Seoul apartment prices rose for an 85th consecutive week, matching the longest run of gains on record. Prices in the capital kept climbing as increases outside the Gangnam area offset continued declines in the three southern districts.
Seoul apartment sale prices rose 0.13% in the week ended Sept. 21 from the previous week, according to weekly apartment price data for the third week of September released by the Korea Real Estate Board on the 24th. The streak matches the previous record of 85 weeks, set from the second week of June 2020 through the third week of January 2022.
"While some complexes saw transactions at adjusted prices, sale prices rose mainly in areas with good living conditions, including popular large complexes and neighborhoods near subway stations," an official at the Korea Real Estate Board said.
The pace of gains, however, is steadily easing. After rising 0.29% in the fourth week of August, Seoul apartment prices gained 0.22% in the final week of August, 0.20% in the first week of September, 0.16% in the second week and 0.13% in the third week — a slowdown for four straight weeks.
Weakness in the three Gangnam-area districts pulled down the citywide figure. Gangnam District fell 0.42%, led by Apgujeong and Daechi, while Seocho District dropped 0.37%, centered on Banpo and Jamwon. Songpa District widened its decline to 0.14% this week from 0.12% a week earlier. Gangnam has fallen for four consecutive weeks and Seocho for five.
Districts outside the Gangnam area continued to advance. Seodaemun District rose 0.44%, the largest gain among Seoul's 25 districts, driven by small and mid-sized units in Hongeun and Bukgajwa. Dongdaemun and Seongbuk districts each rose 0.39%. Northeastern districts also showed strength, with Nowon up 0.37%, Jungnang 0.36%, Dobong 0.35% and Gangbuk 0.33%. In the southern part of the city, Gangseo rose 0.33%, Gwanak 0.30% and Geumcheon 0.26%.
Apartment prices in Gyeonggi Province also accelerated, rising 0.23% this week from 0.18% a week earlier. Suwon's Yeongtong District jumped 1.09%, led by large complexes in Yeongtong and Mangpo, while Suwon's Gwonseon District gained 0.66%, Yongin's Giheung District 0.48% and Hwaseong's Dongtan area 0.45%. The gain for the greater Seoul area widened to 0.17% from 0.15% the previous week.
Lease prices also kept rising. Seoul apartment jeonse prices, a lump-sum deposit lease, rose 0.19% this week, up from 0.17% a week earlier. Nationwide jeonse prices gained 0.10% and the greater Seoul area 0.16%.
