Housing prices in Seoul have seen a slight slowdown this month, while the northern districts continue to rise. In contrast, Dongtan in Hwaseong, Gyeonggi Province, recorded a price increase of over 6%, marking the highest rise in the country, indicating a mixed trend in housing prices across the metropolitan area.
According to KB Real Estate's report on national housing price trends released on July 26, as of July 13, the average sale price of apartments in Seoul increased by 1.05% compared to the previous month. Although this is a decrease of 0.02 percentage points from last month’s 1.07%, the growth remains in the 1% range.
The rise in northern Seoul has been particularly notable, with Jungnang-gu (2.08%) and Gangbuk-gu (2.01%) both exceeding 2%. Other districts such as Seongbuk-gu (1.85%), Nowon-gu (1.60%), Gangseo-gu (1.59%), Seodaemun-gu (1.54%), and Dongdaemun-gu (1.44%) also reported significant increases.
In Gyeonggi Province, the upward trend has accelerated. Apartment prices in the province rose by 0.87%, a notable increase from last month’s 0.65%.
Specifically, Dongtan in Hwaseong saw a remarkable increase of 6.25%, achieving the highest growth rate nationwide. This follows a 4.16% rise last month, setting a new record for the area.
Other areas in Gyeonggi Province also showed strong growth, including Suwon Yeongtong-gu (3.06%), Gwangmyeong (2.52%), Guri (2.29%), Yongin Suji-gu (1.94%), Hanam (1.74%), and Seongnam Jungwon-gu (1.70%).
In Incheon, prices turned around from a decrease of -0.09% last month to an increase of 0.04% this month. Nationwide, apartment sale prices rose by 0.41%, an increase from last month’s 0.33%, marking two consecutive months of growth.
The high-end apartment market also continued its recovery. The KB Leading Apartment 50 index, reflecting changes in the top 50 apartments by market capitalization, rose by 0.38% compared to the previous month, a larger increase than last month’s 0.14%. Since the end of the tax exemption for multiple homeowners on May 9, prices for high-end apartment complexes have shown a rising trend for two consecutive months.
Jeonse prices also maintained an upward trajectory. The average jeonse price for apartments in Seoul increased by 1.34%, slightly down from last month’s 1.43%. Significant increases were noted in Gangdong-gu (2.45%), Seongbuk-gu (2.37%), Jungnang-gu (2.25%), Geumcheon-gu (2.19%), Gangbuk-gu (2.14%), Nowon-gu (1.89%), and Gwangjin-gu (1.68%).
Both Gyeonggi Province (0.86%) and Incheon (0.32%) also experienced increases in jeonse prices, with the national average rising by 0.53%.
Including apartments, multi-family homes, and single-family homes, the national housing sale price increased by 0.29% compared to the previous month. Apartments (0.41%) and multi-family homes (0.12%) saw increases, while single-family homes remained stable at 0.00%. The national average jeonse price rose by 0.34%, with Seoul (0.81%), Gyeonggi Province (0.66%), and Incheon (0.21%) all continuing their upward trends.
Expectations for the market have somewhat diminished. The national sale price outlook index fell by 0.2 points to 107.8, while the Seoul sale price outlook index dropped by 1.3 points to 124.0. The Seoul index had risen for three consecutive months before experiencing a slight decline this month.
Meanwhile, the median sale price of apartments in the 11 districts of Gangnam, Seoul, was recorded at 1.625 billion won, with a median jeonse price of 708.33 million won. The average jeonse price was 811.04 million won.
The price gap between the top 20% and bottom 20% of apartments, indicated by Seoul's quintile ratio, stood at 6.4, marking a decline for five consecutive months. This is attributed to the relatively strong price increases in areas with a concentration of mid- to low-priced apartments.
Additionally, the rise in jeonse prices in Seoul appears to be spreading to Gyeonggi Province. According to KB Real Estate, jeonse prices increased in Dongtan, Hwaseong (0.70%), Guri (0.64%), Gwangmyeong (0.52%), and Hanam (0.44%). This trend is believed to be influenced by the demand for jeonse from those moving from Seoul and the waiting demand for purchases in areas with good accessibility to Seoul.
* This article has been translated by AI.
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