Seoul outskirts see double-digit apartment gains as jeonse listings fall

  • Apartment sale and jeonse prices rose 11.15% and 10.10% year over year, respectively, in 10 Seoul districts.
  • Metropolitan-area jeonse prices rose 4.30% through August versus 4.06% for sales prices, while listings fell 27.5% year over year to 35,483.
  • About 30,000 Seoul households face relocation by the first half of next year as supply shortages and tighter rental conditions intensify competition.

Apartment sale prices in 10 northern and western Seoul districts rose 11.15% year over year and jeonse prices increased 10.10% as of last month, the first simultaneous double-digit gains in those districts since district-level statistics began in January 2012. Separately, metropolitan-area jeonse prices rose 4.30% from January through August, outpacing the 4.06% sales-price increase for a fifth consecutive month, while listings fell 27.5% year over year to 35,483 as of September 18. Analysts cited accumulated supply shortages, falling move-in volumes, tighter residency and land-transaction rules, and demand from households unable to buy. About 30,000 Seoul households facing relocation by the first half of next year could add further pressure.

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