Seoul's Jungnang district posts highest apartment price rise as new‑unit sales fall

Data from the Korea Real Estate Board showed that in the week ending July 27, Jungnang District recorded a 0.53% increase in apartment prices, the strongest rise among all Korean districts. Nearby outer districts such as Nowon, Dobong and Gangbuk also saw accelerating price gains, while central areas like Gangnam, Seocho and Songpa posted slower increases. Analysts linked the price surge to strong demand for affordable apartments in the city’s outskirts and the pending tax‑reform announcement, which keeps homebuyers focused on lower‑priced units.

At the same time, a mid‑size housing developer announced plans to sell 4,623 apartment units nationwide in August, a 39% drop from July but a 14% rise compared with August 2022. The allocation includes 1,495 units in the Seoul metropolitan area and 3,168 in the rest of the country, with Gyeonggi Province leading the non‑metropolitan supply with 1,285 units. The decline in new‑unit sales reflects tighter loan regulations and a shift in buyer preferences toward existing, lower‑priced properties.