Apartment prices in Seoul have risen the most this year on a weekly basis. Due to the increase in Seoul, apartment prices in the metropolitan area continued to rise, and the provinces also saw a turnaround in prices compared to the previous week.

The view of the apartment complexes in Seoul from the Songpa-gu Seoul Sky Observatory. /Courtesy of News1

According to Real Estate R114 on the 27th, the national apartment sales price in the last week of this month rose by 0.27% compared to last week. The increase compared to the previous week (0.10%) has grown larger. Seoul also rose by 0.54%, significantly expanding the increase compared to the previous week (0.29%).

The Gyeonggi-Incheon area also rose by 0.10%, increasing the price rise in the metropolitan area (0.34%). The five major metropolitan cities adjusted up by 0.01%, and other provinces increased by 0.08%. Among 17 cities and provinces nationwide, 7 saw price increases and 10 saw decreases, leading to a slight dominance of decreasing regions; however, the price pressure in the increasing regions was greater, continuing the upward trend in sales prices.

By region, South Jeolla (-0.17%), Gwangju (-0.16%), Gangwon (-0.14%), South Chungcheong (-0.14%), and Daejeon (-0.12%) saw declines, while Sejong (0.73%), Seoul (0.54%), Ulsan (0.33%), Gyeonggi (0.13%), and North Jeolla (0.10%) rose in that order.

The national jeonse price for apartments rose by 0.06%. The increase expanded compared to the previous week (0.04%). Seoul rose by 0.13%, the metropolitan area by 0.09%, the Gyeonggi-Incheon area by 0.04%, and the five major metropolitan cities by 0.01%, showing a rising trend in major regions, while other provinces declined by 0.01%. Among the 17 cities and provinces nationwide, 9 saw increases and 8 saw decreases, resulting in a balance between increasing and decreasing regions.

Real Estate R114 noted, "Apartment prices in Seoul have risen the most this year on a weekly basis," adding, "There were no areas among the 25 autonomous districts in Seoul that showed a negative fluctuation rate, especially the strength of the Han River Belt was pronounced."

They also explained, "However, while the overheated atmosphere in the Seoul apartment market is expected to ease slightly from July, due to the accumulation of fatigue from rapid price increases, the growing burden of funding due to restrictions on loan limits as a result of the implementation of the three-tier stress DSR and the decline in the jeonse rate, as well as the strengthening of mortgage loan regulations in the metropolitan area and regulated regions since June 28, the increase in sales prices is likely to decrease, and contracts may enter a period of rest."