Seoul apartment prices rise for 76 consecutive weeks

Seoul apartment prices continued to rise for the 76th consecutive week, although the pace of increase was somewhat smaller than the previous week. As the Korea Real Estate Board announced its weekly trend for the third week of July (as of July 20), Seoul rose 0.27%, slightly lower than the previous week's increase. In Seoul, the upward trend continued in the northeastern area, including Seongbuk District and Jongno District, while the rate of increase in the Gangnam 3 districts generally declined. The market sees this as being influenced by a waitandsee sentiment ahead of the tax reform plan announcement expected at the end of this month. In Gyeonggi Province, the overall pace of increase slowed, but key southern Gyeonggi areas such as Seongnam Bundang and Yongin Suji continued to show strength. Hwaseong Dongtan and Guri, which were designated as regulated areas on the 30th of last month, saw their rates of increase shrink significantly, while apartment prices and jeonse prices nationwide also maintained a slight upward trend.