Seoul Apartment Price Gains Slow for Third Straight Week... Up for 91 Consecutive Weeks

Korea Real Estate Board: Weekly Apartment Price Trends for the First Week of November
Growth slows from 0.16% to 0.09%
Gains top 0.30% in Seodaemun, Seongbuk and Geumcheon

Seoul apartment prices have risen at a slower pace for three consecutive weeks. The decline has continued in the Gangnam area, while gains have also moderated in northern Seoul, which had driven the upward trend until recently.

According to the weekly apartment price trends data for the first week of November (as of November 2), released by the Korea Real Estate Board on November 5, Seoul's apartment sales price index rose 0.07% this week from a week earlier. After reaching 0.16% in mid-October, the rate of increase has gradually eased, from 0.13% on October 19 to 0.09% on October 26.

The Korea Real Estate Board said, "In some complexes, listings with adjusted prices came onto the market, leading to transactions at lower prices. Meanwhile, contracts at higher prices were signed, particularly in large apartment complexes and areas near stations where demand remained strong, resulting in a mix of increases and declines across different areas."

A real estate agency in Seongbuk-gu, Seoul. Yonhap News

Although the increase has slowed somewhat, Seoul apartment prices continued to rise through this week, marking 91 consecutive weeks of gains. Among Seoul's districts, Seodaemun-gu (0.31%), Seongbuk-gu and Geumcheon-gu (both 0.30%), and Jungnang-gu (0.28%) recorded relatively high increases. In these areas, too, the rates of increase either slowed from a week earlier or remained at similar levels.

The decline in the Gangnam area has continued. Gangnam-gu's sales price index fell 0.39% from a week earlier, while Seocho-gu's fell 0.37%, with the declines widening slightly. Both districts have recorded declines for 13 consecutive weeks. Songpa-gu fell 0.17%, extending its decline to nine consecutive weeks. In Gyeonggi Province, Giheung-gu in Yongin recorded the highest increase, at 0.60%. Gunpo (0.57%) and Dongan-gu in Anyang (0.55%) also posted steep increases.

Seoul's apartment jeonse price index rose 0.17%, unchanged from last week. Seongbuk-gu (0.41%) and Nowon-gu (0.37%) recorded relatively high increases, with gains slightly larger than a week earlier. Songpa-gu was the only one of Seoul's 25 districts to post a decline.

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