Seoul apartment prices driven up by northern and outer districts, rising for 62 straight weeks

Apartment sale prices in Seoul have risen for 62 consecutive weeks. While the three Gangnam districts (Gangnam, Seocho and Songpa) continued to fall, northern and outer districts led the gains, highlighting a clear polarization in the market.
According to the "Weekly Apartment Price Trends for the second week of April (as of the 13th)" released by the Korea Real Estate Board (KREB) on the 16th, Seoul apartment prices rose 0.10%, the same increase as the previous week. Gangnam District (-0.06%), Seocho District (-0.06%) and Songpa District (-0.01%), which make up the three Gangnam districts, posted declines for the eighth straight week, although the rate of decline narrowed somewhat. Yongsan, which was flat last week, turned downward to -0.04%.
In contrast, Gangbuk District and outer areas continued to climb. Gangbuk District rose 0.27%, recording the highest increase in Seoul. It was followed by Gangseo District (0.24%); Dongdaemun District, Seongbuk and Seodaemun District (each 0.20%); Gwangjin District (0.18%); Mapo and Guro District (each 0.17%); Eunpyeong District and Yeongdeungpo (each 0.16%); and Gwanak District (0.15%).
Within the Han River Belt, Gangdong rose 0.04%, widening its gain from 0.01% the previous week, while Dongjak, at 0.13%, also expanded its increase and maintained a rebound. Seongdong District climbed 0.03%; although its gain narrowed from 0.04% a week earlier, it remained on an upward trend.
Nam Hyuk-woo of the Woori Bank Real Estate Research Institute said, "The recent clearance of fire-sale listings that began in Songpa District has spread to nearby areas, leading to a partial improvement in buyer sentiment." He added, "Because additional listings may come onto the market due to changes in the criteria for applying the capital gains tax surcharge relief, the market is likely to show a range-bound pattern for the time being, with rises and corrections repeating."
Nationwide apartment sale prices rose 0.03%, with the pace of increase easing slightly from 0.04% the previous week. Gyeonggi Province climbed 0.07%, maintaining its upward trend.
The jeonse market also continued to rise. Nationwide jeonse prices increased 0.09%, while both the Seoul Capital Area (0.14%) and Seoul (0.17%) posted gains.
Ham Young-jin, head of the Woori Bank Real Estate Research Lab, noted, "We are seeing a continued pattern in which high-priced areas such as the Gangnam region are adjusting, while outer districts driven by end-user demand are rising." He added, "Due to a shortage of jeonse listings and rising jeonse prices, buying demand focused on outer districts is likely to persist for the time being."
Jang In-seo and Choi Ga-young (en1302@fnnews.com)