Seoul Apartment Prices Rise for 85th Straight Week, Tying Longest Record Set Under Moon Jae-in Administration

[Financial News] Seoul apartment prices have risen for 85 consecutive weeks, matching the longest-ever streak set during the Moon Jae-in administration. Although the pace of increase slowed from the previous week, the upward trend continues, and prices are expected to surpass the record next week.
According to the Korea Real Estate Board (KREB) on the 24th, Seoul's weekly apartment sales price index rose 0.13% in the third week of September, as of the 21st. The increase narrowed by 0.03 percentage points from the previous week, but prices continued to rise for the 85th consecutive week. Despite the recent slowdown, another weekly gain would set a new record for the longest upward streak ever.
Of Seoul's 25 autonomous districts, only seven recorded larger gains than the previous week. The remaining areas either saw smaller increases or steeper declines.
By district, Seodaemun District posted Seoul's highest increase at 0.44%. Dongdaemun District and Seongbuk District each rose 0.39%, followed by Nowon District at 0.37%, Jungnang-gu at 0.36%, and Dobong District at 0.35%. Relatively strong gains continued, particularly in northern Seoul.
By contrast, the downturn in Seoul's three Gangnam districts became more pronounced. Gangnam-gu fell 0.42%, while Seocho District and Songpa District declined 0.37% and 0.14%, respectively.
Nationwide apartment sale prices rose 0.09% from the previous week. The metropolitan area gained 0.17%, while Gyeonggi Province and Incheon rose 0.23% and 0.01%, respectively.
Yeongtong-gu, Suwon, recorded the highest increase nationwide. It rose 1.09% in one week, making it the only area to post a gain of more than 1%. The continued boom in the semiconductor belt in southern Gyeonggi Province is believed to have contributed to the increase. The one-week gain alone was comparable to Seocho District's cumulative increase of 1.70% this year.
In Gyeonggi Province, Suwon Gwonseon-gu rose 0.66%, followed by Giheung District at 0.48%, Gwangmyeong City at 0.40%, Gunpo at 0.38%, and Suwon Paldal-gu at 0.36%.
Nam Hyuk-woo of the Woori Bank Real Estate Research Institute said, "The price decoupling phenomenon among the three Gangnam districts and the Han River belt, middle- and lower-tier areas in Seoul, and popular regulated areas in Gyeonggi Province continues. The factors driving prices in popular areas are instability in rental prices caused by a shortage of jeonse listings and the liquidity effect in southern Gyeonggi Province. I expect the current decoupling to continue for the time being even after the Chuseok holiday."
Nationwide apartment jeonse prices rose 0.10%. The metropolitan area gained 0.16%, while Seoul, Gyeonggi Province, and Incheon rose 0.19%, 0.15%, and 0.30%, respectively. Only three areas saw their jeonse price index gains widen from the previous week: Seoul by 0.02 percentage points, Busan by 0.01 percentage points, and South Gyeongsang Province by 0.01 percentage points.
In Seoul, Nowon District recorded the highest jeonse price increase at 0.47%. Jeonse prices in Seocho District and Gangnam-gu fell 0.19% and 0.15%, respectively, also entering a downturn after sale prices. Yongsan District remained unchanged.



[email protected] Choi Ga-young Reporter