Seoul's apartment prices have increased again after a week, with the rise primarily driven by areas outside Gangnam, such as Gangbuk and Jungnang districts. In contrast, Gangnam has seen a decline for two consecutive weeks, highlighting a disparity in regional trends.
According to the weekly KB Apartment Market Trends report released by KB Kookmin Bank on August 27, as of August 24, the national average apartment sales price rose by 0.11% compared to the previous week. The metropolitan area saw a 0.22% increase, while Seoul's prices rose by 0.25%. Gyeonggi Province also experienced a 0.25% increase, and Incheon saw a slight rise of 0.01%.
The increase in Seoul's apartment sales prices expanded from 0.22% last week to 0.25% this week. Gangbuk District recorded the highest increase at 0.75%, followed by Jungnang at 0.61%, Gangseo at 0.50%, Guro at 0.48%, and Seongbuk at 0.47%.
In Gangbuk, transactions have generally been sluggish, with sales occurring mainly for urgent listings, particularly in large complexes around Mia-dong.
Conversely, Gangnam District experienced a 0.05% decline, marking its second consecutive week of falling prices. This trend is attributed to an increase in sellers weighing their options following the announcement of tax reform plans, while buyers are adopting a wait-and-see approach, hoping for price adjustments. Areas undergoing redevelopment, such as Daechi and Apgujeong, have shown weakness.
In Gyeonggi Province, the southern region continues to show strength. Yongtong District in Suwon recorded the highest increase at 0.92%, followed by Gwangmyeong at 0.90%, Seongnam's Jungwon District at 0.76%, Anyang's Dongan District at 0.74%, Bucheon’s Wonmi District at 0.71%, and Suwon's Paldal District at 0.70%.
In Gwangmyeong, while the overall transaction volume has not been active due to rising listing prices, significant price increases have been noted in redevelopment areas around Haan-dong. In contrast, Hwaseong's Manseong District saw a decline of 0.31%, while Pyeongtaek and Paju experienced drops of 0.16% and 0.10%, respectively.
Rental prices also continued to rise, with national apartment rental prices increasing by 0.11%. The metropolitan area saw a 0.19% rise, while Seoul's rental prices increased by 0.21%. Gyeonggi Province's rental prices rose by 0.20%, and Incheon saw a 0.08% increase.
In Seoul, rental prices increased in Gangbuk District by 0.61%, Gangdong by 0.60%, Seongbuk by 0.34%, Geumcheon by 0.33%, and Dongdaemun by 0.31%. Gangnam District, however, saw a 0.07% decline, continuing its weak trend from the previous week, attributed to reduced rental demand in redevelopment areas in Daechi-dong.
In Gyeonggi Province, Hanam City recorded the highest rental price increase at 0.56%. Other areas with increases included Suwon's Jangan District at 0.53%, Yongin's Suji District at 0.49%, Gwacheon's rental prices at 0.48%, Hwaseong's Dongtan District at 0.45%, and Suwon's Gwonseon District at 0.43%. Meanwhile, Icheon and Anseong saw declines of 0.07% each.
Buyer sentiment has weakened, with the national buyer-seller index dropping to 46.4, down 1.7 points from the previous week. In Seoul, the index fell to 78.9, a decrease of 1.3 points. The index for the 14 districts in Gangbuk is at 87.3, while the 11 districts in Gangnam dropped to 71.5, down 2.1 points and 0.4 points, respectively. Gangnam has now seen a decline for six consecutive weeks.
As buyer sentiment remains cautious following the tax reform and supply measures, areas on the outskirts of Seoul and southern Gyeonggi continue to see price increases driven by actual demand and expectations for redevelopment projects.
* This article has been translated by AI.
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