.05%), North Gyeongsang (-0.03%) and Busan (-0.02%) declined. Sejong (-0.02%) also saw prices fall, led by small units and relatively new apartments. Of 182 cities, counties and districts nationwide, 109 saw sale prices rise, fewer than the previous week, while 61 saw declines, an increase.
The national weekly apartment jeonse price index rose 0.10%, showing a stable upward trend. Jeonse prices increased in the capital region (0.16%), Seoul (0.19%) and the provinces (0.04%).
In Seoul's jeonse market, some areas with new move-in volume or redevelopment effects saw adjustment transactions, but demand persisted for apartments with good living conditions such as those near subway stations and large complexes, pushing prices higher.
In the Gangbuk region, Nowon District (0.38%) posted the highest increase, led by large complexes in Junggye and Sanggye-dong, followed by Jungnang District (0.37%), Seodaemun District (0.32%) and Seongdong District (0.31%). In the Gangnam region, Seocho District (-0.21%), affected by new move-ins, and Gangnam District (-0.03%), with complexes pursuing redevelopment, declined, but jeonse prices rose in Geumcheon District (0.32%), Yeongdeungpo District (0.26%) and Gwanak District (0.26%), lifting the region overall by 0.13%.
Incheon (0.17%) saw gains led by Seohae District (0.32%), home to large complexes in Cheongna and Gajwa-dong, and Yeongjong District (0.29%). In Gyeonggi (0.14%), Gwangju (0.38%), Gwangmyeong (0.37%) and Seongnam's Jungwon District (0.33%) rose sharply, while Icheon (-0.22%) fell.
Meanwhile, in the provincial jeonse market, Sejong (0.12%), Ulsan (0.07%), North Chungcheong (0.05%) and Busan (0.05%) led the gains, while Jeju (-0.04%) and Gangwon (-0.01%) declined.