The upward trend in housing prices in Seoul, including apartments, has slowed for the second consecutive month.

Prime locations in the Gangnam two-district area (Seocho and Gangnam Districts) continued to see weak performance, as the potential for increased tax burdens on high-priced homes and single-home non-residents due to future tax code revisions acted as persistent downward pressure on selling prices.

According to the September nationwide housing price trend survey released by the Korea Real Estate Board on October 15, the overall housing sales prices (including apartments, multi-family homes, and detached houses) in Seoul rose by an average of 0.84% from the previous month.

The margin of increase shrank by 0.13 percentage points compared to the prior month, marking a slowdown for the second month in a row.

Gangnam District (-1.14%), where tax burdens on property and capital gains are expected to rise following tax reforms, continued its downward trend led by Daechi and Apgujeong-dong. Seocho District (-0.60%) also extended its decline, centered around major complexes in Banpo and Jamwon-dong.

Meanwhile, mid-to-lower tier areas maintained strong momentum, including Seongbuk District (1.61%), Seodaemun District (1.57%), Gwangjin District (1.41%), and Dongdaemun District (1.40%).

In Gyeonggi Province (0.63%), significant increases were observed in areas influenced by Samsung Electronics' internal housing loans, such as Yeongtong-gu in Suwon (2.90%), Bundang-gu in Seongnam (1.53%), and Giheung-gu in Yongin (1.52%).

Incheon (-0.11%) remained weak, while the greater Seoul metropolitan area as a whole rose by 0.60%.

Outside the metropolitan area (0.02%), gains were recorded in the four major metropolitan cities (0.03%) and Jeonnam-Gwangju (0.11%), while seven provinces (0.00%) remained flat and Sejong (-0.19%) experienced a decline.

Nationwide housing prices rose by an average of 0.30%.

Categorized by housing type in Seoul, the increase for apartments (0.74%) narrowed by 0.31 percentage points from the previous month, whereas multi-family homes (1.03%) expanded by 0.10 percentage points, outpacing apartment growth.

The Korea Real Estate Board stated, "In the housing sales market, transactions were locally closed at downwardly adjusted prices, while upward contracts were concentrated in large-scale complexes with steady demand and areas with favorable transportation conditions."

Nationwide overall housing jeonse (lump-sum deposit lease) prices rose by an average of 0.34% from the previous month.

In Seoul (0.74%), the upward margin narrowed by 0.09 percentage points, while high growth rates were recorded in Nowon District (1.55%), Gangdong District (1.12%), Jungnang District (1.09%), Seongbuk District (1.04%), Geumcheon District (0.99%), Yeongdeungpo District (0.97%), and Seodaemun District (0.95%).

Seocho District (-0.55%) and Gangnam District (-0.21%) turned downward.

In Gyeonggi Province (0.53%), strong gains were seen in Yeongtong-gu in Suwon (1.38%), Gwangmyeong (1.28%), and Dongtan-gu in Hwaseong (1.26%), while Incheon rose by 0.50%.

The greater metropolitan area overall increased by 0.60%.

Outside the metropolitan area (0.09%), the four major metropolitan cities rose by 0.15%, Sejong by 0.31%, Jeonnam-Gwangju by 0.02%, and the seven provinces by 0.07%.

For apartment jeonse in Seoul, prices rose by 0.80%, reducing the growth margin by 0.15 percentage points compared to the previous month.

The nationwide monthly rent (wolse) price growth rate widened by 0.04 percentage points from the previous month to 0.39%.

Seoul (0.82%) maintained the same rate of increase as the previous month.

A concentration of demand continued around preferred complexes in areas such as Nowon District (1.47%), Seongbuk District (1.28%), Dobong District (1.11%), Mapo District (1.06%), and Yeongdeungpo District (1.02%).

In Gyeonggi Province (0.58%), high monthly rent increases were reported in Yeongtong-gu in Suwon (2.01%), Giheung-gu in Yongin (1.37%), and Dongtan-gu in Hwaseong (1.34%), with Incheon rising by 0.54%.

The greater metropolitan area overall climbed by 0.66%.

Outside the metropolitan area (0.13%), the four major metropolitan cities rose by 0.18%, Sejong by 0.31%, Jeonnam-Gwangju by 0.04%, and the seven provinces by 0.13%.

The monthly rent increase for apartments in Seoul stood at 0.93%, widening by 0.02 percentage points from the previous month.

For the greater metropolitan area as a whole (0.78%), the growth increased by 0.10 percentage points.