As bargain listings in high-priced apartment districts thinned out ahead of the end of a temporary suspension of heavier capital gains taxes, apartment prices in Seoul’s Yongsan district turned higher. The shift follows earlier turnarounds in Songpa two weeks ago and Seocho last week.
According to the Korea Real Estate Board’s weekly apartment price trend report released on the 7th, Seoul’s weekly apartment sale prices rose 0.15% from the previous week.
Seoul prices held a similar pace of gains amid mixed moves by district. They rose 0.15% in the third week of April and 0.14% in the fourth week.
Dobong, Geumcheon, Nowon and Gwanak saw slower increases. Gwanak rose 0.17%, easing from 0.28% in the fourth week of April and 0.21% in the third week. Dobong rose 0.11%, down from 0.13% a week earlier and 0.19% two weeks earlier.
Key areas along the Han River posted bigger gains. Mapo (0.10%→0.15%), Seongdong (0.14%→0.17%), Gwangjin (0.13%→0.15%) and Gangdong (0.08%→0.09%) all accelerated. The report attributed some of the widening gains to move-up demand from sellers in outlying districts that share the same living areas.
Songpa, Seocho and Yongsan also strengthened. Yongsan rose 0.07% in the first week of May, turning positive. After declines began in the last week of February, Yongsan briefly turned up in late March before slipping again. Songpa and Seocho rose 0.17% and 0.04%, respectively, up from 0.13% and 0.01% the previous week.
Gangnam fell 0.04%, extending its decline to an 11th straight week. Nam Hyuk-woo of Woori Bank’s real estate research center said that as many bargain listings were absorbed, slightly higher asking prices were reflected in some transactions. But he said Gangnam still showed a price-adjustment trend as additional last-minute bargain listings, centered on redevelopment apartments, came onto the market.
In Gyeonggi province, prices rose mainly in areas with strong access to Seoul as end-users moved to buy homes amid tighter regulations. Examples included Anyang’s Manan district (0.12%) and Yongin’s Giheung district (0.21%), as well as Dongtan in Hwaseong (0.25%), Gwangmyeong (0.31%) and Yeongtong in Suwon (0.13%).
Nam said tenants continued to opt for purchases in areas where rental listings for jeonse and monthly leases were shrinking faster. He added that districts with many apartments priced under 1 billion won benefited from easier access to policy loans, and from a relatively small gap between jeonse and sale prices.
* This article has been translated by AI.
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