The nationwide apartment prices have shown a declining trend for the third consecutive week as the wait-and-see mentality among buyers has expanded due to the real estate market downturn.
According to the Korea Real Estate Board on the 10th, apartment prices nationwide fell by 0.02% in the first week of April (as of the 10th), widening from a decline of 0.01% the previous week. This marks a three-week consecutive decline.
In Seoul, prices increased by 0.08%, a decrease from an increase of 0.11% the previous week. By district, Gangnam District (0.20%) saw an increase primarily in the Apgujeong and Gaepo reconstruction project areas; Songpa District (0.16%) increased mainly in Bangi and Sincheon; Yangcheon District (0.14%) rose mainly in Mok and Sinjeong; Yeongdeungpo District (0.11%) increased mainly in Dangsan and Singil; and Seocho District (0.11%) rose primarily in Jamwon and Banpo.
In Gangbuk, Seongdong District (0.20%) increased mainly in the Haengdang and Oksoo areas; Mapo District (0.17%) had an increase primarily in the Ahyun and Sincongdeok areas with good living conditions; Yongsan District (0.13%) rose mainly in Ichon and Hyochang; Jongno District (0.06%) increased in the Hongpa and Muak areas; and Gwangjin District (0.06%) rose mainly in the Gwangjang and Jayang areas.
The Korea Real Estate Board noted, "While inquiries for purchases remain steady and sale transactions are being concluded in major preferred areas such as reconstruction projects, the overall increase across Seoul has diminished compared to last week due to expanding wait-and-see sentiment in some regions and complexes."
In the metropolitan area, prices rose by 0.01% this week, a decrease from an increase of 0.03% the previous week, while regional prices fell by 0.05%, maintaining the decline from the previous week.
Gyeonggi Province changed from an unchanged status (0%) the previous week to a decline of 0.01%, and Incheon fell by 0.02% this week, reducing the decline from the previous week's drop of 0.03%. Areas in Gyeonggi Province experiencing increases included Gwacheon (0.19%), Seongnam Bundang District (0.09%), and Yongin Suji District (0.07%), while Anseong (-0.18%), Icheon (-0.15%), and Pyeongtaek (-0.14%) saw declines. Incheon had increases in Jung District (0.01%) and Michuhol District (0.01%), while Yeonsu District (-0.06%), Namdong District (-0.03%), and Seo District (-0.02%) showed declines.
The nationwide average lease price for apartments changed from an increase of 0.02% the previous week to unchanged this week. The metropolitan area (0.04%→0.02%) and Seoul (0.05%→0.02%) both saw a reduction in increases, while regional areas shifted to a decline (-0.02%) from a steady status (0.00%).
The Korea Real Estate Board explained, "While lease demand continues to persist in preferred areas such as station areas, educational zones, and large complexes leading to increase contracts, the overall increase in Seoul has diminished due to falling lease prices in some established complexes."