Seoul apartment prices rise for 85 consecutive weeks...matching the all-time longest record
Seoul apartment prices have risen for 85 consecutive weeks, matching the all-time longest record Amid the shortage of jeonse and the shift toward monthly rent, the upward trend is centered on mid- to low-priced homes in northern Seoul, with next week's record status to be confirmed
Seoul apartment prices have risen for 85 consecutive weeks, matching the longestever streak of increases during the Moon Jaein administration. If the upward trend continues next week, a new record will be set.
According to the weekly apartment price trend released by the Korea Real Estate Board on the 24th, Seoul apartment prices rose 0.13% in the third week of September compared with the previous week. Although the pace of increase slowed somewhat from the previous week, the upward trend that began in February last year continued.
The gains were led by areas in northern Seoul and neighborhoods with a high concentration of mid to lowerpriced apartments. Districts such as Seodaemungu, Dongdaemungu, and Seongbukgu posted rises far above the Seoul average, while the three Gangnam districts continued to decline after the tax revision.
Experts say that, amid a shortage of jeonse housing, a shift toward monthly rent, and loan regulations, demand is concentrating on mid to lowerpriced homes, making it difficult for Seoul apartment prices to turn downward anytime soon. Jeonse prices in Seoul also rose 0.19% over the same period, continuing their upward trend.