Seoul apartment prices rise 0.2% as Gangnam-area downturn expands

  • Seoul apartment prices rose 0.20% as Gangnam, Seocho and Songpa all declined.
  • 0.46% was Gangbuk’s gain, Seoul’s highest, while Gangnam fell 0.35%.
  • Seoul’s 14 northern districts gained 0.33%, versus 0.08% across 11 southern districts.

Seoul apartment sale prices rose 0.20% in the first week of September, extending the city’s advance to 83 weeks, but growth slowed for a second straight week as Gangnam, Seocho and Songpa all declined. Gangnam fell 0.35% and Seocho 0.30% for a fifth consecutive week, while Songpa dropped 0.02% after rising the previous week. The 14 districts north of the Han River gained an average 0.33%, more than four times the 0.08% increase across 11 southern districts, supported by demand for smaller homes. Listings in Seoul rose 17.2% between Aug. 3 and Sept. 9 as proposed tax changes increased pressure on owners of expensive properties. Seoul jeonse prices rose 0.19%, although Seocho and Gangnam recorded declines.

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