Seoul is leading the rise in housing prices, while the nationwide apartment sales prices continued to increase. However, areas outside of Seoul, Ulsan, North Jeolla, and Jeju showed a downward trend.
According to Real Estate R114, in the second week of this month, nationwide apartment sales prices increased by 0.16% compared to last week. The increase compared to the previous week (0.13%) has expanded.
Seoul surged by 0.50%, leading the rise in the metropolitan area (0.25%), while the Gyeonggi and Incheon regions fell by 0.06%. The five major cities (-0.11%) and other regions (-0.06%) also experienced declines. Among the 17 cities and provinces nationwide, four areas increased, one remained flat, and 12 areas decreased, highlighting a significant downtrend outside of Seoul.
In individual regions, Seoul (0.50%), Ulsan (0.12%), North Jeolla (0.09%), and Jeju (0.02%) saw increases, while Daejeon (-0.21%), Gangwon (-0.17%), Daegu (-0.14%), and South Jeolla (-0.13%) declined.
Nationwide apartment jeonse prices fell by 0.07%. Despite the spring moving season, the rental demand, which had temporarily shrunk due to political uncertainties, reportedly has not been able to revive, according to R114. Main regions including Seoul (-0.10%), the metropolitan area (-0.06%), Gyeonggi and Incheon (-0.03%), the five major cities (-0.13%), and other regions (-0.07%) all recorded negative fluctuations. Among the 17 cities and provinces nationwide, two areas increased and 15 areas decreased, indicating a prevailing weakness.
Real Estate R114 noted, "The date for the 21st presidential election has been confirmed as June 3, and as the election approaches, major candidates are starting to reveal their key policies. The political and economic uncertainties within the real estate market have been factors delaying decision-making among the demand groups, as seen during the emergency martial law situation that followed the impeachment ruling on April 4."
They further stated, "However, since we are now fully entering the presidential phase after the impeachment, it is highly likely that major political parties will periodically announce populist pledges encompassing real estate development, transportation, systems, and regional balanced development. This will also increase expectations for the next administration, which suggests that the delay in purchasing due to political issues will significantly ease, unlike in the past. However, it is anticipated that regardless of which government takes office, policies to curb speculative demand and strengthen household debt management will continue, so it is necessary to carefully consider home-buying strategies that suit each household's financial situation."