Apartment prices in five of Seoul’s 25 districts remained below earlier peaks in the fourth week of August, despite a renewed rise since the first half of the year. The Korea Real Estate Board recorded indexes of 102.7 in Gangbuk, 102.1 in Dobong, 103.0 in Nowon, 101.9 in Eunpyeong and 102.3 in Geumcheon. These lower- and mid-priced markets surged in 2021 and 2022 after tenant-protection laws allowed lease renewals and limited increases in jeonse (long-term rental deposit system) and monthly rents. As jeonse listings declined and deposits rose, non-homeowners and tenants shifted toward purchases in more affordable districts. Mortgage caps introduced under the government’s Oct. 15 measures last year left buyers more borrowing capacity for homes priced below 1 billion won, supporting demand as listings contracted. Jungnang’s index reached 103.3 in August, exceeding its early-2022 peak of 102.9. Eunpyeong had Seoul’s highest July turnover rate, at 0.72, followed by Jungnang at 0.65. Analysts expect owner-occupier demand to remain strong through the second half. An Aug. 13 financial package also eased the marriage penalty in mortgage lending and new-home applications and increased the government’s ceiling for total household lending growth. Nam Hyuk-woo of Woori Bank’s real estate research institute said conditions remained firmly in place for sustained buying by people in their 20s and 30s and non-homeowners, adding that pent-up demand could support current strength through the rest of the year.