Seoul apartment prices rise for 85th straight week even as Gangnam falls

Apartment prices in Seoul's three Gangnam districts — Gangnam-gu, Seocho-gu and Songpa-gu — have been falling in recent weeks, yet Seoul as a whole has now posted gains for 85 consecutive weeks. The streak matches the longest on record, with mid- and lower-priced districts such as Seodaemun-gu, Dongdaemun-gu and Nowon-gu stepping in to sustain the city-wide advance as Gangnam cools.

The Korea Real Estate Board's weekly apartment price survey for the third week of September showed Seoul apartment sale prices rose 0.13 percent from the previous week, according to Yonhap.

Prices in Seoul continue to climb, but the pace is slowing. The weekly rate of increase has narrowed for four consecutive weeks since the fifth week of August, when it stood at 0.29 percent, before easing to 0.22 percent in the first week of September and continuing to moderate since. Prices have not fallen outright, but the weekly gain is shrinking.

Even so, Seoul apartment prices have risen every week for 85 consecutive weeks since the first week of February last year — matching the all-time record set between the second week of June 2020 and the third week of January 2022.

The picture varies sharply by district. The three Gangnam districts are actually declining, unlike the city as a whole. Gangnam-gu fell 0.42 percent from the previous week and Seocho-gu dropped 0.37 percent, each posting a seventh straight week of declines. Songpa-gu slipped 0.14 percent for a third consecutive weekly loss. Yongsan-gu edged up just 0.02 percent, in effect treading water, while the Han River belt districts of Mapo-gu (0.06 percent) and Dongjak-gu (0.11 percent) also recorded modest gains.

Mid- and lower-tier districts, by contrast, rose by comparatively wide margins. Seodaemun-gu gained 0.44 percent in a single week, while Dongdaemun-gu and Seongbuk-gu each rose 0.39 percent, Nowon-gu 0.37 percent, Jungnang-gu 0.36 percent and Gangseo-gu 0.33 percent. Those gains offset the losses in the Gangnam area, leaving the city-wide figure at a 0.13 percent increase.

The Korea Real Estate Board said that while some complexes recorded lower-priced transactions, prices continued to rise in areas with strong residential conditions, particularly large complexes and transit-oriented areas. Kim Hyo-seon, a senior real estate specialist at KB Kookmin Bank, said Seoul home prices are more likely to keep narrowing their rate of increase after the Chuseok holiday than to reverse into a decline.

Gyeonggi Province's weekly gain actually widened, to 0.23 percent from 0.18 percent the previous week. The so-called semiconductor belt led the advance — Suwon's Yeongtong-gu surged 1.09 percent in a single week, followed by Suwon's Gwonseon-gu (0.66 percent), Yongin's Giheung-gu (0.48 percent) and Hwaseong's Dongtan-gu (0.45 percent). Incheon rose 0.01 percent, bringing the overall Greater Seoul area gain to 0.17 percent for the week. The national average increase was 0.09 percent.

Jeonse prices followed a similar pattern. Seoul jeonse prices rose 0.19 percent for the week. Seocho-gu and Gangnam-gu fell, but sharp gains in Nowon-gu (0.47 percent) and Seongbuk-gu and Gangbuk-gu (0.42 percent each) pushed the city-wide jeonse figure higher.