Seoul's apartment prices have seen an increase again. While some complexes are experiencing a wait-and-see approach and price adjustments leading to declines in transactions, rising contracts continue in key areas with good transportation and high demand.
According to the Korea Real Estate Agency's weekly apartment price trends report released on August 27, the national apartment sales price index rose by 0.11% as of August 24. The metropolitan area increased by 0.22%, Seoul by 0.29%, and regional areas by 0.01%.
The increase in Seoul's apartment prices expanded from 0.22% the previous week to 0.29%. The 14 districts in northern Seoul rose by 0.40%. Jungnang District saw a 0.56% increase, primarily in the Shinnae and Sangbong station areas, while Seongbuk District rose by 0.55%, mainly in small to medium-sized complexes in Jeongneung and Gil-eum. Gangbuk District also increased by 0.55%, and Dobong and Nowon districts rose by 0.54% each.
The 11 districts in southern Seoul saw a 0.20% increase. Gangnam District rose by 0.11%, focusing on major complexes in Daechi and Apgujeong, while Seocho District fell by 0.05%, mainly in the Jamwon and Banpo areas. Gangseo District increased by 0.50%, primarily in the Deungchon and Yeomchang station areas, Guro District rose by 0.49%, and Gwanak District increased by 0.46%, focusing on large complexes in Sillim and Bongcheon.
In Gyeonggi Province, apartment prices rose by 0.23%, a larger increase than the previous week's 0.15%. Suwon's Yeongtong District rose by 0.75%, mainly in small to medium-sized complexes in Mangpo and Yeongtong, while Gwangmyeong City increased by 0.69% in major complexes in Ha-an and Cheolsan, and Yongin's Suji District rose by 0.66%. In contrast, Goyang's Ilsandong District fell by 0.16%, and Icheon City decreased by 0.13%.
In Incheon, prices rose by 0.01%. Geomdan District increased by 0.09%, and Yeonsu District rose by 0.07%, while Namdong District fell by 0.17%. Regional areas saw a 0.01% increase, with the four major metropolitan cities remaining stable, and Sejong City declining by 0.09%. Ulsan rose by 0.08%, but Busan fell by 0.02%.
Rental prices also continued to rise. The national apartment rental price index increased by 0.11%. The metropolitan area rose by 0.20%, Seoul by 0.22%, and regional areas by 0.03%.
The increase in Seoul's rental prices expanded from 0.19% the previous week to 0.22%. This is attributed to continued demand for rentals in areas with good proximity to workplaces and major complexes. Seodaemun District rose by 0.45%, mainly in Bukgajwa and Namgajwa, while Dobong and Nowon districts each increased by 0.37%, and Seongbuk District rose by 0.36%.
Seocho District saw a 0.04% decrease, influenced by the influx of new units in the Jamwon and Banpo areas. Geumcheon District rose by 0.44%, focusing on Siheung and Doksan, Gwanak District increased by 0.28%, and Gangseo District rose by 0.26%, mainly in Deungchon and Gayang.
In Gyeonggi Province, rental prices rose by 0.19%. Suwon's Gwonseon District increased by 0.62%, mainly in large complexes in Gwonseon and Geumgok, while Yongin's Giheung District rose by 0.44%. Both Hanam City and Hwaseong's Dongtan District increased by 0.41% each.
* This article has been translated by AI.
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