Seoul home prices up 8% so far this year as gains persist

Seoul apartment prices rose 0.74% in September, pushing the cumulative gain for the year past 8%. The pace of increase eased from the previous month as prices adjusted in high-end areas including the three Gangnam districts and Yongsan, but the upward trend continued across the city as a whole.

According to the Korea Real Estate Board's September national housing price survey released Thursday, Seoul apartment prices rose 0.74% from the previous month — a slight moderation from the 1.05% gain recorded in August. The cumulative increase from January through September stands at 8.32%.

The Korea Real Estate Board said price adjustments in some areas were offset by steady demand concentrated in neighborhoods with favorable living conditions and high desirability, sustaining the upward trend in Seoul and the broader metropolitan area.

Gyeonggi Province and Incheon both saw their rates of increase widen slightly. Apartment prices in Gyeonggi Province rose from 0.77% in August to 0.82% in September, while Incheon edged up from 0.05% to 0.08% over the same period. The Greater Seoul metropolitan area as a whole posted a 0.70% change, down from 0.75% the previous month.

The overall Seoul housing price index — covering apartments, row houses and detached homes — also saw its rate of increase narrow, from 0.97% last month to 0.84% this month. The year-to-date cumulative change stands at 0.79%. Gyeonggi Province's rate steepened from 0.58% to 0.63%, while Incheon's decline deepened from minus 0.03% to minus 0.11%.

Jeonse prices continued to rise across the Greater Seoul area. Seoul apartment jeonse prices gained 0.80% this month, maintaining a consistently steep upward trend. After rising 0.82% in April — the highest rate since July 2024, when prices climbed 0.85% — jeonse prices went on to rise 1.15% in May, 1.37% in June, 1.28% in July and 0.95% in August. The cumulative increase for the year stands at 8.21%.

Jeonse prices in Gyeonggi Province and Incheon each rose 0.67% this month. Incheon's rate of increase widened from 0.57% the previous month, while Gyeonggi Province's pace eased from 0.73%. Jeonse prices for apartments outside the capital region edged up from 0.14% to 0.15% over the same period.

Monthly rent for Seoul apartments rose the most sharply nationwide in September, climbing 0.93% — up from 0.91% in August. Gyeonggi Province also saw its monthly rent index rise 0.11 percentage points, from 0.62% to 0.73% over the same period. Incheon's rate likewise accelerated, from 0.46% last month to 0.64% this month.

The Korea Real Estate Board said Seoul jeonse prices rose on steady rental demand concentrated in major complexes near transit hubs and large-scale developments. In Gyeonggi Province, gains were centered on transit-oriented areas in Suwon's Yeongtong-gu and Gwangmyeong, while in Incheon, large complexes in Seohaegu and Yeonsu-gu led the increase.

Meanwhile, Seoul officetel sale prices rose 0.07%, continuing their upward trend even as the pace slowed from the previous month's 0.24% gain. Officetel jeonse prices rose 0.37% from the previous month.