Price declines eased in Seoul neighborhoods packed with high-end apartments, while gains also cooled in areas dominated by mid- to lower-priced units. After Songpa-gu turned higher last week, Seocho-gu also shifted into gains, as bargain listings dried up following the end of a suspension of heavier capital gains taxes on home sales.
Seoul’s weekly apartment sale prices rose 0.14% in the fourth week of April, the Korea Real Estate Board said Thursday.
In northern Seoul, gains slowed across 14 districts, which rose 0.15% from a week earlier. Dongdaemun-gu climbed 0.21%, down from 0.25% the prior week. Rapid risers also cooled, including Gangbuk-gu (0.24% to 0.16%), Nowon-gu (0.22% to 0.18%) and Seongbuk-gu (0.27% to 0.21%). Yongsan-gu was the only district in the north to fall, slipping 0.03%, as a short-term surge tightened listings and end-users turned cautious, the report said.
In southern Seoul, the 11 Gangnam-area districts rose 0.13%, narrowing the gap with the north. Seocho-gu edged up 0.01%, ending a slide that had continued since the last week of February. Songpa-gu, which turned positive at 0.07% last week, rose 0.13% in the fourth week of April. Gangnam-gu fell 0.02%, improving from a 0.06% drop a week earlier.
“Starting with multiple bargain transactions in Songpa-gu, bargain deals have steadily spread to Gangnam and Seocho, and slightly higher asking prices from sellers have been reflected in some price moves,” Nam Hyuk-woo, a real estate researcher at Woori Bank, said.
He said macro variables remain, including a second-half tax overhaul plan and the possibility of renewed rate hikes amid inflation, which could affect sentiment in the investment-driven “Gangnam three” market — Gangnam, Seocho and Songpa. He said prices may stay largely range-bound for the time being.
Gyeonggi Province rose 0.06%, easing from 0.07% the previous week. Gwangmyeong gained 0.31%, led by large complexes in Cheolsan and Haan. Guri rose 0.29%, driven by smaller units in Inchang and Gyomun. Anyang’s Dongan-gu climbed 0.22%, led by Pyeongchon and Hogye.
Nationwide, weekly apartment sale prices rose 0.03% in the fourth week of April. The five major metropolitan cities fell 0.02%, and Sejong fell 0.05%. Eight provinces that had been flat for two straight weeks posted a slight 0.01% gain.
* This article has been translated by AI.
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