Seoul housing prices have risen for 84 consecutive weeks... Moon Jae-in administration nearing 85-week record

[Financial News] Seoul apartment sales prices have risen for 84 consecutive weeks, coming very close to the all-time record of 85 consecutive weeks of increases. If the upward trend continues into next week, it will equal the longest record set during the Moon Jae-in administration.
According to the Korea Real Estate Board (KREB) on the 17th, the sales price of apartments in Seoul rose 0.16% in the second week of September (as of the 14th) compared to the previous week. Although the rate of increase decreased by 0.04 percentage points from the previous week's 0.20%, the weekly upward trend continued for the 84th consecutive week.
Among the 25 autonomous districts in Seoul, only six saw the rate of increase expand compared to the previous week. The rate of increase slowed in 16 districts, and the remaining three saw a decline.
The three Gangnam districts all showed weakness. Gangnam-gu and Seocho District fell by 0.36% and 0.26%, respectively, continuing their downward trend for six consecutive weeks since turning bearish last August. Songpa District, which also turned bearish last week, dropped 0.12% this week, marking its second consecutive week of decline. The Korea Real Estate Board (KREB) analyzed that the downward trading occurred as properties with reduced prices entered the market.
The upward trend in Seoul was led by the Gangbuk area. Jungnang-gu rose by 0.51%, recording the highest growth rate among the 25 autonomous districts. Dobong District and Seodaemun District each increased by 0.47%, while Seongbuk District also rose by 0.43%.
Nationwide apartment sales prices showed a growth rate of 0.08%, unchanged from the previous week. The Seoul metropolitan area rose by 0.15%, while by region, Gyeonggi Province recorded a 0.18% increase and Incheon Metropolitan City 0.02%.
In Gyeonggi Province, the strong performance continued, centered on areas adjacent to the semiconductor industry and those with good accessibility to Seoul. Yeongtong-gu, Suwon recorded the highest increase nationwide, rising 0.61%. This was followed by Dongan District, Anyang at 0.45%, and Giheung District and Suwon's Gwonseon-gu, which rose 0.42% each.
"Nam Hyuk-woo, a real estate researcher at Woori Bank, stated, 'Demand is flowing in for people to switch to newly built apartments in Gwanggyo New Town and the Yeongtong and Maegyo station areas in line with Samsung Electronics Co., Ltd.'s internal loan criteria.' He added, 'It is estimated that the active purchasing by young generations, including non-homeowners and newlyweds, in other areas of Suwon has been reflected in prices.'"
Apartment Jeonse prices also continued their upward trend. Nationwide Jeonse prices rose by 0.10%, while those in the Seoul metropolitan area increased by 0.16%. Seoul, Gyeonggi Province, and Incheon Metropolitan City recorded growth rates of 0.17%, 0.15%, and 0.16%, respectively.
In Seoul's Gangnam-gu and Seocho District, not only sale prices but also Jeonse prices continue to decline. Gangnam-gu fell by 0.17%, and Seocho District by 0.26%.
Meanwhile, across the metropolitan area, three regions saw a decline in cumulative Jeonse prices this year: Icheon City (-4.98%), Gwacheon City (-4.20%), and Yeoju City (-0.40%).

[email protected] Choi Ga-young Reporter