Seoul Home Prices See Fastest Monthly Gain in Seven Years in October

(Seoul=Yonhap Infomax) Myung Sub Byun = Seoul home prices posted their sharpest monthly increase in over seven years in October, driven by robust demand ahead of new government measures aimed at cooling the market.

According to data released by Korea Real Estate Board on the 17th, the comprehensive home sales price index for Seoul—including apartments, townhouses, and detached houses—rose 1.19% in October from the previous month. This marks the fastest monthly gain since September 2018, when prices climbed 1.25%. The October increase was also double the 0.58% rise recorded in September.

The government unveiled a comprehensive real estate policy package on October 15, focused on curbing demand amid surging prices.

Nationally, the home sales price index rose 0.29% in October, the highest in more than four years.

The Korea Real Estate Board noted, “Buyer inquiries and transaction activity were concentrated in major redevelopment areas and school districts in Seoul and the greater metropolitan area.”

In Seoul’s Gangnam region, Songpa District saw a 2.93% surge, led by Shincheon-dong and Jamsil-dong. Gangdong District rose 2.28%, driven by Myeongil-dong and Sangil-dong, while Yangcheon District climbed 2.16%, mainly in Mok-dong and Sinjeong-dong redevelopment zones.

In the 14 districts north of the Han River, Seongdong District jumped 3.01%, led by large complexes in Haengdang-dong and Eungbong-dong. Mapo District rose 2.21%, centered on key complexes in Ahyeon-dong and Gongdeok-dong. Gwangjin District gained 1.93% in redevelopment areas such as Gwangjang-dong and Jayang-dong, while Yongsan District increased 1.75%, led by Itaewon and Ichon-dong.

Nationally, Ulsan rose 0.28%, led by preferred complexes in Nam-gu and Buk-gu, while Sejong edged up 0.02%.

Jeonse (long-term lease) prices also accelerated: Seoul’s jeonse prices rose 0.44% in October, up from 0.30% in September. The greater Seoul area saw jeonse prices rise 0.30%, compared to 0.17% the previous month. The five major metropolitan cities (from 0.07% to 0.13%), eight provinces (from 0.00% to 0.02%), and Sejong (from 0.77% to 0.90%) all saw continued increases in jeonse prices.

In the 11 Gangnam districts, Songpa (1.33%) saw gains led by large complexes in Songpa and Jamsil-dong, Seocho (0.95%) rose in school districts such as Banpo and Jamwon-dong, Gangdong (0.89%) increased in new developments in Godeok and Amsa-dong, Yangcheon (0.61%) climbed in small- to mid-sized complexes in Mok and Sinjeong-dong, and Dongjak (0.41%) rose in major complexes in Sadang and Sangdo-dong.

Yongsan (0.62%) saw gains in small- to mid-sized complexes in Munbae and Ichon-dong, Seongdong (0.53%) rose in transit-accessible areas such as Haengdang and Hawangsimni-dong, Mapo (0.47%) increased in Seongsan and Gongdeok-dong, Gwangjin (0.37%) in major complexes in Gwangjang and Guui-dong, and Seongbuk (0.27%) in large complexes in Hawolgok and Gireum-dong.

In Gyeonggi Province (0.24%), prices fell in Icheon and Bucheon Sosa District, but rose in Hanam, Gwacheon, and Suwon Yeongtong District. Incheon (0.14%) saw increases in Seo, Dong, and Michuhol Districts.

msbyun@yna.co.kr

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