Seoul Apartment Prices Rise for 86 Straight Weeks, Breaking Moon Jae-in Administration's Record

[Financial News] Seoul apartment prices have risen for 86 consecutive weeks, breaking the 85-week record held by the Moon Jae-in administration. Although the increase narrowed from the previous week, prices continue to climb, and the trend is expected to persist for the time being.
According to the Korea Real Estate Board (KREB) on the 1st, Seoul's weekly apartment sales price index rose 0.09% in the fourth week of September, as of September 28. The increase narrowed by 0.04 percentage points from 0.13% the previous week, but that was not enough to halt the upward trend, which has continued for 86 weeks. This was the longest increase on record since statistics on the country's weekly apartment sales price index began.
In detail, only four of Seoul's 25 autonomous districts saw their rates of increase widen: Jung-gu, Guro District, Gwangjin District and Mapo District.
The areas that drove Seoul apartment prices higher were once again those on the outskirts of the city. Seodaemun District posted the biggest increase at 0.41%, followed by Dongdaemun District and Seongbuk District, which each rose 0.36%. Nowon District and Geumcheon District also increased by 0.34% and 0.27%, respectively. KREB analyzed, "While transactions at adjusted prices were concluded in complexes affected by some move-in supply, prices rose mainly in complexes with favorable residential conditions, resulting in an overall increase in Seoul apartment prices."
The areas in Seoul where apartment prices fell were the three Gangnam-area districts, which remained on a downward trend, and Yongsan District. Seocho District fell 0.33%, Gangnam-gu declined 0.56%, and Songpa District dropped 0.19%. Yongsan District also declined by 0.01%, marking the first decrease in prices there. Except for Seocho District, all three other districts declined from the previous week. Gangnam-gu and Songpa District saw particularly steep declines.
The nationwide apartment sales price index rose 0.06%, down from 0.09% the previous week. The metropolitan area recorded a 0.12% increase, a 0.05-percentage-point decrease from the previous week's 0.17%. Provincial areas recorded 0.0%, remaining flat.
Dongtan-gu, Hwaseong, posted the biggest increase nationwide at 0.47%. It was followed by Seoul's Seodaemun District at 0.41%, Seongnam Jungwon District at 0.39% and Yeongtong-gu, Suwon, at 0.37%. Yeongtong-gu, Suwon, stood out last week with a 1.09% increase, but that figure plunged to 0.3% in just one week.
Nationwide jeonse prices rose 0.09%. The metropolitan area and Seoul led the increase, recording 0.14% and 0.16%, respectively. Seongbuk District, Gangbuk District and Nowon District posted the biggest increases in jeonse prices in Seoul, tying for first place at 0.36%. Dobong District in Seoul and Yeongtong-gu, Suwon, followed with increases of 0.30%.



[email protected] Jung Kyung-soo Reporter