Twenty out of 25 districts in Seoul saw apartment asking prices surpass the previous peaks recorded in 2021-2022, according to an artificial intelligence price survey by Real Estate 114 released on July 18. The districts that have not yet exceeded their historical highs are Gangbuk-gu, Geumcheon-gu, Dobong-gu, Jungnang-gu, and Nowon-gu. Among the 20 districts that broke through previous peaks, Gangseo-gu, Eunpyeong-gu, Seongbuk-gu, Gwanak-gu, and Guro-gu achieved this milestone this year. The upward price trend is attributed to government loan regulations that directed homebuyers toward mid-to-low price areas where financing is relatively easier. This development comes ahead of the government's comprehensive real estate policy announcement expected at the end of this month.
Yoon Ji-hae, head of Real Estate 114's Research Lab, stated that if actual demand continues to flow into the five districts that have not yet surpassed their previous peaks due to relative price attractiveness, all 25 districts in Seoul will break through the 2021-2022 peaks during the second half of the year.
Seoul Apartment Prices Rose 0.30% in Second Week of July
According to the Korea Real Estate Board survey, the average apartment sale price in Seoul increased 0.30% in the second week of July (as of July 13), maintaining the same level as the previous week. Weekly statistics calculate fluctuation rates by combining some asking prices or nearby market prices when actual transactions are not active.
Seongbuk-gu showed the highest increase at 0.49%, centered on large complexes in Jeongneung and Hawolgok-dong. Guro-gu rose 0.44%, Jung-gu 0.40%, Gangseo-gu 0.38%, Jungnang-gu 0.37%, and Nowon-gu 0.37%, with mid-tier and lower-tier areas continuing their strength.
Gyeonggi Province Shows Mixed Performance with Dongtan Leading
In Gyeonggi province, prices increased 0.21%. Dongtan-gu in Hwaseong saw a 0.73% rise, with the increase slowing after being designated as a regulated area, but still maintaining a significant upward trend.
Gwangmyeong City showed a high increase of 0.59% as compensation procedures for the Gwangmyeong-Siheung district are set to begin at the end of this month. However, Icheon City fell 0.16% and Ilsan-dong-gu in Goyang declined 0.09%.
According to KB Real Estate's survey, Yeongtong-gu in Suwon recorded 1.47%, surpassing Dongtan-gu in Hwaseong (0.93%) to claim the top increase rate in Gyeonggi province, continuing the semiconductor belt momentum.
Rental Deposit Prices Increased 0.34% in Seoul
Jeonse (rental deposit) prices in Seoul rose 0.34%, expanding by 0.09 percentage points, while Gyeonggi province increased 0.23%, continuing a significant upward trend.
In Seoul, Gangbuk-gu recorded 1.45%, the highest increase rate this year, followed by Jungnang-gu (0.93%), Geumcheon-gu (0.85%), and Seongbuk-gu (0.77%), with large increases centered on outer areas.
In Gyeonggi province, Dongtan in Hwaseong (0.79%), Hanam City (0.74%), and Gwangmyeong City (0.60%) showed strong performance.
FAQ
How many Seoul districts surpassed their 2021-2022 apartment price peaks?
Twenty out of 25 districts in Seoul exceeded the previous peaks recorded in 2021-2022, according to Real Estate 114's AI price survey released on July 18. The five districts that have not yet surpassed their historical highs are Gangbuk-gu, Geumcheon-gu, Dobong-gu, Jungnang-gu, and Nowon-gu.
What was the apartment price increase in Seoul during the second week of July?
Seoul apartment prices increased 0.30% in the second week of July (as of July 13), according to the Korea Real Estate Board. Seongbuk-gu showed the highest increase at 0.49%, while mid-tier and lower-tier areas such as Guro-gu (0.44%), Jung-gu (0.40%), and Gangseo-gu (0.38%) continued their upward trends.
Why are Seoul apartment prices rising in mid-to-low price areas?
Government loan regulations directed homebuyers toward mid-to-low price areas where financing is relatively easier. This concentration of demand in areas with easier capital access has driven up apartment asking prices in districts such as Gangseo-gu, Eunpyeong-gu, Seongbuk-gu, Gwanak-gu, and Guro-gu.
