Seoul's apartment prices continue to rise, with the upward trend shifting from the Gangnam area to northern and non-Gangnam regions. In Gyeonggi Province, the price increase that began in Dongtan is spreading to major southern areas such as Yongin and Suwon, sustaining overall strength in the metropolitan area.
According to the Korea Real Estate Agency's report on nationwide weekly apartment price trends for the first week of July (as of July 6), Seoul's apartment sale prices rose by 0.30%, an increase from the previous week's 0.27%. The agency noted, "While some areas are still in a wait-and-see mode, transactions are continuing in complexes with development expectations and in well-located, large-scale projects."
The survey highlighted a notable increase in the northern districts. The average increase in the 14 northern districts was 0.33%, surpassing the 0.28% rise in the 11 Gangnam districts. Among individual districts, Seongbuk-gu recorded the highest increase at 0.51%, followed by Guro-gu (0.50%), Jungnang-gu (0.39%), Gwangjin-gu (0.38%), Gangbuk-gu (0.37%), and Dongdaemun-gu (0.36%). In the Gangnam area, Songpa-gu and Gangdong-gu both saw the highest increase at 0.34%, with Yeongdeungpo-gu (0.32%) and Gwanak-gu (0.31%) following.
The Korea Real Estate Agency explained that Seongbuk-gu's rise is driven by large complexes in Hawolgok and Jongam-dong, while Jungnang-gu's increase is centered around the Shinnae and Myeonmok-dong transit areas, and Gwangjin-gu's growth is attributed to small to medium-sized complexes in Guui and Jayang-dong. This trend reflects an influx of actual demand into relatively affordable areas and expectations of redevelopment.
In Gyeonggi Province, the southern region continues to show strength. Dongtan in Hwaseong recorded the highest increase in the country at 1.29%, followed by Yeongtong-gu in Suwon (1.19%), Guri (0.64%), Giheung-gu in Yongin (0.56%), and Bundang-gu in Seongnam (0.48%). In contrast, Pyeongtaek (-0.11%) and Icheon (-0.13%) experienced declines, indicating regional disparities.
Nam Hyuk-woo, a researcher at Woori Bank's Real Estate Research Lab, stated, "Although the price increase in Dongtan has somewhat slowed, demand is shifting to Giheung-gu in Yongin, maintaining strength in southern Gyeonggi. We are also seeing a spread of demand for upgrading to areas like Yeongtong in Suwon and Bundang in Seongnam."
Nationwide, there remains a temperature difference between the metropolitan area and other regions. National apartment sale prices rose by 0.11%, with the metropolitan area increasing by 0.22%, while other regions only saw a 0.01% rise. Among the 181 cities and districts surveyed, 108 areas experienced price increases, up from the previous week, while 60 areas saw declines, a decrease from last week.
The rental market also continued its upward trend. Seoul's apartment rental prices increased from 0.30% to 0.31%. The Korea Real Estate Agency noted that areas like Seongdong-gu (0.46%), Nowon-gu (0.44%), Gangdong-gu (0.43%), and Songpa-gu (0.42%) continued to see rising contracts due to preferences for school districts, transit accessibility, and large complexes.
* This article has been translated by AI.
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