Seoul apartment prices rose 0.15% as sales prices stayed firm in districts with many midpriced homes, including Seongbuk, Dongdaemun, Gangbuk and Gangseo.
According to the Korea Real Estate Board’s weekly apartment price trend report released on April 23 for the third week of April (as of the 20th), Seoul apartment sale prices rose 0.15% from a week earlier, accelerating from a 0.10% gain the previous week.
Outer districts with relatively affordable apartments led the rise. Seongbuk-gu climbed 0.27%, led by Gil-eum and Hawolgok; Dongdaemun-gu rose 0.25%, led by Dapsimni and Hwigyeong; Gangbuk-gu gained 0.24%, led by large complexes in Mia and Beon; Gwangjin-gu increased 0.22%, led by Guui and Gwangjang; and Nowon-gu rose 0.22%, led by areas near subway stations in Wolgye and Junggye.
Among the 11 Gangnam-area districts, gains were notable in outer areas. Gangseo-gu rose 0.31%, led by Gayang and Yeomchang, and Gwanak-gu gained 0.28%, led by large complexes in Bongcheon and Sillim.
Songpa-gu rose 0.07% in the third week, ending an eight-week decline. In contrast, Gangnam-gu fell 0.06%, led by Apgujeong and Yeoksam, and Seocho-gu slipped 0.03%, led by areas near subway stations in Banpo and Bangbae.
Nam Hyeok-woo of Woori Bank’s real estate research unit said sellers in Seoul’s mid-tier areas that showed strong prices in the first half of the year moved to buy mainly distressed listings in Seongdong, Gwangjin, Dongjak and Mapo. He said that as distressed listings in popular parts of Songpa were largely absorbed, demand shifted to less popular neighborhoods with relatively cheaper prices, and transactions continued into nearby Gangdong-gu.
Gyeonggi Province rose 0.07%, unchanged from the previous week. Price gains were led by preferred areas including Hwaseong’s Dongtan (0.41%), Gwangmyeong (0.34%) and Suwon’s Yeongtong-gu (0.31%). Guri (0.29%) and Hanam (0.29%) also rose.
Apartment prices outside the capital continued to weaken. The five major metropolitan cities, flat the previous week, slipped 0.01% in the third week. Sejong fell 0.07% after rising 0.02% a week earlier, turning negative.
Nam said the solid price trend in Seoul’s lower- to mid-tier districts is spreading in part to outlying areas of Gyeonggi. He said the current catch-up pattern centered on those Seoul districts could gradually extend to Gyeonggi’s outer areas.
* This article has been translated by AI.
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