Seoul Apartment Prices Up 0.27% in a Week...Seongbuk, Nowon and Gwanak Lead the Gains
Seoul Up 0.27% From Previous Week
Strong Demand for New, Large-Scale, and Station-Area Complexes
Seongbuk, Nowon, and Gwanak Outpace the Average
Apartment prices in Seoul rose 0.27% over the past week. Although the rate of increase slowed slightly from the previous week (0.31%), areas such as Seongbuk-gu, Gwanak-gu, and Nowon-gu, where many apartments are priced below 2 billion won, showed gains higher than the average.
According to the weekly apartment price trend survey released by the Korea Real Estate Board on the 5th, nationwide apartment sale prices rose 0.09% compared with the previous week. By region, Seoul and the broader Seoul metropolitan area led the upward trend, with sale prices climbing 0.27% and 0.16%, respectively, from the previous week.
In Seoul, both the northern and southern parts of the city saw an upward trend, as transactions were concluded mainly in complexes near subway stations, newly built apartments, and large-scale complexes. In particular, areas with a high concentration of apartments priced below 2 billion won recorded gains that exceeded the average.
In Seongbuk-gu, demand was concentrated in large-scale complexes in Gireum-dong and Donam-dong, pushing home prices up 0.41% from the previous week. In Nowon-gu, demand focused on Sanggye-dong and Hagye-dong, and in Seodaemun-gu on Namgajwa-dong and Bukahyeon-dong, with each district seeing a 0.3% week-on-week increase. In Gwanak-gu, strong buying interest in large-scale complexes in Bongcheon-dong and Sillim-dong drove prices up 0.57% from the previous week. Gangseo-gu (0.40%) and Guro-gu (0.34%) also posted increases higher than the average.
In the Seoul metropolitan area, Incheon rose 0.02%, slowing from 0.04% the previous week. Gyeonggi Province recorded the same rate of increase as the previous week (0.13%). In the rest of the country, the five major metropolitan cities also maintained the same trend as the previous week, with prices up 0.02%. Sejong City, which had risen 0.02% the previous week, turned flat as trends diverged by individual complex.
Jeonse prices for apartments in Seoul rose 0.13% over the past week. Except for the third week of January (0.1%), the weekly change in Seoul apartment jeonse prices has remained within a 0.13% to 0.15% increase so far this year. With a continued shortage of listings in the rental market, tenant demand is concentrating on complexes near subway stations and large-scale developments.
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In northern Seoul, Seongdong-gu (0.45%) and Nowon-gu (0.24%) both showed increases above the average, as tenant demand focused on preferred complexes in Oksu-dong and Haengdang-dong, and on older complexes in Wolgye-dong and Hagye-dong, respectively. They were followed by Seocho-gu (0.22%), Seongbuk-gu (0.21%), and Yongsan-gu (0.18%) in terms of jeonse price growth.
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