As expectations for the easing of real estate regulations and reconstruction grew, the decline in apartment prices in Seoul decreased. Some areas, such as Gangnam-gu and Seocho-gu, turned to an upward trend by writing new new prices.
As of March 24, the Korea Real Estate Agency’s weekly apartment price trend survey in the third week of March (as of the 21st) showed that apartment prices in Seoul fell by 0.01% from the previous week. However, the decline was smaller than the 0.02% drop the previous week. With the election of President-elect Yoon Seok-yeol, the rate of change in apartment prices in Seoul has been gradually decreasing from the first week of March (-0.02%).
In particular, apartment prices in the Gangnam area are pushing up apartment prices in Seoul, which have been on a downward trend.
In fact, out of the 25 autonomous districts in Seoul this week, with the exception of Gangnam and Seocho-gu, all showed a decline or flat rate compared to the previous week. Only Gangnam-gu and Seocho-gu rebounded, respectively, rising by 0.01% from the previous week (0%). It is the first time in eight weeks that apartment prices in Gangnam-gu and Seocho-gu have turned upward. In Songpa-gu (0%), urgent sales in major areas such as Jamsil and Sincheon-dong were exhausted and asking prices rose, and in Gangdong-gu (-0.01%), the decline continued mainly in the large complex in Godeok-dong, but the decline was smaller than the previous week.
On the other hand, Gangbuk-gu (-0.05%), where the number of new occupants increased, had a large drop, and Nowon-gu (-0.03%) showed a larger decline mainly in the large complexes built in Sanggye and Junggye-dong. Eunpyeong-gu (-0.03%), Yongsan-gu (-0.03%), and Mapo-gu (-0.02%) also continued to decline. Yeongdeungpo-gu (-0.02%) saw an increase in Yeouido reconstruction purchases, but prices fell in Dangsan and Singil-dong.
An official from the Korea Real Estate Agency explained, “Reported price transactions were made centered on mid-to-large-sized apartments in the Gangnam area of Seoul and some reconstructed apartments, and the asking price also rose, but in other areas, it is showing a wait-and-see attitude and is generally maintaining a weak trend.”
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