2023-07-21 22:00:02
Home prices across the country have risen for the first time in 77 weeks. As apartment prices in the metropolitan area increased, with 24 out of 25 districts in Seoul rising, the overall apartment price was pushed up.
In particular, it seems that the housing purchase psychology of young people has revived, with the percentage of Seoul apartment purchases in their 30s soaring by nearly 35%. In the provinces, the warmth is spreading, such as the rise of Chungnam and the rise of Sejong.
The rate of change in apartment sales prices nationwide and weekly in the metropolitan area./Graphic = Biz Watch
In Gangnam, Shingo is a party… move in your 30s
According to the Korea Real Estate Agency, in the third week of July (as of the 17th), the rate of change in the weekly sales price of apartments nationwide recorded 0.02%. It has been 77 weeks since the fourth week of January last year (24th, 0.02%) that apartment prices nationwide have risen, and it has been 1 year and 6 months.
Rising house prices in the metropolitan area had a major impact. Seoul apartment prices rose 0.07% this week, increasing the rise from last week (0.04%). It has already been on the rise for 9 weeks since the fourth week of last May (0.03%).
Gangbuk-gu, which continued to be weak, also turned up 0.01% this week. This is the first year and two months since the fourth week of May last year (0.01%). Nowon-gu, which fell for the last two weeks in a row, also rose 0.03% this week.
Mapo (0.15%), Seongdong (0.10%), Eunpyeong (0.10%), and Gwangjin (0.09%) districts increased the overall rise in the Gangbuk area, centering on major complexes.
Gangnam-gu, where the ‘Shingoga Party’ continued, also increased the rise.
Gangnam 3-gu (Seocho, Gangnam, Songpa), which led the rise in house prices, has been on the rise since April and May. As the number of reported transactions of Hyundai Apartment in Apgujeong, which has recently been favorable for reconstruction, increased, the increase in Gangnam-gu increased from 0.04% last week to 0.11% this week.
The Korea Real Estate Agency said, “Seoul is showing a wait-and-see attitude due to the rise in selling prices following the rapid sale of major complexes is exhausted, and transactions are slowing down.”
In particular, it is analyzed that purchases in their 30s were active. Looking at the statistics by monthly buyer age group of the Korea Real Estate Agency, out of a total of 3711 apartment transactions in Seoul last May, those in their 30s had the most with 1286 cases (34.7%).
During the real estate upswing, people in their 30s were the representative ‘purchase buyers’ and ‘pursuit buyers’ age group. The number of purchases decreased to 171 in November last year due to the followingmath of high interest rates, but the recent recovery of the real estate market has resulted in a noticeable buying trend.
Gyeonggi-do and Incheon also increased the rate of increase. The rate of increase in apartment prices in Gyeonggi-do jumped from 0.04% last week to 0.07% this week, and Incheon also jumped from 0.04% last week to 0.08%.
Sejong, Chungnam and regional weekly apartment sales price fluctuation rate./Graphic = Biz Watch
Do you dream of fat too? “There’s just a time difference”
In contrast, fat is still showing a ‘negative’ volatility. As of the third week of July, the rate of change in local apartment prices recorded -0.03%. I have been riding downhill for 58 weeks since June 13 last year.
This is the reason why there are steady concerns regarding deepening ‘polarization’ between Seoul and the metropolitan area and the provinces in the market. The difference in apartment prices between Seoul and the provinces also sounds like ‘billion’. The house price gap between Seoul and the provinces has been maintaining the 1 billion won range for the third year.
According to Real Estate R114, as of the 7th of this month, the average sales price per apartment household in Seoul was 1,294.9 million won, and the average apartment price in the provinces (excluding 5 metropolitan cities) was 265.57 million won. In other words, apartments in Seoul are more than five times more expensive than those in other parts of the country.
However, as the extent of decline is reduced in many places and areas are turning upward, some say that the region is also ‘warming up’.
Chungnam moved up from -0.02% last week to 0.01% this week. Immediately following turning upward on June 12th, 65 weeks following March 14th (0.01%) of last year, it repeated declines and plateaus, and then turned to rise once more this week.
Sejong rose 0.30% this week as demand increased mainly in Bangok-dong, Hansol-dong, and Jongchon-dong, increasing the increase from last week (0.13%). It is rising remarkably following turning upward on March 20 (0.09%). In addition, the decline in Chungbuk (-0.02% → -0.01%), Gyeongnam (-0.03% → -0.01%), and Gangwon (-0.03% → -0.02%) was reduced.
Song Seung-hyun, CEO of City and Economy, said, “Provincial cities are also leading prices in large cities and metropolitan cities, and the temperature is spreading.”
“There are places with a lot of occupancy by region, but if additional deregulation such as acquisition tax, elimination of unsold sales, and stabilization of jeonse prices are properly combined, there is a possibility that it will lead to a recovery in transaction volume and an increase in price,” he added.
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