Seoul Apartment Prices See Wider Gains After One Month—Up 0.20%

(Seoul=Yonhap Infomax) Myung Sub Byun =

Apartment prices in Seoul posted a wider increase after about a month, according to data released by Korea Real Estate Board on the 20th.

The 'Nationwide Weekly Apartment Price Trend Survey for the 3rd Week of November' showed that Seoul apartment prices rose by 0.20%, accelerating from the previous week's 0.17% gain.

Seoul's apartment prices had been moderating their weekly gains following the government's October 15 real estate measures. After a cumulative two-week increase of 0.54% as of October 13, weekly gains had slowed, but prices rebounded, led by complexes undergoing reconstruction and those in highly sought-after residential areas.

The Korea Real Estate Board explained, "While buyer inquiries have decreased and a wait-and-see approach persists, upward transactions are being concluded mainly in complexes pursuing reconstruction and in preferred areas with favorable living conditions, resulting in an overall rise in Seoul."

By district, the 11 districts of Gangnam recorded a 0.26% increase. Songpa District saw a 0.53% rise, driven by demand for popular complexes in Jamsil-dong and Bangi-dong, while Yangcheon District climbed 0.34%, led by large complexes in Mok-dong and Sinjeong-dong.

The 14 districts of Gangbuk posted a 0.13% gain. Seongdong District rose 0.43%, mainly in small- and mid-sized complexes in Haengdang-dong and Seongsu-dong, while Yongsan District increased 0.38%, centered on Ichon and Dowon-dong.

Incheon and Gyeonggi Province saw apartment prices rise by 0.04% and 0.11%, respectively. In regional areas, the five major metropolitan cities posted a 0.02% increase.

Jeonse (long-term deposit lease) prices in Seoul also continued to rise. The city recorded a 0.15% increase, matching the previous week's pace. Amid a shortage of listings in preferred complexes, upward contracts were signed mainly in areas with strong transport links and school districts, resulting in a citywide increase.

Gangnam's 11 districts rose 0.19%, led by Seocho District (0.32%) and Songpa District (0.28%). Gangbuk's 14 districts gained 0.10%, with Yongsan District (0.23%) and Seongdong District (0.17%) leading the way.

Incheon and Gyeonggi Province each saw jeonse prices rise by 0.11%, while the five major metropolitan cities in regional areas posted a 0.07% increase, with the broader region up 0.04%.

msbyun@yna.co.kr

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