Seoul apartment prices have risen for 87 consecutive weeks, with an increase in the rate of growth for the first time in six weeks. The upward trend, which was previously concentrated in the Gangnam area last year, has shifted this year to non-Gangnam districts such as Seongbuk, Seodaemun, and Gangseo. In southern Gyeonggi, price increases continue in key residential areas like Suwon Yeongtong and Seongnam Bundang.
According to the Korea Real Estate Agency's report on weekly apartment price trends for the first week of October, released on October 8, Seoul's apartment sale prices rose by 0.12% compared to the previous week. This marks a 0.03 percentage point increase from the previous week's growth of 0.09%, halting a five-week trend of slowing price increases that began in the fourth week of August. Seoul apartment prices have been on the rise since the first week of February last year.
Non-Gangnam Areas Lead Price Increases; Seongbuk Up 15.21% This Year
The trends in Gangnam and non-Gangnam districts have diverged. Gangnam District saw a decrease of 0.34%, with major complexes in Daechi and Apgujeong continuing an eight-week decline. Seocho District also fell by 0.27%, while Songpa and Yongsan districts recorded declines of 0.19% and 0.01%, respectively.
In contrast, Seodaemun District rose by 0.36%, driven by increases in Bukgajwa and Hong-eun-dong, while Gangbuk District saw a 0.35% increase, particularly in the Mia and Suyu areas. Geumcheon District rose by 0.34%, Gwanak by 0.33%, and Guro by 0.28%, with price increases concentrated in the Doksan and Sihyeong areas.
Year-to-date cumulative increases show significant regional differences. Seoul apartment prices have risen by 8.31% this year, surpassing last year's increase of 5.53% by 2.78 percentage points.
Seongbuk District recorded the highest cumulative increase at 15.21% among Seoul's 25 districts. Other districts with double-digit increases include Seodaemun (12.81%), Gangseo (12.24%), Guro (12.07%), Nowon (11.86%), Dongdaemun (11.76%), and Gwanak (11.73%). Including Jung-gu (11.02%), Gangbuk (10.46%), Yeongdeungpo (10.42%), and Jungnang (10.31%), a total of 11 districts have seen double-digit increases.
Last year, only four districts recorded double-digit increases during the same period: Songpa (13.98%), Seongdong (12.03%), Seocho (10.86%), and Gangnam (10.73%). However, this year, all these areas have fallen out of the double-digit increase category. Gangnam has seen a 0.60% decline this year, while Seocho (1.09%), Songpa (4.94%), and Seongdong (7.79%) have also shown relatively low growth rates.
In contrast, Seodaemun District rose by 0.36%, driven by increases in Bukgajwa and Hong-eun-dong, while Gangbuk District saw a 0.35% increase, particularly in the Mia and Suyu areas. Geumcheon District rose by 0.34%, Gwanak by 0.33%, and Guro by 0.28%, with price increases concentrated in the Doksan and Sihyeong areas.
Year-to-date cumulative increases show significant regional differences. Seoul apartment prices have risen by 8.31% this year, surpassing last year's increase of 5.53% by 2.78 percentage points.
Seongbuk District recorded the highest cumulative increase at 15.21% among Seoul's 25 districts. Other districts with double-digit increases include Seodaemun (12.81%), Gangseo (12.24%), Guro (12.07%), Nowon (11.86%), Dongdaemun (11.76%), and Gwanak (11.73%). Including Jung-gu (11.02%), Gangbuk (10.46%), Yeongdeungpo (10.42%), and Jungnang (10.31%), a total of 11 districts have seen double-digit increases.
Last year, only four districts recorded double-digit increases during the same period: Songpa (13.98%), Seongdong (12.03%), Seocho (10.86%), and Gangnam (10.73%). However, this year, all these areas have fallen out of the double-digit increase category. Gangnam has seen a 0.60% decline this year, while Seocho (1.09%), Songpa (4.94%), and Seongdong (7.79%) have also shown relatively low growth rates.
Suwon Yeongtong and Seongnam Bundang Show Strong Price Increases, Spreading Trend to Southern Gyeonggi
In southern Gyeonggi, apartment prices continue to rise, particularly in key residential areas. Analysts attribute this trend to the housing demand from semiconductor industry workers and the movement of buyers seeking better price options in different regions.
This week, apartment prices in Suwon Yeongtong rose by 0.62%, marking one of the highest increases among major areas in Gyeonggi. Prices increased primarily in small to medium-sized apartments in Yeongtong and Mangpo-dong. Seongnam Bundang saw a 0.56% increase, particularly in the Sunae and Jeongja-dong areas, while Anyang Dongan District rose by 0.41%, driven by increases in Bisang and Hoegye-dong. Both Hanam and Yongin Giheung Districts also saw increases of 0.35% each.
As prices in major areas like Suwon continue to rise, there is a noticeable shift in demand to nearby regions. Areas such as Hwaseong Byeongjeom (0.33%) and Osan (0.19%) are also experiencing upward trends, suggesting that some buyers are seeking relatively lower-priced housing options.
Nam Hyuk-woo, a researcher at Woori Bank's Real Estate Research Institute, stated, "The price strength in southern Gyeonggi is driven by the movements of financially capable semiconductor workers and buyers looking to upgrade their housing. The rapid price increase in Suwon has made existing popular areas like Bundang and Wirye more attractive for buyers looking to upgrade."
There is also speculation that the buying momentum that started in Suwon could spread to other areas in the metropolitan region, as demand for competitively priced housing near semiconductor workplaces increases.
Nam added, "If the prices of new major apartments in Gwanggyo are similar to those in Munjeong-dong, Gangnam, semiconductor workers who prefer Seoul and the three Gangnam districts may choose Munjeong-dong, which is accessible by shuttle bus. The liquidity effect that began in Suwon could support housing prices in Seoul and the metropolitan area, particularly for homes priced below 2.5 billion won, which is the threshold for Samsung Electronics' internal loan eligibility."
This week, apartment prices in Suwon Yeongtong rose by 0.62%, marking one of the highest increases among major areas in Gyeonggi. Prices increased primarily in small to medium-sized apartments in Yeongtong and Mangpo-dong. Seongnam Bundang saw a 0.56% increase, particularly in the Sunae and Jeongja-dong areas, while Anyang Dongan District rose by 0.41%, driven by increases in Bisang and Hoegye-dong. Both Hanam and Yongin Giheung Districts also saw increases of 0.35% each.
As prices in major areas like Suwon continue to rise, there is a noticeable shift in demand to nearby regions. Areas such as Hwaseong Byeongjeom (0.33%) and Osan (0.19%) are also experiencing upward trends, suggesting that some buyers are seeking relatively lower-priced housing options.
Nam Hyuk-woo, a researcher at Woori Bank's Real Estate Research Institute, stated, "The price strength in southern Gyeonggi is driven by the movements of financially capable semiconductor workers and buyers looking to upgrade their housing. The rapid price increase in Suwon has made existing popular areas like Bundang and Wirye more attractive for buyers looking to upgrade."
There is also speculation that the buying momentum that started in Suwon could spread to other areas in the metropolitan region, as demand for competitively priced housing near semiconductor workplaces increases.
Nam added, "If the prices of new major apartments in Gwanggyo are similar to those in Munjeong-dong, Gangnam, semiconductor workers who prefer Seoul and the three Gangnam districts may choose Munjeong-dong, which is accessible by shuttle bus. The liquidity effect that began in Suwon could support housing prices in Seoul and the metropolitan area, particularly for homes priced below 2.5 billion won, which is the threshold for Samsung Electronics' internal loan eligibility."
* This article has been translated by AI.
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