It was found that apartment prices in Seoul fell for the ninth consecutive week and the decline also increased.
As Gyeonggi and Incheon continued to decline, apartment prices in the metropolitan area fell the most in three years and three months.
According to the Korea Real Estate Agency, apartment prices in Seoul fell 0.07% this week compared to last week.
It fell for the ninth week in a row after the implementation of the exclusion of medium and temporary capital gains tax, and the drop expanded from -0.05% last week.
The decline is the largest in two years and three months since -0.07% on April 27, 2020.
In Seoul, the so-called Nodo River and Nowol, Dobong, and Gangbuk-gu regions showed a marked decline.
Apartment prices in Dobong-gu fell 0.17%, an increase of 0.03 percentage points from -0.14% last week, recording the biggest drop among 25 districts in Seoul.
Nowon-gu and Seongbuk-gu fell 0.15%, respectively, the decline was larger than last week's -0.13% and -0.12%, respectively. Gangbuk-gu also fell more from 0.13% last week to 0.14% this week.
Mapo. Seodaemun-gu -0.13% and Eunpyeong-gu -0.14% also continued to stagnate, and the decline was noticeably larger than last week.
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An official from the Korea Real Estate Agency said, "Due to concerns over interest rate hikes and economic recession, not only actual transaction prices but also general asking prices are falling in the Gangbuk area.
On the other hand, the Gangnam area of Seoul showed a relatively small decline, but continued to weaken except for Seocho-gu (0.01%).
Gangnam-gu's drop decreased from -0.02% last week to -0.01% this week, while Songpa-gu's drop increased from -0.02% to -0.04%.
Yongsan-gu, which was well-received by the Yongsan maintenance depot development, also fell 0.05% this week, a larger drop than last week.
However, this week's market price survey was on the 25th, and the expectations for the Yongsan Maintenance Depot development plan announced by the Seoul Metropolitan Government on the 26th were not reflected in the market price.
Gyeonggi-do -0.08% and Incheon -0.10% also fell more than last week, so the overall fall in apartment prices in the metropolitan area expanded from -0.06% last week to -0.08% this week.
The decline in apartment prices in the metropolitan area is the largest in three years and three months since -0.10% on April 22, 2019.
Gwangju-si and Osan-si, Gyeonggi-do showed a large drop.
Jeonse prices also continue to decline.
It turns out that although the number of rental properties is increasing, there are not many tenants looking for it.
(Photo = provided by the Korea Real Estate Agency, Yonhap News)