The upward trend in Seoul's housing prices continues, but significant regional disparities are emerging. While Gangnam and Seocho districts have seen declines, Seongbuk and Nowon districts recorded nearly 2% increases, indicating that the rise in Seoul's housing prices is being led by northern and outer areas.
According to the Korea Real Estate Agency's 'August National Housing Price Trend Survey' released on the 15th, the comprehensive housing price in Seoul rose by 0.97% last month, significantly outpacing the national increase of 0.32% and the metropolitan area’s rise of 0.63%. However, this marks a slowdown compared to the previous month’s increase of 0.35%.
Within Seoul, the trends varied by region. In the northern area, Seongbuk recorded the highest increase among the 25 districts at 1.83%. Nowon, driven by development expectations in Sanggye and Wolgye-dong, rose by 1.77%, while Seodaemun increased by 1.64%, primarily in the Namgajwa and Hongje-dong areas. Jungnang also saw a rise of 1.53%, centered around the Shinnae and Myeonmok-dong complexes.
In contrast, Gangnam experienced a decline of 0.18%, particularly in the mid-to-large housing market in Apgujeong-dong and Daechi-dong. Seocho also saw a slight decrease of 0.01% in major complexes in Jamwon and Banpo-dong. However, areas within Gangnam that have relatively lower price burdens, such as Gwanak (1.15%), Gangseo (1.10%), and Guro (1.07%), continued to see increases in the 1% range.
From January to August this year, the cumulative increase in housing prices in Seoul reached 6.68%. By housing type, apartments rose by 1.05%, surpassing the overall housing increase, while multi-family homes and single-family homes increased by 0.93% and 0.42%, respectively.
In the provinces, Jeonbuk recorded the highest increase at 0.23%, with prices rising mainly in large complexes in Deokjin and Wansan districts. Ulsan saw a 0.20% increase, primarily in major complexes in Nam and Buk districts, while Chungbuk rose by 0.17% in Cheongju's Heungdeok district and Chungju. Daejeon experienced a 0.09% increase, mainly in Seo-gu.
The rental market in Seoul also showed notable increases. Last month, the comprehensive jeonse price in Seoul rose by 0.83%, outpacing the national increase of 0.35% and the metropolitan area’s rise of 0.63%.
Particularly in the northern areas where sales prices have surged, rental prices also recorded high increases. Nowon saw the highest rise in Seoul at 1.58%, centered around the Sanggye and Junggye-dong subway stations. Seongbuk (1.38%), Seodaemun (1.16%), Gangbuk (1.13%), and Dobong (1.06%) also exceeded the city average.
A representative from the Korea Real Estate Agency stated, "The upward trend continues in Seoul and the metropolitan area, with steady demand for regions with high residential preference, although some areas are experiencing price adjustments. While some downward adjustments in listings have led to decreased transactions, increases have been recorded in high-demand large complexes, transit-oriented developments, and small to medium-sized homes."
He added, "In the rental market, prices have risen in areas with sustained tenant demand, such as school districts and large complexes with favorable living conditions."
* This article has been translated by AI.
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