According to the national weekly apartment price trend survey for the fourth week of June (as of June 23) released by the Korea Real Estate Board on June 26, Seoul’s purchase price increase jumped from 0.36% to 0.43% in just one week. Seongdong-gu and Mapo-gu have reached their highest levels since records began due to continued buying demand.
This is the highest increase in Seoul since the second week of September 2018 (0.45%). After hitting the highest point since the third week of September 2018 (0.26%) last week, the increase has widened again in just a week, continuing the trend of reaching a 6-year and 9-month high.
With Seoul’s rapid increase, the rise in the metropolitan area (0.13% to 0.16%) and nationwide (0.05% to 0.06%) has expanded. Provincial areas recorded the same decrease (-0.03%) as last week.
An official from the Korea Real Estate Board said, “Inquiries for purchases are increasing, centered on preferred complexes such as those pursuing reconstruction, and asking prices are rising,” adding, “The upward trend is continuing throughout Seoul as rising transaction cases are being detected.”
The increase in the three Gangnam districts -- Seocho-gu (0.65% to 0.77%), Gangnam-gu (0.75% to 0.84%), and Songpa-gu (0.70% to 0.88%) -- has grown even larger. Seocho-gu recorded its highest since the fourth week of January 2018 (0.78%), Gangnam-gu since the fourth week of January 2018 (0.93%), and Songpa-gu since the fourth week of November 2017 (1.02%).
