KB: Seoul Apartment Prices Rise 0.61% in October... Growth Rate Hits Annual Low

Seoul apartment prices continued their upward trend in October, but the margin of increase narrowed to the smallest this year.

According to the October nationwide housing price trends released by KB Kookmin Bank on October 25, apartment sales prices in Seoul rose 0.61% this month compared to the previous month.

The margin of increase has shrunk for two consecutive months starting last month, with this month's growth rate recording the lowest level so far this year.

By autonomous district, areas in Gangbuk showed strong momentum, led by Nowon (1.52%), Jongno (1.32%), Dobong (1.29%), Seongbuk (1.25%), Jungnang (1.14%), and Dongdaemun (1.10%).

On the other hand, Gangnam-gu (-0.33%) and Seocho-gu (-0.04%) saw declines.

In the greater Seoul metropolitan area, Gyeonggi Province (0.74%) and Incheon (0.08%) also saw apartment prices rise compared to the previous month.

In Gyeonggi Province, areas such as Dongtan (2.71%) and Byeongjeom (2.42%) in Hwaseong, Gunpo (2.29%), and Yeongtong-gu in Suwon (2.12%) showed strong strength, pushing the overall growth rate ahead of Seoul.

Areas within Gyeonggi Province that recorded price declines included Icheon (-0.84%), Anseong (-0.45%), Dongducheon (-0.26%), Ilsanseo-gu in Goyang (-0.18%), and Manse-gu in Hwaseong (-0.16%).

Encompassing these trends, nationwide apartment sales prices rose 0.32% from the previous month.

Nationwide housing jeonse (lump-sum lease) prices increased by 0.22%.

In the metropolitan area, the highest growth rates were recorded in Gyeonggi (0.46%), Seoul (0.31%), and Incheon (0.24%), in that order.

The nationwide sales price outlook index, based on a price outlook survey of some 6,000 real estate agencies, stood at 106.2, down 1.5 points from the previous month.

An index above 100 means that expectations of a price rise three months later are dominant, while falling below 100 indicates the opposite.

Seoul's sales price outlook index fell 3.6 points to 112.8, marking the lowest level in six months.

The nationwide jeonse price outlook index dropped 0.7 points to 120.0, while Seoul's fell 3.4 points to 128.7.

The KB Leading Apartment 50 Index, which tracks monthly fluctuations by selecting the top 50 apartment complexes by market capitalization, fell 0.39% from the previous month to 98.8, widening its decline for the second consecutive month.

(Photo: Yonhap News)
※ Please note: This article was translated by AI and may contain errors.