Due to the real estate market slump, the buying sentiment remains cautious, leading to a decline in nationwide apartment prices for the fourth consecutive week. However, the drop has been lessened as sales transactions have been concluded in preferred complexes.
According to the Korea Real Estate Board on the 17th, nationwide apartment prices decreased by 0.01% for the week of April, second week (as of the 14th), which is a smaller decline compared to the previous week (-0.02%). This marks a four-week consecutive decline.
In Seoul, prices increased by 0.08%, maintaining the increase compared to the previous week. By district, Dongjak District (0.16%) saw an increase centered around Heukseok and Sangdo-dong's semi-new constructions, Seocho District (0.16%) around Banpo and Jamwon-dong, Gangnam District (0.16%) around redevelopment areas in Apgujeong and Daechi-dong, Yangcheon District (0.13%) around Mok and Sinjeong-dong, and Yeongdeungpo District (0.12%) around Dangsan and Singil-dong.
In Gangbuk, Jungnang District (-0.02%) saw a decline mainly in the areas of Myeonmok and Sindae-dong, while Seongdong District (0.23%) increased mainly in the key complexes of Geumho and Eungbong-dong, Yongsan District (0.14%) in Ichon-dong and Hangangro, Mapo District (0.13%) in Ahyeon and Gongdeok-dong, and Jongno District (0.12%) in Hongpa and Muak-dong.
The Korea Real Estate Board noted, “The hopeful selling prices are rising primarily in preferred complexes like those undergoing redevelopment, and transactions are being concluded at increased prices. However, in some areas and complexes, the wait-and-see sentiment persists, while the overall trend in Seoul continues to rise.”
In the metropolitan area, prices rose by 0.02% this week, increasing from the previous week's (0.01%) increase, while provincial areas saw a decrease of 0.04%, reducing the decline from the previous week (-0.05%).
In Gyeonggi Province, prices dropped by 0.01%, maintaining the decline from the previous week, while Incheon saw a decrease of 0.01% this week, reducing the decline compared to last week (-0.02%). Gyeonggi Province saw increases in Gwacheon (0.35%), Seongnam Sujeong District (0.20%), and Seongnam Bundang District (0.13%), while Pyeongtaek (-0.16%), Anseong (-0.15%), and Gimpo (-0.13%) experienced declines. In Incheon, Michuhol District (0.06%) and Bupyeong District (0.05%) showed increases, while Yeonsu District (-0.11%), Namdong District (-0.08%), and Gyeyang District (-0.01%) showed declines.
The nationwide apartment rent prices maintained stability for the second week following the previous week. The metropolitan area (0.02%→0.02%) and Seoul (0.02%→0.02%) saw maintained increases, while the provinces (-0.02%→-0.01%) showed a reduced decline.
The Korea Real Estate Board explained, “Amid mixed trends of increases and decreases by area and complex, the rental demand is steady around well-established transportation hubs and large complexes, and a slight shortage of listings is causing rent prices to rise, thus the overall increase in Seoul continues.”