Even as Gangnam Falls, Seoul Apartment Prices Rise for 85 Consecutive Weeks

Korea Real Estate Board's Weekly Apartment Price Trends for the Third Week of September

Longest Streak Since 85 Consecutive Weekly Gains During the Moon Administration

Yeongtong-gu in Suwon, Home to Samsung Electronics Headquarters, Surges 1.09% in a Single Week

Apartment prices in Seoul have risen for 85 consecutive weeks. This steady increase has continued since the first week of February last year. In terms of weekly statistics, this matches the record set between June 2020 and January 2022, the longest continuous period of weekly gains. Since the upward trend is expected to persist, especially in non-Gangnam areas of Seoul, it is highly likely that a new record will be set.

According to the weekly apartment price trend data for the third week of September (as of the 21st) released by the Korea Real Estate Board on September 24, apartment sale prices in Seoul rose 0.13% from the previous week. While the downward trend continues in the Gangnam area, slightly easing the overall average for Seoul, other districts remain on an upward trajectory. In fact, the weekly rate of increase is at its lowest level since mid-April (0.10%).

Graph Based on the Weekly Apartment Price Trend and Sales Price Index by Korea Real Estate Board. AI Generated Image

The weekly apartment price statistics compiled by the Korea Real Estate Board have been monitored since the first week of May 2012. During the Moon Jae-in administration, there was a period of sustained increases for about a year and a half starting in the summer of 2020, and the current market is now experiencing another prolonged streak of weekly gains. Additionally, from September 2017 to October of the following year—during the early Moon administration—prices increased for 59 consecutive weeks.

In contrast, the longest period of decline on record saw prices fall for 51 consecutive weeks under the Yoon Suk Yeol administration, from May 2022 to May of the following year. The second-longest decline occurred at the end of the Lee Myung Bak administration, with prices dropping for 42 consecutive weeks from May 2012 through February the following year.

A key development this week is that while the rate of decline has deepened in Seoul’s three major Gangnam districts (Gangnam, Seocho, and Songpa), the rate of increase has slowed in other areas that previously led the overall rise. In Gangnam-gu, prices fell 0.42% from the previous week, with the rate of decline intensifying (-0.35% -> -0.36%). Seocho-gu recorded a decline of -0.37%, also expanding from the previous week (-0.26%). Songpa-gu dropped by 0.14%, similar to last week’s drop of -0.12%.

On the other hand, Seodaemun-gu saw a 0.44% increase, slightly lower than the 0.47% rise in the previous week. Similar trends were observed in Jungnang-gu (from 0.51% to 0.36%), Dobong-gu (from 0.47% to 0.35%), Seongbuk-gu (from 0.43% to 0.39%), and Gwanak-gu (from 0.37% to 0.30%). In Seoul, the increase appears to be driven mainly by outer areas with a concentration of mid- to low-priced apartments.

Apartment complexes in downtown Seoul as seen from Seoul Sky observatory at Lotte World Tower in Songpa-gu, Seoul. Photo by Yonhap News

In other parts of the greater Seoul area, Yeongtong-gu in Suwon saw prices surge 1.09% in just one week. Yeongtong-gu is home to Samsung Electronics’ headquarters, and the industry attributes the rise to housing purchase loans being made available to employees. Nearby Gwonseon-gu in Suwon also saw its increase expand, rising 0.66%.

Meanwhile, Seoul apartment jeonse prices rose 0.19% during the same period. Notable increases were seen in Nowon-gu (0.47%) and both Seongbuk-gu and Gangbuk-gu (0.42% each), while Seocho-gu (-0.19%) and Gangnam-gu (-0.15%) continued to decline due to a buildup of newly available properties.

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