Seoul's apartment sales prices have risen for 85 consecutive weeks, matching the longest recorded increase. Despite ongoing weakness in the Gangnam districts, price gains in mid- to lower-tier areas have supported overall price increases in the city.
According to the Korea Real Estate Agency's weekly apartment price trends for the third week of September, based on data from September 21, Seoul's apartment sales prices increased by 0.13% compared to the previous week.
Since the first week of February last year, Seoul's apartment prices have risen for 85 weeks in a row, equaling the previous record of 85 weeks from the second week of June 2020 to the third week of January 2022.
However, the rate of increase has slowed for four consecutive weeks since the fifth week of August, largely due to the continued decline in the Gangnam districts.
In Seocho District, prices fell by 0.37% from the previous week, while Gangnam District saw a 0.42% drop, marking seven weeks of decline for both areas. Songpa District also experienced a 0.14% decrease, continuing its downward trend for three weeks.
In contrast, Yongsan District saw a slight increase of 0.02%, nearing stability, while Mapo District (0.06%) and Dongjak District (0.11%) also reported relatively low growth rates.
On the other hand, mid- to lower-tier areas continued to show strength. Seodaemun District rose by 0.44%, followed by Dongdaemun and Seongbuk Districts at 0.39% each, Nowon District at 0.37%, Jungnang District at 0.36%, and Gangseo District at 0.33%. This trend is attributed to continued buying interest in areas with favorable living conditions, such as large complexes and transit-accessible locations.
The Korea Real Estate Agency noted, “While some complexes have seen price adjustments, the overall increase in sales prices, particularly in preferred large complexes and transit-accessible areas, has contributed to the rise in Seoul’s overall prices.”
In the Gyeonggi region, apartment prices increased by 0.23%, a larger rise compared to the previous week’s 0.18%. Suwon's Yeongtong District surged by 1.09%, with other areas in southern Gyeonggi, such as Gwonseon District (0.66%), Yongin's Giheung District (0.48%), and Hwaseong's Dongtan District (0.45%), also showing strong performance.
Incheon saw a marginal increase of 0.01%, while the overall metropolitan area rose by 0.17%. Nationwide, apartment sales prices averaged a 0.09% increase.
The rental market also continued its upward trend. Nationwide apartment rental prices rose by 0.10% from the previous week, with Seoul experiencing a 0.19% increase. Although Seocho and Gangnam Districts saw declines of 0.19% and 0.15%, respectively, areas like Nowon (0.47%), Seongbuk (0.42%), and Gangbuk (0.42%) showed strength, leading to an overall increase compared to the previous week.
* This article has been translated by AI.
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