Seoul apartment prices rose at the largest rate in 6 years and 9 months. Seongdong District and Mapo District recorded their highest rates since the data began.
The expectation that house prices will continue to rise is spreading throughout Seoul, indicating a steep upward trend.
According to the Korea Real Estate Board (REB) on the 26th, as of the 23rd, the sale price of apartments in Seoul increased by 0.43% compared to a week earlier.
This surpasses last week's increase of 0.36%, setting a new record for this year. This is the highest rate in 6 years and 9 months since the second week of September 2018 (0.45%).
The upward trend is spreading throughout Seoul, not only in the three districts of Gangnam (Gangnam, Seocho, Songpa) but also along the Han River. Both Seongdong District and Mapo District have exceeded their highest prices since the Korea Real Estate Board (REB) began weekly apartment sales price aggregation in May 2012.
Seongdong District rose by 0.99% this week, surpassing last week's record high increase (0.76%). Mapo District (0.98%) also exceeded last week's record (0.66%). Gwangjin District (0.59%) broke the record from the first week of February 2018 (0.55%).
Gangnam (0.84%), Seocho (0.77%), Songpa (0.74%), Yongsan (0.74%), Dongjak (0.53%), Yeongdeungpo (0.48%), and Yangcheon (0.47%) also showed significant increases. Gangbuk (0.04%→0.16%), Guro (0.09%→0.14%), Gwanak (0.07%→0.14%), Jungnang (0.03%→0.09%), Dongdaemun (0.04%→0.07%), and Dobong (0.02%→0.06%) also saw larger increases.
The Korea Real Estate Board (REB) noted, "As inquiries for purchases are increasing in preferred districts such as those undergoing reconstruction in Seoul, the selling prices are also rising," adding, "The overall upward trend in Seoul is continuing as rising transaction cases are detected."
The Seoul apartment jeonse market is also on the rise. After an increase of 0.07% last week, this week has recorded a rate of 0.09. Gyeonggi (0.02%→0.03%) and nationwide (0.01%→0.02%) have also increased, while Incheon (-0.03%→0.0%) has returned to stability.