The national apartment sale prices have stopped falling for 7 weeks in a row and transitioned to a stable state. Ahead of next month's presidential election, the city of Sejong, where the possibility of the transfer of the presidential office has been mentioned, saw an increase in housing prices.
According to the Korea Real Estate Board on the 15th, the national apartment prices recorded stability (0%) during the second week of May (as of the 12th). Up until last week (-0.01%), there had been a consecutive decline for 7 weeks.
The apartment sale prices in Sejong City rose by 0.48% compared to the previous week. In the last week of April (up by 0.49%), it recorded the highest increase in 4 years and 8 months; although the increase slightly decreased in the previous week (up by 0.40%), it expanded again this week.
Seoul rose by 0.10%, expanding the increase compared to last week (up by 0.08%), continuing an upward trend for 15 consecutive weeks. By district, Seocho District (up by 0.23%) increased mainly in Banpo and Jamwon-dong, Songpa District (up by 0.22%) focused on the reorganization projects in Jamsil and Sincheon-dong, Gangnam District (up by 0.19%) primarily in Apgujeong and Daechi-dong, Gangdong District (up by 0.17%) mainly in Goddeok and Myeongil-dong, and Yangcheon District (up by 0.13%) centered around Mok and Sinjeong-dong.
In the northern part of Seoul, Mapo District (up by 0.21%) focused on small and medium-sized residential complexes in Ahyeon and Daehung-dong, Seongdong District (up by 0.18%) mainly in Kumho and Seongsu-dong, Yongsan District (up by 0.15%) centered on Ichon and Hyochang-dong, Gwangjin District (up by 0.09%) primarily around Gwangjang and Jayang-dong, and Seongbuk District (up by 0.07%) mainly in Gil-eum and Donam-dong.
The Korea Real Estate Board noted that “in some regions and complexes, there continues to be a wait-and-see attitude among buyers; however, inquiries about purchases remain steady in major preferred complexes such as redevelopment areas, and deals have been made, thus maintaining the overall upward trend in Seoul.”
This week, the metropolitan area rose by 0.02%, maintaining last week's increase, while the provinces decreased by 0.02%, reducing the decline compared to last week (-0.03%).
Gyeonggi Province transitioned to stability after a 0.01% decrease last week. Incheon fell by 0.02%, expanding its decline compared to last week (-0.01%). Areas like Gwacheon (up by 0.35%) and Yongin Suji District (up by 0.17%) showed an upward trend, while Anseong (down by 0.12%), Pyeongtaek (down by 0.12%), and Goyang Ilsandong District (down by 0.12%) showed declines. Incheon had rising trends in Michuhol District (up by 0.05%), Jung District (up by 0.03%), and Bupyeong District (up by 0.01%), while Yeonsu District (down by 0.11%) and Seo District (down by 0.04%) showed downtrends.
The national apartment jeonse prices maintained stability for the second week following last week. The metropolitan area (0.01%→0.02%) saw an increase, Seoul (0.03%→0.03%) maintained its rise, while the provinces (-0.01%→-0.01%) continued to decline.
The Korea Real Estate Board explained that “while there are mixed trends in rises and falls by region and complex, demand for rental continues to be strong at preferred complexes with favorable living conditions, such as transport and large complexes, leading to ongoing contractual agreements, thus sustaining the overall upward trend in Seoul.”