Seoul's apartment prices have seen a notable increase. However, while the rise in the Gangnam area is limited, significant gains are observed in the northern and southwestern regions. With more high-value homeowners needing to consider the implications of tax reforms on ownership, sales, and gifting, a prolonged wait-and-see attitude in Gangnam is anticipated.
According to the Korea Real Estate Agency's report on the 'First Week of August 2026 National Weekly Apartment Price Trends' released on August 6, apartment prices in Seoul rose by 0.26% as of August 3, an increase from the previous week's 0.25%. Nationwide, prices increased by 0.09%, with the metropolitan area rising by 0.17% and provincial areas by 0.01%.
The agency noted that despite a general wait-and-see atmosphere in the market, transactions have continued to rise, particularly for preferred apartments in reconstruction projects, large complexes, and transit-oriented areas.
In Seoul, the northern region experienced relatively larger increases. Jung-gu saw the highest rise at 0.54%, followed by Jungnang-gu at 0.52%, Seongbuk-gu at 0.49%, Nowon-gu at 0.46%, and Seodaemun-gu at 0.43%. This trend is attributed to ongoing demand for large and mid-sized apartments.
In the Gangnam area, Geumcheon-gu rose by 0.32%, while Guro-gu and Gwanak-gu each increased by 0.30%, and Yeongdeungpo-gu by 0.29%. In contrast, Gangnam-gu saw only a 0.01% increase, and Seocho-gu just 0.02%, with Songpa-gu rising by 0.15%, all below the Seoul average. This suggests a cautious atmosphere among both buyers and sellers in the traditionally high-performing Gangnam area.
However, it is important to note that the timing of this survey coincides with the announcement of tax reform proposals, making it difficult to attribute price changes directly to these reforms. The market is now focused on the potential for a prolonged wait-and-see attitude among high-value homeowners as they navigate the complexities of ownership decisions.
Nam Hyuk-woo, a researcher at Woori Bank, stated, “High-value single homeowners must weigh their options between holding, selling, or gifting their properties due to the tax reform proposals. As more homeowners in the Gangnam area delay their decisions, the tug-of-war between buyers and sellers is likely to continue.”
He added, “There is considerable demand in the Han River belt for those considering entry into Gangnam, so the market will inevitably be influenced in the short term. The wait-and-see atmosphere surrounding holding costs and selling timing is expected to persist for the time being.”
In Gyeonggi Province, apartment prices rose by 0.16%, while Incheon saw a 0.03% increase. In Gyeonggi, Yongin's Giheung-gu rose by 0.52%, Seongnam's Bundang-gu by 0.43%, and Gwangmyeong by 0.42%, while Goyang's Ilsandong-gu and Paju saw declines of 0.14% and 0.13%, respectively.
In provincial areas, prices increased in Chungbuk by 0.09%, Ulsan by 0.08%, and Jeonbuk by 0.07%, but fell in Jeju, Gyeongbuk, Chungnam, and Busan.
The rental market also maintained its upward trend. Nationwide, apartment rental prices rose by 0.11%, with the metropolitan area increasing by 0.19% and Seoul by 0.25%. In Seoul, Seongbuk-gu saw a rise of 0.49%, Nowon-gu 0.42%, Gangbuk-gu 0.33%, and Mapo-gu 0.32%. Geumcheon-gu, Gangdong-gu, and Songpa-gu also saw increases, while Seocho-gu remained stable.
* This article has been translated by AI.
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