Seoul's apartment prices continue to rise, but a noticeable divide is emerging between the Gangnam and Gangbuk areas. Gangnam and Seocho districts have seen five consecutive weeks of declines, with Songpa also experiencing a downturn, while outer districts like Gangbuk and Dobong are maintaining high growth rates.
According to the Korea Real Estate Agency, the weekly apartment price index for the first week of September 2026 (as of September 7) rose by 0.08% compared to the previous week. The metropolitan area increased by 0.16%, and Seoul's prices rose by 0.20%, although the rate of increase has slowed by 0.1 percentage points and 0.2 percentage points, respectively, compared to the previous week. In contrast, regional prices rose by 0.01%, maintaining the same growth rate as the previous week.
In Seoul, the disparity between the Gangnam and Gangbuk areas is evident. The 11 districts in Gangnam saw a 0.08% increase, while the 14 districts in Gangbuk rose by 0.33%. Notably, Seocho and Gangnam districts fell by 0.30% and 0.35%, respectively, continuing their downward trend for five weeks. Songpa also reversed from a 0.01% increase last week to a 0.02% decline this week.
Nam Hyuk-woo, a researcher at Woori Bank's Real Estate Research Institute, stated, "The reduction in long-term holding tax deductions and the introduction of new limits on long-term residence income deductions are pressuring high-priced home sales. It is presumed that apartment owners in Songpa, looking to move to Gangnam and Seocho, are adjusting their asking prices late in the game."
Conversely, the Gangbuk area continues to see price increases. Gangbuk district, particularly in the Mia and Beon-dong areas, rose by 0.46%, marking the highest growth rate in Seoul. Dobong (+0.43%), Seodaemun (+0.43%), Seongbuk (+0.42%), and Jungnang (+0.40%) also experienced significant increases.
The jeonse market is also on the rise. Nationwide, apartment rental prices increased by 0.10% compared to the previous week. The metropolitan area saw a 0.16% increase, while Seoul's rental prices rose by 0.19%, and regional prices increased by 0.04%. The growth rates for the metropolitan area and Seoul have decreased by 0.2 percentage points compared to the previous week, while regional prices maintained the same growth rate.
In Seoul, rental prices in the 14 Gangbuk districts rose by 0.26%, surpassing the 0.13% increase in the 11 Gangnam districts. Seocho district saw a 0.21% decline, influenced by the influx of new residents in Jamwon and Banpo-dong, while Gangnam district also fell by 0.03%, primarily in redevelopment areas like Daechi and Apgujeong. In the Gangbuk area, Nowon district rose by 0.38%, driven by large complexes in the Myeonmok and Sangye-dong areas, marking the highest increase in Seoul. Jungnang (+0.37%), Seodaemun (+0.32%), Seongdong (+0.31%), and Gangbuk (+0.31%) also continued their upward trends.
Nam added, "While the price increases in outer areas have slightly slowed compared to last week, the overall price strength remains. High price growth continues in most areas, including Nowon, Jungnang, and Gangbuk, as well as Gwanak, indicating a steady influx of actual demand from single-person households and newlyweds."
* This article has been translated by AI.
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