Seoul's apartment prices have increased for the third consecutive week, driven by demand for redevelopment projects and large complexes. The rental market is also showing strength, particularly in areas near subway stations and large complexes, pushing the cumulative increase in Seoul to over 4%.
In Gyeonggi Province, Hwaseong's Dongtan district has recorded an unusual surge, nearing a 2% weekly increase, highlighting a heating trend in the semiconductor belt's surrounding areas.
According to the Korea Real Estate Agency's report on apartment price trends for the second week of June (as of June 8), the average sale price of apartments in Seoul rose by 0.27% compared to the previous week, an increase of 0.02 percentage points from the prior week's 0.25%.
The agency noted, "While some areas are showing a wait-and-see attitude, demand continues to emerge, particularly in major redevelopment projects and large complexes, leading to overall price increases in Seoul."
In the northern districts, Dongdaemun saw a 0.39% increase, primarily in the small to medium-sized apartments in the Dapsimni and Huigyeong-dong areas. Dobong also rose by 0.39%, mainly in the Dobong and Chang-dong areas. Other districts such as Seongbuk (0.35%), Gangbuk (0.34%), and Eunpyeong (0.33%) maintained high growth rates.
In the southern districts, Gangseo recorded a notable increase of 0.42%, particularly in the Gayang and Hwagok-dong areas. Other districts such as Guro (0.40%), Songpa (0.33%), Yeongdeungpo (0.31%), and Dongjak (0.28%) also saw increases. Gangnam (0.25%), Seocho (0.20%), and Gangdong (0.15%) had relatively smaller rises.
In Gyeonggi Province, the average increase was 0.20%, up from 0.12% the previous week. Dongtan surged from 0.60% to 1.98%, driving the overall increase in the province. Other areas like Seongnam's Bundang (0.62%), Seongnam's Jungwon (0.48%), Gwangmyeong (0.27%), and Guri (0.33%) also showed strength.
Conversely, Gwacheon saw a decline of 0.30%, particularly in the central and Byeollang-dong large complexes, while Hwaseong's Manseong district dropped by 0.12%.
In Incheon, prices rose by 0.04%, and the overall metropolitan area saw a 0.20% increase.
Outside the metropolitan area, prices remained stable at 0.00%. The five major cities experienced a 0.01% decline, while Sejong saw a larger drop of 0.21%. Eight provinces recorded a slight increase of 0.02%. Nationwide, apartment sale prices rose by 0.10% compared to the previous week.
Nationally, apartment rental prices increased by 0.12% from the previous week.
In Seoul, the rental increase rate was 0.32%, up 0.03 percentage points from the previous week. The cumulative rental increase in Seoul for the year so far stands at 4.11%, approximately 5.6 times higher than the same period last year (0.73%).
The Korea Real Estate Agency explained, "With high rental demand continuing, inquiries from tenants are increasing, and waiting demand is accumulating in key areas such as those near subway stations and large complexes, leading to overall price increases in Seoul."
Seongdong (0.64%) showed a steep rise, particularly in major complexes in the Hangdang and Oksoo-dong areas. Dobong (0.55%), Songpa (0.53%), Gangbuk (0.49%), Seongbuk (0.48%), and Nowon (0.42%) also recorded high increases.
In Gyeonggi Province (0.19%), Dongtan (0.52%), Gwangmyeong (0.44%), and Seongnam's Sujeong district (0.41%) saw significant increases. Incheon rose by 0.11%, and the overall metropolitan area increased by 0.22%.
Outside the metropolitan area, rental prices rose by 0.02% compared to the previous week. The five major cities increased by 0.03%, Sejong by 0.06%, and eight provinces by 0.02% each.
Nam Hyuk-woo, a real estate researcher at Woori Bank, stated, "Dongtan, equipped with a comprehensive transportation network and favorable living conditions, is experiencing a noticeable decrease in available listings, not just in subway areas but across the board. This has led to continued buying interest, including gap investment demand anticipating future price increases. The strength in Dongtan is also stimulating demand for upgrades in neighboring areas like Seongnam's Bundang and Suwon's Yeongtong, contributing to price increases there as well."
* This article has been translated by AI.
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