Due to the stagnation in the real estate market and continued wait-and-see sentiment among buyers, apartment prices across the country have been on a downward trend for five consecutive weeks.
According to the Korea Real Estate Board on the 24th, during the third week of April (as of the 21st), apartment prices nationwide fell by 0.01%, maintaining the decline from last week. This marks the fifth consecutive week of decline.
Seoul saw an increase of 0.08%, maintaining the rise from the previous week. By district, Seocho-gu (0.18%) rose primarily in Banpo and Jamwon-dong, Songpa-gu (0.18%) focused on major complexes in Jamsil and Sincheon-dong, Gangnam-gu (0.13%) in areas undergoing reconstruction in Apgujeong and Daechi-dong, Yangcheon-gu (0.12%) in Mok and Sinjeong-dong, and Gangdong-gu (0.11%) in newly constructed areas in Gangil and Seongnae-dong.
In the northern regions, Seongdong-gu (0.17%) rose mainly around the Geumho and Seongsu-dong subway stations, Mapo-gu (0.14%) around key complexes in Ahyeon and Yeomni-dong, Yongsan-gu (0.13%) in Ichon and Hangangno-dong, Gwangjin-gu (0.09%) in Gwangjang and Jayang-dong, and Jung-gu (0.06%) primarily around Sindang and Manridong.
The Korea Real Estate Board noted, "In preferred complexes such as those undergoing reconstruction or nearby subway stations, inquiries from potential buyers remain steady and rising transactions are being concluded. However, in other complexes, the wait-and-see sentiment among buyers continues, while overall prices in Seoul have been rising."
The metropolitan area rose by 0.02% this week, maintaining the increase from last week, while provincial areas fell by 0.04%, keeping the downward trend from last week.
Gyeonggi Province saw a decrease of 0.01%, maintaining the decline from last week, while Incheon transitioned to flat after a 0.02% drop last week. Areas in Gyeonggi Province such as Gwacheon (0.28%), Seongnam Bundang-gu (0.14%), and Yongin Suji-gu (0.14%) experienced increases, while Anseong (-0.15%), Pyeongtaek (-0.15%), and Icheon (-0.10%) saw declines. Incheon had rises in Michuhol-gu (0.05%) and Bupyeong-gu (0.04%), while Yeonsu-gu (-0.09%), Gyeyang-gu (-0.01%), and Namdong-gu (-0.01%) showed declines.
The nationwide lease prices for apartments remained flat following last week's trend. The metropolitan area (0.02%→0.02%) maintained its increase, while Seoul (0.02%→0.03%) saw an expanded rise, and provincial areas (-0.01%→-0.02%) experienced a larger decline.
The Korea Real Estate Board explained, "In some outer areas, lease prices are being adjusted downward, and there is a mixed trend of increases and decreases across regions. However, contracts for rises continue to be concluded in areas with favorable living conditions, such as near subway stations and newly built large complexes, resulting in an overall upward trend in Seoul."