“Only urgent sales were sold”… Seoul apartment price decline widens again

The decline in apartment prices in Seoul has grown again in six weeks. After the government’s omnidirectional real estate deregulation, apartment prices in Seoul decreased for five consecutive weeks, but the decline seems to have widened again as the expected price range between sellers and buyers did not narrow.

On the 9th, the Korea Real Estate Agency’s February 1st week (as of the 6th), apartment prices nationwide fell 0.49%, and the drop was larger than last week (-0.38%). After recording the largest drop ever (-0.76%) in the 4th week of December last year, apartment prices across the country showed a decreasing trend for 5 consecutive weeks.

Seoul apartment prices also declined from -0.25% last week to -0.31% this week.

As the government greatly eased real estate regulations through the 1.3 measures, the decline slowed as some sellers took up sales or raised asking prices, but it seems that the decline is happening again as it did not lead to actual transactions.

An official from the Korea Real Estate Agency analyzed, “The gap in the desired price between the seller and the buyer is still not narrowed, so the wait-and-see attitude is maintained.”

In Seoul, the decline increased mainly in areas where mid- to low-priced apartments worth less than 900 million won were concentrated.

Seodaemun-gu fell 0.46%, nearly doubling the drop from last week (-0.24%). Dongdaemun-gu, where downtrends were active centered on the Imun and Hwigyeong New Towns, also saw a sharp drop from -0.21% last week to -0.38%.

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Housing price trend for the first week of February. Korea Real Estate Agency

In Gangnam, Gangdong-gu (-0.36→-0.48%), which had high expectations for a rebound due to the reconstruction of Dunchon Jugong (Olympic Park Foreon) and the development of Godeok and Gangil districts, experienced a drop in sales centering on Daejang apartments such as Godeok Grasium and Arteon. has grown

In the metropolitan area (-0.58%), Gyeonggi-do increased from -0.55% last week to -0.77% this week, and Incheon increased from -0.39% to -0.51%.

The nationwide apartment jeonse price fell 0.76%, expanding the decline from last week (-0.71%). Seoul apartment rental prices fell 0.95% this week, slightly less than last week (-0.96%).