Seoul apartment prices extend record rise to 86 consecutive weeks

  • Seoul apartment prices rose for an 86th consecutive week through September 28.
  • Seoul's weekly gain slowed to 0.09% from 0.29% five weeks earlier.
  • Gangnam-gu fell 0.56%, while Yongsan-gu declined 0.01%.

Seoul apartment sale prices rose 0.09% in the week through September 28, extending gains to a record 86 consecutive weeks. The increase was the longest weekly winning streak on record, surpassing an 85-week run from June 2020 to January 2022 during the Moon Jae-in administration, but the pace slowed for a fifth straight week from 0.29% in late August. Gangnam-gu fell 0.56%, while Seocho-gu and Songpa-gu also declined and Yongsan-gu slipped 0.01%, adding to evidence that high-priced districts are weakening under tighter lending conditions and higher funding costs. Lower-priced outlying districts, led by Seodaemun-gu's 0.41% rise, continued to support the citywide index, though regional gains also moderated. Analysts said Seoul's index could flatten or turn negative around year-end if Gangnam's correction persists and momentum fades in northeastern and northwestern districts. Seoul's year-to-date sale-price gain stood at 8.19%, while jeonse prices had risen 8.18%, reflecting constrained rental supply and demand for comparatively affordable homes.

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