While Seoul Apartment Prices Falter, Southern Gyeonggi Heats Up... Yeongtong in 'Shuttle Zones' Surges 0.61% [Real Estate AtoZ]

Korea Real Estate Board Weekly Apartment Price Trends,
Second Week of September

Due to stricter lending regulations and buyer fatigue, the rise in Seoul apartment prices lost momentum this week. In contrast, Gyeonggi Province saw its home prices accelerate. Following the designation of Dongtan as a land transaction permission zone, a pronounced decoupling phenomenon has taken hold, with buyers focusing on Suwon, Yongin, Hwaseong, and other "Semiconductor Belt" areas that have avoided regulations.

Apartment complex near Dongtan Station in Hwaseong City, Gyeonggi Province. Photo by Yonhap News Agency

According to the weekly apartment price trend data released by the Korea Real Estate Board on September 17 for the second week of September (as of the 14th), the Seoul apartment sales price increase rate dropped to 0.16%, down from 0.20% the previous week. This marks the third consecutive week of a narrowing increase. In the 11 Gangnam districts, prices rose by 0.04%, which is half the increase of the previous week (0.08%). In the 14 Gangbuk districts, the rate climbed by 0.29%, slightly less than last week's 0.33%.

The diverging trends between Seoul and Gyeonggi apartment prices were largely due to weakness in the Gangnam area. Apartment prices in Seoul's Gangnam District fell 0.36% over the week. Both Gangnam (-0.36%) and Seocho (-0.26%) Districts experienced declines, while Songpa District recorded a -0.12% change, expanding sixfold from the previous week's -0.02%. For the second week in a row, all three core Gangnam districts posted negative growth. Since the announcement of revised tax policies, Gangnam and Seocho have declined for six consecutive weeks, and Songpa has seen decreases for two weeks.

The upward trend in Seoul was primarily supported by the Gangbuk area. Although the average increase in Gangbuk's 14 districts slightly decreased compared to last week, the rate itself was more than seven times higher than in Gangnam. Jungnang District saw the largest rise in Seoul at 0.51%. Dobong and Seodaemun followed with increases of 0.47% each, followed by Seongbuk at 0.43% and Dongdaemun at 0.36%.

The Korea Real Estate Board explained, "Although some properties saw price reductions resulting in lower transaction prices in localized areas, robust demand for newly built, large-scale, and medium-sized complexes in preferred locations supported price increases, leading to an overall rise in Seoul."

Apartment Sales Price Index Change Rates by Region for the 2nd Week of September. Korea Real Estate Board

Apartment prices in Gyeonggi Province rose by 0.18%, up from 0.17% the previous week. The southern region was the main driver of these increases. In Yeongtong District, Suwon, the rate jumped from 0.47% last week to 0.61% this week, the highest among the 182 city, county, and district sample areas surveyed nationwide by the Korea Real Estate Board. Dongan District in Anyang also saw an increase from 0.43% to 0.45%.

Apartment prices increased more sharply in so-called "Shuttle Zones"—areas near stations served by the shuttle buses for Samsung Electronics and SK hynix—including Giheung District in Yongin (from 0.33% to 0.42%) and Byeongjeom-dong in Hwaseong (from 0.20% to 0.30%). In Dongtan, Hwaseong, which had slowed following regulatory measures, the increase rate also expanded, from 0.22% to 0.31%.

Other areas in southern Gyeonggi also showed strength, with Uiwang rising from 0.29% to 0.39%, Gwangmyeong from 0.30% to 0.37%, and Gunpo from 0.35% to 0.36%. On the other hand, Hanam, which posted a strong 0.47% increase last week, saw its rate drop to 0.27%. Bundang District in Seongnam slowed from 0.41% to 0.34%.

Incheon’s prices rose by 0.02%, down from 0.03% the previous week. The overall rate of increase throughout the metropolitan area declined from 0.16% to 0.15%.

Outside the metropolitan region, prices were flat (0.00%), compared with a 0.01% rise the previous week. The four major cities (Gwangyeoksi) rose 0.01%, while Sejong dropped by 0.13%. Jeonnam and Gwangju together rose by 0.05%, and seven provinces remained flat.

Nationwide, apartment prices rose 0.08%, maintaining the same pace as the previous week.

Apartment Jeonse Price Index Change Rate by City and Province, 2nd Week of September. Korea Real Estate Agency

In the jeonse (long-term rental deposit) market, Gyeonggi Province also outpaced Seoul. Seoul's jeonse prices rose by 0.17%, with the rate of increase narrowing from the previous week’s 0.19%. This marks the fourth consecutive week of reduced growth. In Gangnam District, the jeonse price drop widened from -0.03% to -0.17%, more than a fivefold expansion, led by declines in major complexes in Daechi-dong and Suseo-dong. Seocho District’s fall (-0.26%) continued for a fourth week, driven by new supply in Jamwon and Banpo-dong.

The Gangbuk area maintained its strength, with Nowon District's jeonse prices rising 0.45%, the highest rate in Seoul and up from 0.38% last week. Jungnang (0.40%), Dongdaemun (0.34%), Eunpyeong (0.27%), and Gangbuk (0.26%) followed.

The Korea Real Estate Board commented, "While some complexes recorded transactions at price-adjusted levels, price increases were observed in large-scale complexes and areas with good living conditions near stations."

In contrast, Gyeonggi Province saw its jeonse price growth accelerate from 0.14% to 0.15%.

Just like in the sales market, the southern region of Gyeonggi, a hub for the semiconductor industry, stood out. Hanam led Gyeonggi with a 0.40% increase, followed by Dongtan in Hwaseong at 0.36%, Byeongjeom District in Hwaseong at 0.31%, and Giheung District in Yongin at 0.29%—all major "Shuttle Zone" areas.

Incheon’s jeonse price increase rate slowed from 0.17% to 0.16%.

Nationwide, jeonse prices for apartments rose 0.10%, maintaining the same increase as the previous week. The metropolitan area grew by 0.16%, and non-metropolitan regions rose by 0.04%, both mirroring the rates of the previous week.

Chungbuk saw the largest increase among the seven provinces, with its rate climbing from 0.05% to 0.09%. Eumseong County rose 0.27%, while Heungdeok District in Cheongju increased 0.25%.

In Sejong, the increase rate dropped from 0.12% to 0.08%. While apartment sale prices have declined in Sejong for six consecutive weeks, jeonse prices continued to rise.

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