Seoul apartment prices rise for 84 consecutive weeks

Seoul apartment sales prices have risen for 84 consecutive weeks, approaching the record of 85 weeks set between 2020 and 2022. According to data from the Korea Real Estate Board, apartment prices in Seoul rose by 0.16% in the second week of September.

Market trends show a divergence between districts. While the affluent Gangnam area experienced declines—with Gangnam-gu falling 0.36% and Seocho-gu falling 0.26% due to potential tax burden concerns—other regions saw significant growth. Jungnang-gu recorded the highest increase at 0.51%, followed by Dobong-gu and Seodaemun-gu.

In the rental market, Seoul apartment Jeonse (lump-sum deposit) prices rose by 0.17%. Data regarding July transactions indicated that approximately 58.9% of Jeonse contracts were renewals, a notable increase from previous months. While transaction volumes for both sales and rentals saw fluctuations, demand remains concentrated in new constructions, large complexes, and small-to-medium-sized units.