Seoul Apartment Prices Extend 65-Week Surge

Seoul apartment sale prices have continued to climb for over 15 months. Last week, the rate of increase even accelerated, with listings shrinking and homeowners showing a greater inclination to raise prices.

Over the past two weeks, the number of Seoul apartment listings decreased by 6.3%, from 74,173 to 69,554. Apartment listings declined across all 25 administrative districts in Seoul, with a particularly noticeable trend in major complexes within the Gangnam 3 districts. Listings for the Jamwon Hanshin Apartment in Jamwon-dong, Seocho-gu, fell 40% from 70 two weeks ago to 42. Listings for Olympic Parktel Apartments in Bangi-dong, Songpa-gu, dropped 22.9% to 64 from 83. In Yeoksam-dong, Gangnam-gu, listings for Yeoksam Raemian Apartment were down 31.5% to 37 from 54.

Alongside the decline in listings, the price increase rate in key Gangnam areas has widened. The apartment sale price increase rate in Seocho-gu grew from 0.01% to 0.04% week-on-week, while Songpa-gu saw an increase from 0.13% to 0.17%. In Yongsan-gu, a key area along the Han River, apartment sale prices turned positive, rising 0.07% after four weeks. Seongdong-gu's increase expanded from 0.14% to 0.17%, and Mapo-gu from 0.10% to 0.15%. Gwangjin-gu saw a 0.15% rise, and Gangdong-gu rose 0.09%.