Seoul's housing prices recorded the largest increase in six months. With significant rises in Seoul and the metropolitan area, national housing prices have also turned upward.
According to the ‘March National Housing Price Trend Survey Results’ announced by the Korea Real Estate Board on the 17th, the comprehensive transaction price of dwellings (including apartments, townhouses, and single-family homes) nationwide increased by 0.1% compared to the previous month. This marked a turnaround from a decline of 0.06% the previous month.
In particular, Seoul saw an increase of 0.52%, significantly widening compared to the previous month (0.18%). This is the largest jump since a 0.54% rise in September last year. The metropolitan area showed an increase from a decline of 0.01% to a rise of 0.15%, while the provinces saw an enlarged decline from -0.10% to -0.12%.
In individual regions of Seoul, Gangnam District (2.00%) rose centering around Apgujeong, Daechi, and Gaepo-dong; Songpa District (1.71%) increased mainly in Jamsil and Sincheon-dong; Seocho District (1.60%) rose focusing on Banpo and Jamwon-dong; Gangdong District (0.65%) rose centering on Goduk and Amsa-dong newly built areas; and Yangcheon District (0.61%) rose primarily in Mok and Sinjeong-dong.
In the northern part of the city, Nowon District (-0.01%) declined mainly in Sangye and Junggye-dong, but Seongdong District (0.90%) rose around Geumho and Haengdang-dong near transportation hubs; Yongsan District (0.67%) rose mainly in Ichon-dong and Hangang-ro around major complexes; Mapo District (0.58%) increased primarily in Ahyeon and Yeomni-dong; and Gwangjin District (0.42%) rose mainly in Gwangjang and Jayang-dong.
In particular, the Gangnam Three Districts (Gangnam, Songpa, Seocho) and Yongsan District saw significant increases. These areas have been designated as land transaction permission zones due to an abnormal surge in housing prices since the 24th of last month.
Gyeonggi Province decreased by 0.02%, reducing the decline compared to the previous month (-0.10%), and Incheon also fell by 0.16%, showing a smaller decline compared to the previous month (-0.20%).
The Korea Real Estate Board noted, “Preferred complexes such as those designated for reconstruction within Seoul and the metropolitan area have seen steady inquiries from buyers, whereas other older buildings and districts with inferior living conditions continue to observe a wait-and-see attitude,” adding, “While buyer demand is being driven by preferred complexes in Seoul and the metropolitan area, variations exist in the provinces, where delays in redevelopment projects and a backlog of listings have been noted, leading to the overall turnaround in national housing prices.”
Nationwide jeonse prices dropped by 0.03%, turning upward from a decline of -0.01% the previous month. The metropolitan area increased from 0.01% to 0.10%, Seoul expanded from 0.06% to 0.17%, while the provinces worsened from -0.02% to -0.03%.
Nationwide monthly rental prices rose by 0.09%, a greater increase compared to the previous month's rise of 0.08%. The metropolitan area is up from 0.13% to 0.14%, Seoul increased from 0.12% to 0.17%, and the provinces rose from 0.04% to 0.05%.
The Korea Real Estate Board explained, “While jeonse and monthly rental markets are seeing an upward trend mainly in areas with good school districts and demand from redevelopment projects, there is a downward trend in outer regions and areas with oversupply, indicating a turnaround in jeonse prices, while the monthly rental market is holding steady.”