The national housing prices turned to decline again after a month. Both the metropolitan area and Seoul saw a reduction in the rate of increase. However, the Gangnam three districts (Gangnam, Seocho, Songpa) and Yongsan continued their upward trend.
According to the ‘April nationwide dwelling price trend survey results’ released by the Korea Real Estate Board on the 15th, the comprehensive sales price of dwellings (apartments, villas, single-family houses, etc.) nationwide decreased by 0.02% compared to the previous month. While it had risen by 0.01% the month before, it turned to decline again after a month.
Seoul rose by 0.25%, significantly reducing the rate of increase from the previous month (0.52%). The metropolitan area (0.15%→0.07%) also saw a reduction in the rate of increase, while the provinces (-0.12%→-0.11%) experienced a slight reduction in the rate of decline.
In individual areas of Seoul, Gangnam District (0.54%) saw a rise focused on the major complexes in Apgujeong, Daechi, and Gaepo-dong, Seocho District (0.53%) focused on the newly built complexes in Banpo and Jamwon-dong, Songpa District (0.47%) mainly in Jamsil and Sincheon-dong, Dongjak District (0.37%) centered on Heukseok and Sangdo-dong, and Yangcheon District (0.34%) primarily in Mok and Sinjeong-dong.
In the northern region, Seongdong District (0.59%) focused on Seongsu and Geumho-dong, Yongsan District (0.44%) around Ichon-dong and the Han River Station area, Mapo District (0.40%) mainly in Yeomni and Ahyeon-dong of small to medium size, Jongno District (0.28%) centered on Pyeong and Muak-dong, and Seodaemun District (0.20%) focused on Bukahyeon and Namgajwa-dong all experienced increases.
In particular, the rise in the Gangnam three districts (Gangnam, Songpa, Seocho) and Yongsan District was significant. These areas were designated as land transaction permit areas from March 24 due to an abnormal surge in housing prices but still showed strength.
Gyeonggi Province decreased by 0.02%, maintaining the previous month's decline, while Incheon dropped by 0.07%, reducing its decline compared to the previous month (-0.16%).
The Korea Real Estate Board noted that, while demand is being maintained for redevelopment projects and similar properties in Seoul and the metropolitan area, transactions are rare for other properties due to increased wait-and-see sentiment. It also observed backlogs in listings due to the real estate market recession in the provinces, leading to a nationwide decline in housing prices.
The national jeonse prices turned to flat this month from a decline of 0.03% last month. Both the metropolitan area (0.10%→0.05%) and Seoul (0.17%→0.09%) saw a reduction in the rate of increase, while the provinces (-0.03%→-0.05%) experienced an expanded decline.
The national monthly rent prices rose by 0.05%, reducing the rate of increase compared to the previous month's 0.09%. The metropolitan area (0.14%→0.09%), Seoul (0.17%→0.10%), and the provinces (0.05%→0.01%) all saw a reduction in the rate of increase.
The Korea Real Estate Board explained that demand for leasing remains steady in school district areas and newly constructed complexes, but there is a declining trend in older complexes. Thus, the jeonse prices turned to flat while the monthly rent prices have seen a reduced rate of increase.