Home price growth expectations fall for fourth straight month... KB: “Rate of increase lowest this year”

[Financial News] The upward momentum in Seoul’s apartment market lost steam, and price increases slowed. Market expectations for rising home prices also continued to decline for a fourth consecutive month.
According to the “October National Housing Price Trends” report released on the 25th by KB Kookmin Bank’s KB Real Estate, apartment sale prices in Seoul rose 0.61% in October, while prices in Gyeonggi Province rose 0.74%. Both recorded gains, but the increases were smaller than the previous month. Notably, apartment price growth in Gyeonggi Province outpaced Seoul.
The rise in Seoul apartment sale prices (0.61%) was the lowest so far this year, marking a second consecutive month of slowing growth. Among districts, major areas in northern Seoul led the gains, including Nowon District (1.52%), Jongno District (1.32%), Dobong District (1.29%) and Seongbuk District (1.25%). By contrast, Gangnam-gu (-0.33%) and Seocho-gu (-0.04%) recorded declines.
In Gyeonggi Province, Hwaseong Dongtan-gu (2.71%), Hwaseong Byeongjeom-gu (2.42%), Gunpo (2.29%) and Yeongtong-gu, Suwon (2.12%) led the increases, with growth rates topping 2%.
Nationwide apartment jeonse prices also rose 0.32%, a smaller increase than the previous month’s 0.49%. Seoul jeonse prices (0.50%) rose, led by Nowon District (1.18%) and Gangbuk District (1.08%), among others, but the overall upward trend slowed. Prices fell in Gangnam-gu (-0.28%) and Seocho-gu (-0.17%).
Meanwhile, the KB Leading Apartment 50 Index, calculated annually based on the 50 complexes with the highest market capitalization, stood at 98.8, down 0.39% from the previous month. Prices at large, high-end apartment complexes, which turned lower last month, fell further this month, marking a second consecutive month of declines.

[email protected] Jeon Min-kyung Reporter