The national apartment sale price has turned to a decline after 3 weeks. With the signing of rising transactions in reconstruction-promoting areas, Seoul continued its upward trend with an expanded increase.
According to the Korea Real Estate Board, the national apartment price fell by 0.02% in the fourth week of May (as of 26th).
Contrary to the national decline, Seoul rose by 0.16%, expanding its increase compared to the previous week (0.13%), marking 17 consecutive weeks of upward trend. By region, Gangnam District (0.39%) rose mainly in the Apgujeong and Daechi-dong reconstruction-promoting areas, Songpa District (0.37%) rose mainly in the Jamsil and Sincheon-dong key areas, Seocho District (0.32%) rose mainly in the Banpo and Seocho-dong areas, Yangcheon District (0.31%) rose mainly in the Mok and Sinjeong-dong areas, and Gangdong District (0.26%) rose mainly in the Goddeok and Sangil-dong large complexes.
In Gangbuk, Mapo District (0.23%) rose mainly in the Ahyeon and Yeomni-dong key areas, Yongsan District (0.22%) rose mainly in the Ichon and Dowon-dong areas, Seongdong District (0.18%) rose mainly in the Haengdang and Geumho-dong areas, Gwangjin District (0.15%) rose mainly in the Gwangjang and Jayang-dong areas, and Jongno District (0.14%) rose mainly in the Hongpa and Muak-dong areas.
The Korea Real Estate Board noted, "While the wait-and-see mood for purchases persists in some regions and complexes, the hoped-for selling prices are rising in preferred sites such as reconstruction areas, with rising transactions being captured, thus the overall upward trend in Seoul continues."
The metropolitan area rose by 0.03% this week, maintaining the upward momentum from the previous week, while regions outside the capital fell by 0.06%, expanding the decline compared to the previous week's (-0.04%).
Gyeonggi Province fell by 0.03%, expanding the decline compared to the previous week's (-0.01%). Incheon turned from flat last week to a drop of 0.04%. Areas in Gyeonggi such as Gwacheon (0.30%) and Seongnam Bundang District (0.23%) showed upward trends, while areas like Pyeongtaek (-0.23%) and Goyang Ilsandong District (-0.15%) displayed downward trends. In Incheon, Michuhol District (0.04%) was on an upward trend, while Yeonsu District (-0.10%), Seo District (-0.10%), Dong District (-0.05%), and Jung District (-0.03%) showed declines.
The national apartment rental price rose 0.01% this week from the previously flat rate, marking a turn to an increase. The metropolitan area (0.01% to 0.02%) and Seoul (0.04% to 0.06%) saw an expanded increase, while the regions outside the capital (-0.02% to -0.01%) saw a reduced decline.
The Korea Real Estate Board explained, "While rental prices have fallen in some older buildings and outskirts, rental demand remains steady in areas with good living conditions such as near subway stations and in academic districts, and with contracts for increases being finalized, the overall upward trend in Seoul continues."