Seoul's apartment prices continue to rise, with key areas in Gangnam experiencing declines while prices in Gangbuk are increasing, highlighting a stark regional disparity.
The Korea Real Estate Agency reported on August 20 that for the third week of August 2026 (as of August 17), the national weekly apartment price trend showed a 0.22% increase in Seoul, up from 0.21% the previous week. The metropolitan area rose by 0.15%, while the national average increased by 0.08%, and regional areas remained stable at 0.00%.
In Seoul, the 14 districts in Gangbuk saw a 0.30% increase, surpassing the 0.14% rise in the 11 districts of Gangnam. Seongbuk recorded the highest increase in Seoul at 0.45%, followed by Jungnang and Seodaemun at 0.44%, and Junggu and Gangbuk at 0.41% each.
Conversely, key areas in Gangnam showed a downward trend. Seocho saw a 0.09% decline, primarily due to redevelopment projects in Jamwon and Banpo-dong, while Gangnam also dropped by 0.05%, particularly in Daechi and Gaepo-dong.
The rental market also reflected a notable increase in Gangbuk. Seoul's apartment rental prices rose by 0.19%, but Seocho and Gangnam experienced declines of 0.08% and 0.03%, respectively. Seongbuk (0.37%), Gangbuk (0.37%), Dobong (0.36%), and Nowon (0.35%) recorded relatively high increases.
The Korea Real Estate Agency analyzed that the overall price increase in Seoul was due to rising contracts in well-located complexes near subway stations and large developments, despite a cautious market sentiment among participants.
The weakness in Gangnam is attributed to the influx of urgent sales and a wait-and-see attitude. Nam Hyuk-woo, a researcher at Woori Bank, stated, "The continued release of urgent sales by homeowners who decided to sell after the announcement of tax reform is reflected in the prices."
Meanwhile, the activity of younger buyers has been relatively robust in Gangbuk and other non-Gangnam areas. The real estate information app Jippo analyzed data from the Supreme Court's registration information center on August 20, revealing that the number of buyers for Seoul's collective buildings in July reached 16,172, a 7.2% increase from June's 15,081. However, this figure is an 8.5% decrease compared to 17,670 in July of the previous year.
Among age groups, buyers in their 30s numbered 5,976, the highest, followed by 3,925 in their 40s. Together, these two age groups accounted for 61.2% of all buyers.
Notably, the number of buyers in their 30s increased by 8.2% from June's 5,524 to July's 5,976, while those in their 40s rose by 14.4% from 3,432 to 3,925. The increase in these two age groups represented 86.6% of the total rise in buyers for Seoul's collective buildings.
By district, Eunpyeong recorded the highest number of buyers at 1,435, followed by Songpa with 1,173, Gangseo and Nowon each with 1,028, and Gangdong with 887.
In the 30s age group, Nowon had the most buyers at 488, followed closely by Eunpyeong at 486, Gangseo at 409, Songpa at 405, and Dongdaemun at 352. For the 40s, Eunpyeong led with 402 buyers, followed by Songpa at 314, Gangdong at 279, Gangnam at 227, and Nowon at 226.
Overall, the number of buyers increased in 16 out of Seoul's 25 districts compared to the previous month. Gwanak saw the largest increase with 344 new buyers, followed by Eunpyeong with 290, Gangdong with 238, Songpa with 224, and Dongdaemun with 173. In contrast, Jungnang experienced the largest decrease, with 616 fewer buyers than the previous month.
While the overall housing market in Seoul shows an upward trend, the dynamics between Gangnam and non-Gangnam areas are diverging, particularly with the buying activity of those in their 30s and 40s concentrated in Gangbuk and the outskirts of Seoul.
* This article has been translated by AI.
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