According to the Korea Real Estate Board (REB) the sale price of apartments in Seoul rose by 0.36% compared to the previous week based on data for the week of June 16. This is the highest increase since the second week of September 2018 (0.45% increase). The weekly percentage increase is higher than during the 'panic buying' period in 2020 when home prices skyrocketed due to excessive liquidity caused by the COVID-19 pandemic.
By district, Gangnam-gu (0.75%) rose mainly in redevelopment areas like Apgujeong and Daechi-dong, Songpa-gu (0.70%) in areas like Sincheon and Jamsil-dong, Gangdong-gu (0.69%) in large complexes like Myeongil and Amsa-dong, Seocho-gu (0.65%) in areas like Jamwon and Seocho-dong, and Dongjak-gu (0.49%) in areas like Heukseok and Noryangjin-dong.
In the north of the river, Seongdong-gu (0.76%) rose mainly in preferred areas like Geumho and Hwangsin-gil-dong, Mapo-gu (0.66%) in areas like Ahyeon and Yeomni-dong, Yongsan-gu (0.61%) in areas like Ichon and Itaewon-dong, Gwangjin-gu (0.42%) in areas like Gwangjang and Jayang-dong, and Jongno-gu (0.26%) in areas like Hongpa and Muak-dong.
The Korea Real Estate Board (REB) noted, "The hopeful selling prices are rising primarily in redevelopment projects and preferred large complexes, and there are increasing inquiries from buyers." The board explained that, "The upward trend continued throughout Seoul, with rising transaction cases being observed."
The nationwide sale price rose by 0.05%, expanding the increase compared to the previous week (0.03%). The metropolitan area also increased by 0.13%, expanding the increase compared to the previous week (0.09%), while the provinces dropped by 0.03%, maintaining the decline from the previous week.
The nationwide rental price of apartments rose by 0.01%, maintaining the upward trend of the previous week. The metropolitan area (0.03%→0.03%) maintained its increase, Seoul (0.08%→0.07%) saw a reduced increase, and the provinces (-0.02%→-0.01%) experienced a smaller decline.
The Korea Real Estate Board (REB) explained, "While rental prices have fallen in some outer areas and regions affected by new supply, steady rental demand in large complexes and areas with good transportation conditions has led to rising contracts, continuing the overall upward trend in Seoul.
