South Korea’s apartment market continued a mild uptrend, with gains spreading in areas with strong access to Seoul’s Gangnam district — notably southern Gyeonggi Province — and into Seoul’s outer districts, highlighting widening gaps by location.
KB Real Estate said in its weekly report released April 23 that nationwide apartment sale prices rose 0.07% in the third week of April, while jeonse (lump-sum deposit) lease prices increased 0.11%.
In the Seoul metropolitan area, prices rose in Seoul (0.22%) and Gyeonggi (0.11%), while Incheon was flat. Within Seoul, Seongdong District (0.51%) and Seongbuk District (0.44%) posted gains, but Gangnam District (-0.08%) and Seocho District (-0.01%) fell, showing sharp differences by neighborhood.
In Gyeonggi, the southern area led gains, supported by proximity to Gangnam and shorter commutes. Seongnam’s Sujeong District rose 0.64%, followed by Hanam (0.55%), Gwangmyeong (0.42%), Seongnam’s Jungwon District (0.38%) and Anyang’s Dongan District (0.37%).
Some outlying areas declined, including Goyang’s Ilsandong District (-0.09%), Icheon (-0.07%) and Pyeongtaek (-0.06%). Regional markets were mixed: Ulsan (0.08%) and Daejeon (0.01%) rose, while Daegu (-0.01%), Busan (-0.02%) and Gwangju (-0.09%) fell. Busan turned down after 27 weeks of gains.
Jeonse prices also edged higher nationwide. In the capital region, jeonse rose in Seoul (0.20%), Gyeonggi (0.19%) and Incheon (0.10%), with modest increases elsewhere as well.
Seoul’s buyer-seller sentiment index climbed to 73.0, up 4.8 points from the previous week, rebounding after a one-week dip. The index has been volatile, suggesting both buyers and sellers remain cautious.
A similar pattern appeared in data from the Korea Real Estate Board, which said April 23 that Seoul apartment sale prices rose 0.15% in the third week of April, accelerating from 0.10% a week earlier.
In Seoul, gains were led by outer districts with many mid- to lower-priced apartments. Seongbuk (0.27%) rose mainly in Gireum and Hawolgok; Dongdaemun (0.25%) in Dapsimni and Hwigyeong; Gangbuk (0.24%) in large complexes in Mia and Beon; Gwangjin (0.22%) in Guui and Gwangjang; and Nowon (0.22%) near stations in Wolgye and Junggye.
Gangseo (0.31%) rose mainly in Gayang and Yeomchang, and Gwanak (0.28%) in large complexes in Bongcheon and Sillim.
Songpa gained 0.07%, ending an eight-week slide. Gangnam (-0.06%) and Seocho (-0.03%) continued to fall, underscoring diverging trends between core and outer areas.
Across the capital region, Gyeonggi rose 0.07%. Gains were led by Hwaseong’s Dongtan area (0.41%), Gwangmyeong (0.34%), Suwon’s Yeongtong District (0.31%), Guri (0.29%) and Hanam (0.29%), aligning the uptrend in Seoul’s outskirts with southern Gyeonggi.
Outside the capital region, weakness persisted. The five major metropolitan cities fell 0.01%, shifting from flat to negative, and Sejong (-0.07%) also turned down after rising.
Nam Hyeok-woo of Woori Bank’s real estate research institute said sellers in Seoul’s mid-priced areas, which had shown strength in the first half of the year, moved to buy mainly distressed listings in Seongdong, Gwangjin, Dongjak and Mapo districts.
He said many distressed listings in popular parts of Songpa were absorbed, pushing demand toward less popular, cheaper areas, with transactions extending into nearby Gangdong. Nam added that the relatively firm price trend in Seoul’s mid- to lower-tier areas is spreading in part to nearby outlying areas of Gyeonggi, and that the current “price catch-up” could gradually expand further into Gyeonggi’s outskirts.
* This article has been translated by AI.
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