Dongtan home prices surge 4% in a month as sale and jeonse prices soar

Both sale prices and jeonse prices surged in June, according to KB Kookmin Bank's latest housing survey. Seoul apartment sale prices rose at a faster pace than the previous month, while jeonse prices hit their highest monthly gain of the year. In Gyeonggi Province, Dongtan-gu in Hwaseong posted a sale price increase of more than 4 percent.

KB Real Estate's June national housing price trend survey, released Sunday, showed Seoul apartment sale prices rose 1.07 percent from the previous month, based on a June 15 survey reference date. The margin of increase widened by 0.24 percentage points from the prior month.

By district, gains were concentrated in mid- to lower-tier areas, led by Dongdaemun-gu (2.16 percent), Seongbuk-gu (1.99 percent), Gwangjin-gu (1.85 percent), Jung-gu (1.80 percent), Gangbuk-gu (1.55 percent), Gangseo-gu (1.47 percent) and Yeongdeungpo-gu (1.29 percent).

Gangnam-gu (0.25 percent) reversed course this month after three consecutive months of decline. Seocho-gu (0.46 percent) and Yongsan-gu (0.54 percent) also posted modest gains, while Songpa-gu (0.80 percent) showed a relatively subdued rise.

Gyeonggi Province rose 0.65 percent, widening its pace of increase by 0.26 percentage points from the previous month.

Dongtan-gu in Hwaseong led the nation with a 4.16 percent monthly gain, a sharp jump from 1.05 percent the prior month. Other strong performers included Guri (1.96 percent), Gwangmyeong (1.87 percent), Suji-gu in Yongin (1.87 percent), Sujeong-gu in Seongnam (1.81 percent), Dongan-gu in Anyang (1.77 percent) and Paldal-gu in Suwon (1.73 percent).

Incheon fell 0.09 percent for a second consecutive month of decline, while the Greater Seoul area as a whole rose 1.07 percent.

Nationwide apartment sale prices rose 0.33 percent.

The KB Leading Apartment 50 index — which tracks monthly market capitalization changes among the 50 highest-valued apartment complexes — rose 0.14 percent from the previous month. The index had fallen for three consecutive months from March after the government announced it would end the multi-home capital gains tax surcharge exemption, but turned positive this month following the surcharge's reinstatement.

Jeonse prices are also continuing their sharp upward trend.

Seoul apartment jeonse prices rose 1.43 percent from the previous month in June, marking the highest monthly gain of the year.

By district, Dobong-gu (2.77 percent), Songpa-gu (2.29 percent), Eunpyeong-gu (2.10 percent), Dongdaemun-gu (1.99 percent), Seongbuk-gu (1.83 percent), Nowon-gu (1.80 percent) and Gangdong-gu (1.80 percent) saw the steepest jeonse price increases.

Gyeonggi Province (0.87 percent) and Incheon (0.37 percent) also posted jeonse gains, bringing the Greater Seoul area's overall increase to 0.96 percent.

The nationwide jeonse price increase stood at 0.58 percent.

The nationwide housing sale price index — covering apartments, row houses and detached homes — rose 0.24 percent from the previous month.

Apartments gained 0.33 percent and row houses 0.13 percent, while detached homes were flat.

Nationwide housing jeonse prices rose 0.40 percent. Apartments gained 0.58 percent and row houses 0.15 percent, while detached homes edged down 0.02 percent.

The median apartment sale price in Seoul's 11 Gangnam-area districts reached 1.6033 billion won ($1.04 million), crossing the 1.6 billion won threshold for the first time. The median jeonse price for the same districts also hit 700 million won, the first time it has reached that level since February 2022. The median price represents the middle value when all prices are ranked in order. The average jeonse price for apartments in the 11 Gangnam districts also exceeded 800 million won for the first time, reaching 801.93 million won.

The price quintile ratio — which measures the gap between the top 20 percent and bottom 20 percent of apartments by price — fell to 6.5 in Seoul, declining for four consecutive months. Analysts attribute the drop to sustained price gains in mid- to lower-tier districts where more affordable properties are concentrated.