Due to the downturn in the real estate market, the wait-and-see mentality among buyers has expanded, resulting in a decline in apartment prices nationwide for the second consecutive week.
According to the Korea Real Estate Board, in the fifth week of March (as of 31st last month), nationwide apartment prices fell by 0.01%, maintaining the previous week's decline. After a 0.02% increase two weeks ago, the market shifted to a decline, marking two consecutive weeks of falling prices.
In Seoul, prices rose by 0.11%, maintaining the previous week's increase. By district, Songpa District (0.28%) rose mainly around Jamsil and Sincheon, Gangnam District (0.21%) focused on redevelopment zones in Gaepo and Apgujeong, Yangcheon District (0.20%) around Mok and Sinjeong, Yeongdeungpo District (0.16%) primarily in Singil and Yeouido, and Seocho District (0.16%) mainly in Jamwon and Banpo.
In Gangbuk, Seongdong District (0.30%) saw increases mainly in Kumho and Eungbong, Yongsan District (0.20%) in Hangangro and Ichon, Mapo District (0.18%) around Yeomni and Ahyeon, Gwangjin District (0.13%) in Gwangjang and Jayang, and Jongno District (0.09%) mainly in Changsin.
The Korea Real Estate Board noted that "while localized demand for redevelopment zones remains steady, a growing wait-and-see mentality among buyers has led to a somewhat sluggish trading environment, resulting in a market trend that reflects a similar scale of increase as last week."
In the metropolitan area, prices rose by 0.03% this week, maintaining the previous week's increase, while provincial areas fell by 0.05%, showing an expanded decline compared to last week (-0.04%).
Gyeonggi Province maintained a flat rate (0%) following last week, while Incheon saw a decline of 0.03%, reducing the decrease compared to last week (-0.07%). In Gyeonggi, rises were seen in Gwacheon (0.39%), Seongnam Sujeong District (0.27%), Seongnam Bundang District (0.24%), and Yongin Suji District (0.12%), whereas Anseong (-0.19%), Gimpo (-0.18%), and Goyang Ilsandong District (-0.17%) experienced decreases. In Incheon, Michuhol District (0.04%) and Bupyeong District (0.03%) rose, while Yeonsu District (-0.13%), Seo District (-0.05%), and Gyeyang District (-0.02%) showed declines.
Nationwide apartment rental prices rose by 0.02%, maintaining the previous week's increase. The metropolitan area (0.04%→0.04%) held its rise, Seoul (0.06%→0.05%) experienced a decrease in increase, and provincial areas (-0.01%→0.00%) shifted to a flat rate.
The Korea Real Estate Board explained that "despite mixed trends of increases and decreases by region and complex, demand for rental properties remains continuous for locations with favorable living conditions, especially around train stations and large complexes, while a shortage of available listings is notable, resulting in ongoing overall increases in Seoul."