Seoul apartment sales prices have risen for the 13th consecutive week. The selling prices of desirable complexes, including redevelopment projects, have increased, and higher-priced transactions are being finalized.
According to the weekly apartment price trend released by the Korea Real Estate Board on the 1st (as of the 28th), this week, the sales price of apartments in Seoul rose by 0.09% compared to the previous week. The increase was slightly larger than last week’s 0.08%. The Korea Real Estate Board noted, “The selling prices are rising, particularly in desirable complexes such as redevelopment projects, and higher-priced transactions are being finalized,” adding that, “While some regions and complexes are seeing a wait-and-see approach from buyers, the overall increase in Seoul continues.”
Among the 25 districts, Gangnam District saw the highest increase at 0.19% compared to the previous week, with rises primarily in Daechi-dong and Apgujeong-dong. Seocho District and Songpa District also rose by 0.18% each compared to the previous week. Seocho District increased mainly in the Banpo and Jamwon-dong complexes, while Songpa District rose primarily in Jamsil and Sincheon-dong. Yongsan District, designated as a land transaction permit area along with the three Gangnam districts, also saw an increase of 0.15% in apartment prices compared to a week ago, focusing on Ichon and Hannam-dong.
The sales prices of apartments in the metropolitan area increased by only 0.01% compared to the previous week, indicating a reduced rate of increase. The economy fell by 0.02% compared to last week, showing an expanded decline, while Incheon shifted from a stable condition (0.00%) to a decline of 0.01%. Gwacheon saw a rise of 0.25% in areas focused on the maintenance business, such as Wonmun and Jungang-dong, while Seongnam's Bundang District rose by 0.11% in areas like Jeongja and Gumi-dong. However, cities like Anseong (-0.18%), Gimpo (-0.17%), and Pyeongtaek (-0.16%) experienced declines.
In Sejong City, where the possibility of the administrative capital’s transfer has been raised, apartment sales prices increased by 0.49% compared to the previous week. This marks the highest rate of increase in 4 years and 8 months since the fifth week of August 2020 (0.51%). The Korea Real Estate Board explained that, “Prices have risen mainly in popular complexes like Dajeong, Saerom, and Goun-dong, leading to an expanded overall increase in Sejong.”
The rental prices of apartments in Seoul rose by 0.03%, maintaining the same rate of increase as last week. Demand for rental units continues in prime locations with favorable living conditions, particularly near subway stations and larger complexes, and some areas have seen rental contracts finalized. Nationwide, apartment rental prices remained stable at 0.00%, similar to the previous week’s figure of 0.00%.