Seoul Apartment Sale Prices Rise 15.5% in a Year

\ \ [Financial News] Actual transaction prices for Seoul apartment sales rose 15.5% in a year. This was the highest rate of increase since November 2021.
\ \ According to the Seoul Metropolitan Government on the 22nd, actual transaction prices for Seoul apartment sales rose 0.72% from the previous month and 15.50% from the same period last year in August. This was the highest level since the 17.92% recorded in November 2021.
By region, the northeastern region posted the largest month-on-month increase, rising 1.54%, followed by the downtown area (1.06%), the northwestern region (0.40%) and the southwestern region (0.29%). The southeastern region fell 0.29%.
Prices rose across all apartment size categories. Mid- to large-sized apartments with exclusive-use areas of more than 85 sq. m and up to 135 sq. m posted the largest increase, rising 1.32% from the previous month.
\ \ In August, actual transaction prices for Seoul apartment jeonse leases rose 0.30% from the previous month, marking a 16th consecutive month of increases. By region, the southwestern and northwestern regions rose 1.30% and 0.17%, respectively. The downtown area fell 0.35%, the northeastern region 0.10% and the southeastern region 0.08%.
Apartment transaction volumes are declining. As of the 16th, Seoul recorded 2,923 apartment sale transactions in September, down 18.3% from 3,578 the previous month. Jeonse transactions totaled 6,454, down 17.9% from the previous month, while monthly rental transactions totaled 7,750, down 6.4%. Jeonse and monthly rental transaction volumes fell 46.9% and 19.8%, respectively, from the same period a year earlier.

[email protected] Kwon Jun-ho Reporter