Apartment prices in Gangbuk and Dobong-gu, Seoul also fell

They fell by 0.02% and 0.01%, respectively.
Eunpyeong-gu also fell for 2 weeks in a row
A sharp drop in trading volume at the level of the financial crisis
Seoul sales price growth slows down

In the metropolitan area, the number of areas in which apartment prices are on a downward trend is increasing. It is interpreted that the downward trend is spreading as lending regulations and interest rate hikes are combined, resulting in a sharp drop in transactions and accumulation of properties. Following Eunpyeong-gu, Seoul, apartment prices in Gangbuk-gu and Dobong-gu fell for the first time in a year and seven months. Siheung, Gyeonggi-do, which surged more than 30% this year, also fell for the first time in a year and four months.

According to the apartment price trend for the fourth week of December announced by the Korea Real Estate Agency on the 30th, apartment prices in Gangbuk-gu and Dobong-gu, Seoul fell 0.02% and 0.01%, respectively, from the previous week, turning downward. Following Eunpyeong-gu, which was the first to turn downward in Seoul last week, the number of regions in decline has increased. Eunpyeong-gu continued its downward trend by dropping 0.02% following last week’s (-0.03%).

In Seoul as a whole, the trading price rose 0.04% for one week, less than the previous week (0.05%). The increase in 14 out of 25 autonomous districts in Seoul decreased compared to last week, while Gwanak-gu and Geumcheon-gu maintained the same level (0.00%). The Korea Real Estate Agency explained, “There were some favorable factors such as reconstruction and remodeling, or the number of undervalued mid-to-low-priced complexes rose, but the increase in apartment prices in Seoul decreased as the buying trend decreased in most areas.”

Siheung-do, Gyeonggi-do, which surged this year
Turning down after 1 year and 4 months

In the metropolitan area, apartment prices in four areas, including Hwaseong-si and Suwon Yeongtong-gu, Siheung-si, and Seongnam-si, Sujeong-gu, turned downward. Siheung City fell 0.04% this week and turned downward from last week (up 0.07%). In Siheung, apartment prices soared 37.26% this year, making it the region with the largest rise after Uiwang in Gyeonggi Province. Uiwang maintained the same level as last week (0.00%).

Dongan-gu, Anyang-si, Gyeonggi-do, which rose by more than 30% this year (-0.01%), Gwangmyeong-si, Gyeonggi-do (-0.01%), and Sujeong-gu, Seongnam-si (-0.02%) also turned to decline. The total apartment sales price in the metropolitan area rose 0.04%, a decrease of 0.03 percentage points from the previous week. The rate of increase in apartment prices nationwide also recorded 0.05% this week, down from last week (0.07%). In Sejong (-0.57% → -0.63%) and Daegu (-0.03% → -0.04%), the decline widened.

Jeonse prices nationwide (0.05% → 0.03%), Seoul (0.06% → 0.04%), and regional (0.08% → 0.07%) rose less than last week.

As transactions plummeted, the November apartment transaction volume in Seoul is expected to drop to the level it was during the 2008 global financial crisis. As of this day, the November transaction volume of Seoul Real Estate Information Plaza was 1351. Although there is still a deadline to report transactions (31 days), if it stays at 1,300 without a significant increase, it will record the lowest monthly transaction volume since November 2008 (1163). The December trading volume counted up to this day also stood at 493.


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