Seoul Apartment Prices Set Record with 86th Consecutive Weekly Rise... Yongsan Turns Downward

Korea Real Estate Board Releases Weekly Apartment Price Trends for Fourth Week of September
Decline Worsens in Gangnam Area
Yongsan Turns Downward for the First Time in Five Months

Seoul apartment prices rose slightly from the previous week, marking an increase for the 86th consecutive week. Although the pace of growth has slowed, prices continued to climb in Seoul overall, supported by upward trends in certain areas. In the Gangnam area, the decline in apartment prices has widened, and Yongsan District has also turned downward.

According to weekly apartment price trends for the fourth week of September (as of September 28), announced by Korea Real Estate Board on October 1, Seoul apartment sale prices increased by 0.09% from the previous week. This upward trend has continued steadily since the first week of February last year. This is now the longest stretch of weekly increases recorded by the Real Estate Board, surpassing the previous record of 85 weeks set from the summer of 2020 for about a year and a half. The Real Estate Board's weekly apartment price trend data has been compiled since May 2012.

Apartments in downtown Seoul viewed from Namsan. Photo by Yonhap News

This week’s growth rate is the lowest since late March (0.06% on March 23). Seodaemun District rose by 0.41%, while Dongdaemun District and Seongbuk District each gained 0.36%, ranking highest among the city’s districts, though these rates are slightly lower than last week. The Real Estate Board explained, "Overall, prices increased as contracts were mainly signed in large complexes and areas near subway stations, and for small and medium-sized units, which continue to see steady demand. Some areas saw downward adjustments, resulting in a mix of upward and downward movements by region, with the overall trend remaining positive."

The decline in Gangnam area was somewhat larger. Gangnam District dropped by 0.56%, Songpa District by 0.19%, and Seocho District by 0.33%. In Gangnam District, decreases were concentrated around major complexes in Apgujeong and Daechi-dong, while in Seocho District, it was mainly in areas with concentrations of expensive apartments such as Banpo and Jamwon-dong.

Additionally, Yongsan District fell by 0.01%, posting a negative rate for the first time in five months. Yongsan District, which had long been grouped with the three major Gangnam districts (Gangnam, Seocho, and Songpa) as a regulated area, had been steadily rising since the last week of April, but turned downward this time. Out of Seoul’s 25 administrative districts, these 4 districts were the only ones to record drops in apartment prices.

Suwon Yeongtong District, which had posted a sharp increase last week, rose by 0.37% this week. While still high, this is about one-third of last week's growth rate. Giheung District of Yongin climbed 0.23%, about half of the previous week’s increase. In Dongtan District of Hwaseong, the rate of increase was similar to last week at 0.47%.

Jeonse prices for Seoul apartments rose by 0.16% during the same period. This marks a slight decline from the previous week’s 0.19% increase. Seongbuk District, Gangbuk District, and Nowon District each saw a 0.36% rise, comparatively higher than other areas. Seocho District was the only district in Seoul where jeonse prices fell, dropping 0.23%. Gangnam District, which had seen falling prices for four consecutive weeks, showed flat growth at 0.00%.

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