Seoul Apartment Prices Rise for 15 Consecutive Weeks...Jeonse Prices Rise for 59 Consecutive Weeks

 Seoul apartment prices have risen for 15 consecutive weeks. Jeonse prices for Seoul apartments have risen for 59 consecutive weeks.

According to the Korea Real Estate Agency on the 4th, apartment prices in Seoul in the first week of July (as of the 1st) rose by 0.2% compared to the previous week. This increase was higher than the previous week's rise of 0.18%.

By district, Seocho-gu (0.31%) saw increases mainly in large complexes in Banpo and Jamwon-dong, Songpa-gu (0.27%) saw increases mainly in major complexes in Jamsil and Munjeong-dong, Yeongdeungpo-gu (0.23%) saw increases mainly in Yeouido and Daerim-dong, Yangcheon-gu (0.21%) saw increases mainly in major complexes in Mok and Sinjeong-dong, and Gangnam-gu (0.19%) saw increases mainly in Yeoksam and Gaepo-dong.

In the northern part of Seoul, Seongdong-gu (0.59%) saw increases mainly in large complexes in Oksu and Haengdang-dong, Yongsan-gu (0.35%) saw increases mainly in Doyun and Ichon-dong, Mapo-gu (0.33%) saw increases mainly in Singongdeok and Yeomni-dong, Seodaemun-gu (0.26%) saw increases mainly in Namgajwa and Bukahyeon-dong, and Eunpyeong-gu (0.21%) saw increases mainly in small and medium-sized complexes in Bulgwang and Jingwan-dong.

The Korea Real Estate Agency explained, “The buying sentiment has recovered due to expectations of price increases,” adding, “The price increase has expanded as transactions have occurred not only in preferred complexes but also in nearby complexes, and the asking prices of sellers have continued to rise.”

Meanwhile, nationwide apartment prices rose by 0.03%, compared to the previous week’s 0.01% increase. In the metropolitan area, prices rose by 0.1%, expanding from the previous week’s 0.07% increase, while in the provinces, prices fell by 0.04%, a smaller decline compared to the previous week’s -0.05%.

In Gyeonggi Province, prices rose by 0.05% this week, expanding from last week’s 0.02% increase, while in Incheon, prices rose by 0.05%, a smaller increase than last week’s 0.06%.

In Gyeonggi Province, Gwacheon (0.44%), Seongnam Bundang-gu (0.32%), Bucheon Wonmi-gu (0.16%), Bucheon Ojeong-gu (0.14%), Gunpo (0.13%), and Siheung (0.13%) saw price increases. In Incheon, Jung-gu (0.10%), Namdong-gu (0.07%), Seo-gu (0.07%), Gyeyang-gu (0.05%), and Yeonsu-gu (0.04%) saw price increases.

Nationwide, jeonse prices for apartments rose by 0.05% compared to the previous week’s 0.04% increase. In the metropolitan area (0.12%→0.12%), the increase remained the same, while in Seoul (0.19%→0.2%), the increase expanded. In the provinces (-0.03%→-0.02%), the decline narrowed.

The Korea Real Estate Agency explained, “The jeonse market in Seoul is seeing continued price increases in preferred areas due to a shortage of available properties,” adding, “The steady demand for jeonse is leading to price increases in nearby complexes and older buildings, expanding the overall price increase in Seoul.”

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