Korea Real Estate Board's August nationwide housing price survey

The Raemian Gileum Centerpiece apartment complex in Gireum-dong, Seongbuk-gu, Seoul. [Naver Street View]
The Raemian Gileum Centerpiece apartment complex in Gireum-dong, Seongbuk-gu, Seoul. [Naver Street View]

Seoul's housing price gains slowed in August as high-end apartments in Gangnam-gu and Seocho-gu edged down, but outer districts such as Seongbuk-gu, Nowon-gu and Jungnang-gu — where development expectations remain high — continued to rise, keeping the overall pace of appreciation above May levels.

According to the Korea Real Estate Board's August nationwide housing price survey released Tuesday, the average sale price of all housing types in Seoul — apartments, row houses and detached homes — rose 0.97 percent from the previous month, down 0.12 percentage points from July's 1.09 percent gain.

The narrowing is attributed to a wave of distressed listings in the Gangnam area following the government's announcement of its 2026 tax reform package. By district, Gangnam-gu fell 0.18 percent, led by mid- to large-sized units in Apgujeong-dong and Daechi-dong, while Seocho-gu edged down 0.01 percent, centered on major complexes in Jamwon-dong and Banpo-dong.

Outer Seoul, however, continued to climb. Seongbuk-gu posted the sharpest gain at 1.83 percent, driven by large complexes in Donam-dong and Jongam-dong. Nowon-gu rose 1.77 percent on development expectations in Sanggye-dong and Wolgye-dong, Seodaemun-gu gained 1.64 percent led by Namgajwa-dong and Hongjae-dong, and Jungnang-gu advanced 1.53 percent on well-established complexes in Sinnae-dong and Myeonmok-dong. Gwanak-gu rose 1.15 percent, centered on Sillim-dong and Bongcheon-dong, while Gangseo-gu gained 1.10 percent on large complexes in Deungchon-dong and Banghwa-dong.

Gyeonggi Province rose 0.58 percent, led by Gwangmyeong and the Bundang area of Seongnam and Yeongtong-gu in Suwon, while Incheon fell 0.03 percent, with declines concentrated in Michuhol-gu, Namdong-gu and Seogu.

Meanwhile, Seoul apartment prices rose 1.05 percent from the previous month and row house prices gained 0.93 percent, though both figures represented a narrowing from the prior month's increases. Worsening loan conditions — including a benchmark interest rate hike — are seen as having modestly dampened buyer demand.

A Korea Real Estate Board official said prices continued to rise centered on Seoul and the greater metropolitan area, with demand consistently strong in preferred residential areas, even as some districts saw price corrections. "In the sales market, locally discounted listings led to downward transactions in some areas, while upward contracts were signed in large complexes, transit-oriented areas and small- to mid-sized units where demand remained high, pushing the national average above the previous month," the official said.

Jeonse and monthly rent prices also continued to rise. The nationwide jeonse price index for all housing types rose 0.83 percent in May from the previous month — down 0.2 percentage points from April's 1.03 percent gain but still above April's 0.66 percent increase. Nowon-gu led with a 1.58 percent gain on large complexes in Sanggye-dong and Junggye-dong, followed by Seongbuk-gu at 1.38 percent on major complexes in Gireum-dong and Jeongneung-dong, Seodaemun-gu at 1.16 percent on small- to mid-sized units in Bukgajwa-dong and Namgajwa-dong, and Geumcheon-gu at 1.15 percent on large complexes in Siheung-dong and Doksan-dong.

Gangbuk-gu rose 1.13 percent, led by Mia-dong and Beon-dong, Dobong-gu gained 1.06 percent in Chang-dong and Ssangmun-dong, and Gangdong-gu advanced 1.03 percent in Amsa-dong and Dunchon-dong. Gyeonggi Province rose 0.49 percent, driven by large complexes in Giheung-gu, Yongin and Gwangmyeong.

Seoul's overall monthly rent increase rate came in at 0.82 percent, easing slightly from the previous month's 0.94 percent.


hss@heraldcorp.com