Seoul's apartment sales price growth has slowed slightly. While prices continue to rise in the Gangbuk area, the Gangnam district has experienced a decline for three consecutive weeks, highlighting a clear regional disparity.
According to KB Real Estate's apartment market trends report on September 3, the national apartment sales prices increased by 0.10% as of August 31. The metropolitan area saw a rise of 0.18%, while Seoul's prices rose by 0.23%.
The growth rate of apartment prices in Seoul decreased from 0.25% last week to 0.23% this week. Among the districts, Nowon recorded the highest increase at 0.63%, followed by Dobong at 0.45%, Seongbuk at 0.42%, Guro at 0.39%, and Jongno at 0.35%.
In contrast, Yongsan remained flat at 0.00%, while Gangnam recorded a decline of -0.04%, marking three weeks of falling prices. KB Real Estate noted that in Yongsan, buyer demand has decreased following the announcement of tax reform plans, leading to a generally quiet market. In Gangnam, a wait-and-see approach regarding the tax reform revisions has resulted in a slowdown in transactions.
In Gyeonggi Province, apartment sales prices rose by 0.20%. The highest increases were seen in Anyang's Dongan district at 0.74%, followed by Gwangmyeong at 0.60%, Suwon's Yeongtong district at 0.52%, Hwaseong's Dongtan district at 0.51%, Yongin's Suji district at 0.47%, and Gunpo at 0.46%. Conversely, Icheon saw a decline of -0.20%, Anseong -0.14%, and Paju -0.08%.
In Incheon, prices increased by 0.01%, maintaining the same growth rate for three weeks. Yeonsu district had the highest increase at 0.05%, while Bupyeong and Seo-gu each rose by 0.01%.
Rental prices also continued to rise. Nationally, apartment rental prices increased by 0.09%, with the metropolitan area rising by 0.15% and Seoul by 0.19%. In Seoul, Jongno saw a rise of 0.48%, Nowon 0.46%, Seongbuk 0.34%, and both Songpa and Jungnang at 0.32%. Gangnam's rental prices fell by -0.03%, marking three weeks of decline.
The buying sentiment index for Seoul dropped to 78.0, down 0.9 points from the previous week. The national buying sentiment index also fell to 45.8, a decrease of 0.6 points. In Seoul, the Gangbuk area’s 14 districts rose to 87.7, up 0.4 points, while the 11 districts in Gangnam fell to 69.3, down 2.2 points. The buying sentiment index in Gangnam has now declined for seven consecutive weeks.
Meanwhile, the Seoul apartment market continues to see price increases in mid-priced areas of Gangbuk and regions expected to benefit from redevelopment projects, while the Gangnam area is experiencing a slowdown in buyer activity due to uncertainties surrounding tax reforms and regulations.
* This article has been translated by AI.
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