Seoul Apartment Jeonse Prices Surpass Sales Again... Dongtan Sees Highest Nationwide Increase [Real Estate AtoZ]

Korea Real Estate Board Releases Weekly Apartment Price Trends

A view of Dongtan Station Shibeom Woonam Firstville Apartment in Cheonggye-dong, Hwaseong-si, Gyeonggi Province. Photo by Choi Seoyoon

The pace of rent increases for apartments in Seoul has once again surpassed the rise in sale prices. With a wait-and-see approach prevailing in the sales market, demand is shifting toward the jeonse (lump-sum deposit lease) market, and the resulting shortage of listings is driving up prices.

According to the weekly apartment price trends released by the Korea Real Estate Board on June 4, jeonse prices in Seoul for the first week of June (as of June 1) rose by 0.29% compared to the previous week, outpacing the increase in sale prices (0.25%). While the rise in sale prices remained steady from the previous week, jeonse prices saw a larger increase than last week’s 0.26%, continuing the upward trend.

Since the second week of March, the rate of increase in Seoul’s jeonse prices had outpaced sale prices for nine consecutive weeks, before briefly slowing in the third week of May. However, last week (the fourth week of May), jeonse prices once again surpassed sale prices, and this week, the gap widened further to 0.04 percentage points.

The Korea Real Estate Board analyzed, “With consistent tenant inquiries and steady demand for jeonse, transactions at higher prices are being concluded, especially in major complexes with good residential conditions such as those in prominent school districts, near subway stations, and in large housing complexes, thereby driving up overall jeonse prices across Seoul.”

By district, the shortage of listings is intensifying, especially for small- and mid-sized units in top school districts, large complexes, and areas near subway stations. Songpa-gu saw the largest increase in Seoul, rising from 0.42% to 0.50%, mainly driven by large complexes in Jamsil and Sincheon-dong. This was followed by Seongdong-gu (from 0.42% to 0.48%) and Dobong-gu (from 0.41% to 0.47%).

In Seongbuk-gu (from 0.44% to 0.43%), major complexes in Donam and Hawolgok-dong posted high growth rates; in Nowon-gu (from 0.31% to 0.41%), the increase was centered on school districts in Sanggye and Junggye-dong; and in Gwangjin-gu (from 0.40% to 0.39%), the rise was led by Gwangjang and Jayang-dong.

In the Gangnam area, tenant inquiries continue to come in for large complexes in Bongcheon and Sillim-dong, Gwanak-gu (from 0.22% to 0.36%), and for small- and mid-sized units in Heukseok and Sadang-dong, Dongjak-gu (from 0.25% to 0.29%).

The jeonse markets in the greater Seoul area and in the provinces also showed an upward trend. In Hanam, Gyeonggi Province, jeonse prices doubled from a 0.17% increase the previous week to 0.32% this week, mainly due to a decrease in listings in Mangwol and Hakam-dong. Guri (from 0.17% to 0.21%) and Pyeongtaek (from 0.04% to 0.10%) also saw their growth rates increase.

In Sejong (from 0.14% to 0.10%), the upward trend was sustained in complexes with good residential environments in Saerom and Hansol-dong. In non-capital regions, jeonse prices in Ulsan (0.15%) and North Jeolla Province (0.08%) pushed the index up by 0.03%. The eight provinces each saw a rise of 0.02%.

Nationwide, apartment sale prices rose by 0.07%, while the greater Seoul area increased by 0.14%. In the provinces, which had fallen by 0.01% the previous week, prices stabilized at 0.00%. The five major metropolitan cities and Sejong City each saw a decrease of 0.02%, while the eight provinces recorded an increase of 0.01%.

In Gyeonggi Province, Dongtan in Hwaseong stood out with the most dramatic rise. Sale prices in Dongtan surged by 0.60%, the highest increase nationwide, driven by complexes near subway stations in Cheonggye and Yeoul-dong. This marks the fifth consecutive week of increasing gains since the first week of last month (0.25%).

In Sujeong-gu, Seongnam (0.42%), increases centered around Sinheung and Changkok-dong were nearly double those of the previous week, and Dongan-gu, Anyang (0.35%) also saw the upward trend expand. In Pyeongtaek, which had experienced a prolonged decline, prices stabilized at 0.00% this week, ending the downward trend.

In Seoul, nine out of 25 districts posted greater increases in sale prices. Among the four major Gangnam districts, except for Songpa-gu (0.28%), all others—Gangnam-gu (0.21%), Seocho-gu (0.21%), and Gangdong-gu (0.19%)—saw expanded gains.

This content was produced with the assistance of AI translation services.