Apartment prices in Seoul's Gangnam and Seocho districts fell for a third straight week, yet the citywide gain accelerated. Buying interest is shifting to more affordable areas north of the Han River and in the southwest, widening the gap between neighborhoods in the capital's housing market.
Seoul apartment sale prices rose 0.29% from the previous week, according to weekly housing data for the fourth week of August, based on the 24th, released by the Korea Real Estate Board (REB) on the 27th. That was up 0.07 percentage points from the prior week's 0.22%. The wider Seoul metropolitan area also picked up, to 0.22% from 0.15%, while the national figure rose to 0.11% from 0.08%.
Within Seoul, the southeastern districts where high-priced apartments are concentrated diverged from northern and outlying areas. Gangnam's decline deepened to 0.11% this week from 0.05% a week earlier. Prices there turned negative in the second week of August with a 0.02% drop and have fallen for three consecutive weeks, led by adjustments at major complexes in Daechi and Apgujeong. Seocho also fell 0.05%, its third straight weekly decline, centered on Jamwon and Banpo.
Songpa has not turned negative but continues to lose momentum. Its weekly gain slipped from 0.12% in the second week of August to 0.10% in the third week and 0.09% this week. As a result, the southeastern zone comprising Gangnam, Seocho, Songpa and Gangdong rose just 0.03%. That gauge has fallen steadily from 0.18% on July 20, moving through 0.13%, 0.09%, 0.05% and 0.04%.
Districts north of the river, by contrast, posted a string of gains above 0.5%. The 14 northern districts averaged 0.40%, far outpacing the citywide figure. Jungnang led with 0.56%, followed by Seongbuk and Gangbuk at 0.55% each and Dobong and Nowon at 0.54% each. Complexes near subway stations in Sinnae and Sangbong drove the increase in Jungnang, small and mid-sized units in Jeongneung and Gireum in Seongbuk, and large complexes in Mia and Beon in Gangbuk.
Gains also widened sharply in the southwest. Gangseo nearly doubled to 0.50% from 0.28% a week earlier, and Guro to 0.49% from 0.25%. Gwanak rose 0.46%, up from 0.28%. The southwestern zone as a whole climbed 0.36%, up from 0.23%. The southeastern zone, meanwhile, eased to 0.03% from 0.04%, underscoring the split within the city.
Momentum also strengthened in key parts of Gyeonggi Province, where apartment prices rose 0.23%, up from 0.15% the previous week. Yeongtong in Suwon stood out with a 0.75% gain, followed by Gwangmyeong at 0.69% and Suji in Yongin at 0.66%. Dongtan in Hwaseong jumped to 0.54% this week from 0.12% a week earlier.
An official at the Korea Real Estate Board said some Seoul complexes saw declining transactions as sellers held back or listed units at reduced prices, but that rising contracts were detected at sought-after complexes with good transport links.
