Seoul Apartment Prices Expand Gains for 2nd Consecutive Week... Southern Gyeonggi, Including Bundang, Shows Strength

Apt apartment sales prices in Seoul have expanded their gains for the second consecutive week.

While the Gangnam 3 districts (Seocho, Gangnam, and Songpa districts) maintained a weaker trend, rising momentum in the Hanbelt and mid-to-lower tier areas strengthened again, lifting the overall upward trend across Seoul.

Attention is focused on whether the upward trend will spread to other regions, including high-end areas, as price strength led by Suwon continues in the southern Gyeonggi region, which is influenced by Samsung Electronics' internal housing loans.

According to the weekly apartment price trend for the second week of October (as of October 12) released by the Korea Real Estate Board on October 15, apartment sales prices in Seoul rose by an average of 0.16% compared to the previous week.

The margin of increase grew by 0.04 percentage points from the previous week, expanding for the second consecutive week.

The Real Estate Board stated, "While lower-priced transactions appeared due to the emergence of some downwardly adjusted listings, sales prices rose mainly around highly preferred large-scale complexes, small-to-medium-sized units, and areas near subway stations, resulting in an overall increase across Seoul."

In the Gangnam 3 districts, Seocho District (-0.27%) showed the same decline as the previous week, while Gangnam District (-0.34% to -0.35%) and Songpa District (-0.19% to -0.21%) slightly expanded their drops, continuing a weak trend across the board.

On the other hand, Yongsan District (0.03%), which had declined over the past two weeks, turned upward for the first time in three weeks, and Hanbelt areas such as Seongdong District (0.09% to 0.12%), Mapo District (0.22% to 0.26%), and Dongjak District (0.02% to 0.09%) generally expanded their gains.

Mid-to-lower tier areas also maintained strong trends, including Jungnang District (0.42%), Seongbuk District (0.41%), Seodaemun District (0.40%), Dobong District (0.39%), Nowon District (0.37%), Geumcheon District (0.36%), and Guro District (0.34%).

For Seoul as a whole, sales prices have risen for the 88th consecutive week starting from the first week of February last year.

Gyeonggi Province (0.18% to 0.26%) saw its upward margin grow due to steep price increases in parts of the southern region.

Bundang District in Seongnam recorded a high increase rate of 0.79%, and strength appeared in numerous regions including the semiconductor belt such as Gunpo (0.72%), Yeongtong District in Suwon (0.69%), Dongtan District in Hwaseong (0.66%), and Uiwang (0.60%).

Dongtan District in Hwaseong surpassed a cumulative increase rate of 20% for this year (20.14%).

Incheon rose by 0.03%, and the greater Seoul metropolitan area as a whole increased by 0.20%.

Non-metropolitan areas (0.01%) turned upward for the first time in five weeks.

The four major metropolitan cities (0.00%) remained flat, while Sejong (0.02%), Jeonnam-Gwangju (0.03%), and the seven provinces (0.01%) rose.

Nationwide sales prices rose by an average of 0.10%.

Nationwide apartment jeonse (lump-sum lease) prices rose by an average of 0.11% compared to the previous week.

In Seoul (0.16% to 0.18%), Seocho District (-0.19%) and Gangnam District (-0.12%) maintained a weak trend, but large-scale complexes and areas near subway stations in mid-to-lower tier areas expanded their gains, led by Seongbuk District (0.39%), Nowon District (0.38%), Jungnang District (0.37%), and Geumcheon District (0.28%).

Gyeonggi Province (0.14% to 0.19%) also saw jeonse gains expand centering on the southern region, including Yeongtong District in Suwon (0.44%), Gwangmyeong (0.43%), Dongtan District in Hwaseong (0.40%), and Giheung District in Yongin (0.38%).

Incheon rose by 0.14%, and the greater Seoul metropolitan area as a whole increased by 0.18%.

In non-metropolitan areas (0.04%), the four major metropolitan cities rose by 0.05%, Sejong by 0.24%, Jeonnam-Gwangju by 0.01%, and the seven provincial regions by 0.04%.
※ Please note: This article was translated by AI and may contain errors.