The real estate market in the Seoul metropolitan area is undergoing a significant shift. In Seoul, areas with relatively lower prices, such as Seongbuk and Gwanak, are experiencing higher growth rates compared to Gangnam and Seocho. In Gyeonggi Province, Dongtan, Suji, and Yeongtong are showing strong performance, marking a departure from the previous trend where price increases began in Gangnam and spread to surrounding areas. Instead, the buying momentum is now moving toward regions that are affordable for end users and offer competitive transportation and job proximity.
According to the real estate transaction aggregation service Ladder, apartment prices in Seoul have risen by 9.0% over the past 12 months.
Among Seoul's districts, Gwanak recorded the highest increase at 26.3%, followed by Seongbuk at 24.0%. In contrast, Gangnam saw a decline of 3.9% during the same period, while Seocho dropped by 0.1%.
As overall housing prices in Seoul rise, significant disparities are emerging between regions. Notably, lower-priced areas are showing higher growth rates than premium neighborhoods, indicating a new trend in the market.
Apartment transactions in Seoul totaled 239 cases by the fourth week of October. Of these, the median price (228 cases) increased by 1.1% compared to the previous week. Additionally, 54% of all transactions were completed at prices higher than previous deals, with 75 transactions setting new record highs over the past year.
Seongbuk has maintained a continuous upward trend for 51 weeks, the longest among Seoul's districts, with a weekly change rate of 6.2%. Jungnang has seen a 25-week streak of increases, rising by 1.2%, while Gangdong has recorded a 9-week increase with a weekly growth rate of 1.8%.
Conversely, Songpa declined by 0.3%, Yeongdeungpo by 1.2%, and Seocho by 1.9%. Despite a 95-week rise in overall apartment prices in Seoul, the trends in high-priced areas and relatively mid-to-low-priced regions are diverging.
In Gyeonggi Province, the disparities are even more pronounced. Apartment prices in the province have increased by an average of 12.8% over the past year, the highest rate among cities and provinces nationwide. Dongtan in Hwaseong has led this trend with a remarkable 30.8% increase during the same period.
Suji in Yongin also rose by 25.2%, while Jungwon in Seongnam increased by 23.7%, Anyang's Dongan by 20.4%, and Gwangmyeong and Hanam both by 20.3%. Suwon's Yeongtong district saw a 20.1% rise as well.
In contrast, Gwacheon experienced a decline of 3.6% over the past year. Icheon fell by 12.3%, while Yeoju (-3.8%), Goyang's Ilsanseo (-2.6%), and Dongducheon (-2.4%) also reported decreases.
The market views this trend as a 'price adjustment' process, where demand is shifting toward areas with relatively lower price burdens compared to high-priced regions.
A real estate industry insider noted, "In the past, price increases in core areas like Gangnam would lead the way, with surrounding areas following suit. Recently, however, loan limits and financial burdens have become key factors in determining buying locations. We are seeing a concentration of demand in areas that are relatively affordable and have good transportation, new developments, and proximity to jobs."
* This article has been translated by AI.
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