Seoul Housing Prices: Seongbuk Up 1.83% and Nowon 1.77%, While Gangnam Slips 0.18%

[Financial News] Nationwide housing sale prices rose 0.32% in August, extending their gains for a fifth consecutive month. In Seoul, where apartment prices remained strong, the average housing sale price was 1.02974 billion won, while the average apartment sale price stood at 1.369889 billion won.
According to the nationwide housing price trend survey for August released by the Korea Real Estate Board (KREB) on the 15th, Seoul’s comprehensive housing sale price index rose 0.97% from the previous month. The northern districts recorded particularly strong gains. Seongbuk District posted the largest increase at 1.83%, followed by Nowon District at 1.77%, Seodaemun District at 1.64%, and Jungnang-gu at 1.53%. By contrast, Gangnam-gu fell 0.18% and Seocho District declined 0.01%, limiting Seoul’s overall increase.
KREB analyzed, "Although transactions at adjusted prices were completed in some areas, prices rose mainly in areas with large apartment complexes and good transportation conditions." By housing type, apartments led the rise in Seoul housing prices. Seoul’s apartment sale price index increased 1.05% during August.
The rate of increase was lower than the previous month’s 1.27%, but prices continued to rise for the fourth consecutive month since May. The cumulative increase through August this year was 7.52%. Seoul’s row-house prices rose 0.93%, slightly less than the 0.96% increase recorded the previous month. The cumulative increase this year was 6.25%, exceeding the 1.68% recorded during the same period last year. Detached-house prices rose 0.42% in August, bringing their cumulative increase this year to 3.35%.
The average housing sale price in Seoul was 1.02974 billion won. This was 130.2% higher than the national average of 447.261 million won and 52.9% higher than the metropolitan-area average of 673.441 million won. When limited to apartments, Seoul’s average sale price rose to 1.369889 billion won. The median sale price of housing in Seoul was 859.18 million won.
The nationwide housing sale price index rose 0.32% from the previous month. The metropolitan area increased 0.63%, while provincial areas rose 0.03%. Gyeonggi Province gained 0.58%, whereas Incheon fell 0.03%. Jeonse rental prices followed a similar trend to sale prices. The nationwide jeonse rental price index rose 0.35%, with increases of 0.63% in the metropolitan area and 0.09% in provincial areas. Seoul’s increase was 0.83%.
In Seoul, Nowon District recorded the largest increase in jeonse rental prices at 1.58%. It was followed by Seongbuk District at 1.38%, Seodaemun District at 1.16%, and Geumcheon District at 1.13%. Gyeonggi Province and Incheon rose 0.56% and 0.41%, respectively. The monthly rental price index also rose 0.35% nationwide. It increased 0.59% in the metropolitan area and 0.13% in provincial areas, with regional increases of 0.82% in Seoul, 0.49% in Gyeonggi Province, and 0.38% in Incheon. In terms of price levels, the average jeonse rental price in Seoul was 494.427 million won. The average monthly rent was 1.313 million won, with a deposit of 147.742 million won.

[email protected] Choi Ga-young Reporter