Prices up 17.6% over 86-week run per Korea Real Estate Board
Cumulative gain more than double that of Moon administration period
Gangnam, Yongsan fall while outer districts lead gains
Seoul apartment sale prices rose for the 86th consecutive week, surpassing the longest unbroken streak on record set during the Moon Jae-in administration. Over roughly 602 days, prices have climbed a cumulative approximately 17.6 percent.
The Korea Real Estate Board's weekly apartment price survey for the fourth week of September, based on Monday's figures, showed Seoul apartment sale prices rose 0.09 percent from the previous week. The pace of gains narrowed by 0.04 percentage points from the prior week's 0.13 percent, but the streak of weekly increases has continued unbroken since the first week of February last year.
That run now exceeds the previous record of 85 consecutive weeks of gains, which lasted from the second week of June 2020 to the third week of January 2022 under the Moon administration.
The cumulative gain is even more striking. The Korea Real Estate Board's Seoul apartment sale price index rose about 17.6 percent over the latest 86-week stretch — more than double the roughly 7.7 percent cumulative gain recorded over the 85-week run during the Moon administration.
In recent weeks, outer Seoul districts have been driving gains while Gangnam-area prices have dipped. This week, Gangnam-gu, Seocho-gu and Songpa-gu posted declines of 0.56 percent, 0.33 percent and 0.19 percent, respectively. Seocho-gu's decline moderated from the prior week's 0.37 percent, but Gangnam-gu and Songpa-gu fell more sharply than the previous week's drops of 0.42 percent and 0.14 percent. Yongsan-gu also slipped 0.01 percent, turning negative for the first time in 22 weeks since April 27.
By contrast, Seodaemun-gu posted the highest gain among Seoul's 25 autonomous districts, rising 0.41 percent. Dongdaemun-gu and Seongbuk-gu each climbed 0.36 percent, Nowon-gu rose 0.34 percent, and Gangbuk-gu gained 0.31 percent.
"Overall Seoul prices rose amid a mixed picture of gains and declines by district, with upward contracts concentrated in large complexes, transit-oriented areas and small-to-mid-sized units that see steady demand, while some areas saw downward price adjustments," the Korea Real Estate Board said.
Gyeonggi Province also rose 0.15 percent, driven by gains in Dongtan, Seongnam and other areas. Hwaseong's Dongtan district posted the highest increase in the country at 0.47 percent, led by major complexes in Mok-dong and Bansong-dong. Seongnam's Jungwon district rose 0.39 percent, centered on Sangwon-dong and Hadaewon-dong, while Suwon's Yeongtong district gained 0.37 percent, led by Maetan-dong and Mangpo-dong.
Seoul apartment jeonse prices rose 0.16 percent, easing slightly from the prior week's 0.19 percent gain. As with sale prices, Seongbuk-gu led with a 0.36 percent increase, followed by Gangbuk-gu, Nowon-gu and Dobong-gu, each also up 0.36 percent. Seocho-gu fell 0.23 percent, dragged down by Banpo-dong and Jamwon-dong amid an influx of new move-in supply.
hss@heraldcorp.com
