Housing market with a wait-and-see attitude spreading… Nationwide apartment price growth decreases for 4 weeks in a row

The rate of increase in housing prices in the metropolitan area is reduced…maintained in Seoul

[시사저널e=노경은 기자] A wait-and-see attitude is intensifying in the nationwide housing market. The upward trend in house prices has been maintained for over four months, but the rate of increase continues to appear to be decreasing.

According to the national weekly apartment price trend for the second week of November announced by the Korea Real Estate Agency on the 18th, the nationwide apartment sales price increased 0.02% from the previous week. As a result, the upward trend continued for 18 consecutive weeks, but the rate of increase is steadily slowing. The increase rate, which was 0.07% in the third week of October, fell to 0.05% in the fourth week and 0.04% in the fifth week, and fell again to 0.03% in the first week of this month, falling 0.01 percentage points this week as well.

Seoul recorded the same increase rate of 0.05% both last week and this week. Among Seoul’s 25 autonomous districts, Guro-gu (-0.02%) turned downward from last week’s flat rate, while Dobong-gu and Gangnam-gu were flat at 0.00% this week.

An official from the Real Estate Institute said, “In Seoul, sporadic transactions were maintained mainly in preferred complexes and complexes with expectations for redevelopment projects,” but added, “The overall wait-and-see attitude was maintained, with transaction sentiment weakening due to the difference in desired prices between buyers and sellers, and the increase last week was maintained.” “I did it,” he explained.

However, the increase in the economy (0.05 → 0.03%) decreased. Except for Yongin-si (flat), Osan-si (0.04→0.08%), and Guri-si (0.01→0.02%), most regions either reduced the increase or reversed the decline.

▲ Gunpo -0.02% ▲ Ansan -0.01% ▲ Yeo -si -0.02% ▲ Gimpo -0.04% ▲ Paju -0.01%, etc. %, etc., widened the decline.

Incheon (-0.02→-0.04%), which had turned into a downward trend last week, widened the decline. Incheon Jung-gu (0.07%) rose mainly due to the major complexes of Yeongjong Sky City, but Bupyeong-gu (-0.11%) fell due to the influence of new move-ins, and Michuhol-gu (-0.18%) and Dong-gu (-0.09%) also showed declines.

Accordingly, the slowdown in growth in the metropolitan area (0.04 → 0.03%) was noticeable.

Local areas (0.02→0.02%) maintained their increase.

▲Chungbuk 0.07% ▲Jeonbuk 0.07% ▲Gangwon 0.01% decreased the increase but continued to rise. Chungnam (0.04%) increased the rate of increase. Gyeongbuk (0.02%) maintained its rate of increase, and Jeju changed from a decline to a flat rate.

Jeonnam (-0.02%) maintained its decline, and Gyeongnam (-0.02%) reversed its decline from being flat.

Meanwhile, nationwide apartment rental prices rose 0.11%, rising for 17 consecutive weeks, but the increase also fell 0.01% from last week.

The increase in Seoul (0.21 → 0.19%) and other metropolitan areas (0.20 → 0.18%) decreased, and was maintained in regional areas (0.04 → 0.04%). In Seoul, Seongdong-gu had the steepest increase, rising 0.53%, while Yeongdeungpo-gu 0.27%, Songpa-gu 0.27%, Gangbuk-gu 0.26%, and Yongsan-gu 0.24% also had high rates of increase.

This official explained, “While transactions within preferred complexes in major areas have stagnated, there has been an increase mainly in small and medium-sized and built-up complexes with a perception of relatively low prices.”

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Ministry of Finance and Investment

Reporter Noh Kyeong-eun

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