Seoul apartment prices rose for an 84th consecutive week even as prices fell across all three Gangnam districts. Declines have become pronounced in Gangnam, Seocho and Songpa, but strength in northern districts such as Jungnang, Dobong and Seodaemun kept the citywide uptrend intact. Another increase next week would match the record 85-week run.
Seoul apartment sale prices rose 0.16% from the previous week as of the 14th, according to the weekly apartment price survey for the second week of September released by the Korea Real Estate Board on the 17th. The pace of gains slowed by 0.04 percentage point from 0.20% a week earlier but remained positive. Seoul's weekly increase has decelerated for three straight weeks, from 0.29% in the fourth week of August to 0.22% in the final week of August, 0.20% in the first week of September and 0.16% in the second week.
The correction in Gangnam, which had driven Seoul prices higher, deepened. Gangnam District fell 0.36% this week, a wider drop than the 0.35% decline a week earlier, led by declines at major complexes in Apgujeong and Daechi. Seocho District fell 0.26%, led by Jamwon and Banpo, while Songpa District's decline widened to 0.12% from 0.02% a week earlier. With all three districts falling, apartment prices across the southeastern region dropped 0.16%, a third straight week of declines.
Northern districts and Seoul's outer areas continued to climb. Apartment prices in the 14 districts north of the Han River rose 0.29% in a week, far outpacing the 0.04% gain in the 11 districts to the south. Jungnang District posted the biggest increase among Seoul's 25 districts at 0.51%, led by large complexes in Sinnae and Sangbong. Dobong and Seodaemun each rose 0.47%, Seongbuk 0.43% and Dongdaemun 0.36%.
"Some sellers have put units on the market at lower prices in certain areas, producing transactions at reduced prices, but sale contracts at higher prices were signed in preferred locations where demand remains solid, including newly built and large complexes and small- to mid-sized units," an official at the Korea Real Estate Board said. Even with the correction that began in Gangnam, buying has continued in relatively more affordable areas, supporting the citywide index.
Seoul apartment prices have now risen for 84 straight weeks. The longest run on record is 85 consecutive weeks, from the second week of June 2020 through the third week of January 2022. Another increase in next week's survey would tie that record.
