Actual transaction prices for apartments in Seoul rose 15.5% from a year earlier, the fastest annual gain since late 2021. The city's northeast — including Nowon, Seongbuk and Dongdaemun districts — drove the increase, while prices in the southeast, home to Gangnam, Seocho, Songpa and Gangdong districts, stalled. Small apartments led the gains, and jeonse (a lump-sum deposit lease) prices rose for a 16th consecutive month.
Seoul apartment sale prices in August climbed 15.50% from the same month a year earlier, the city government said on the 22nd, citing data published by the Korea Real Estate Board. That was the steepest annual increase since November 2021, when prices rose 17.92%. Prices were up 0.72% from the previous month.
By area, the northeast stood out. Actual transaction prices there rose 1.54% from July, the largest gain among Seoul's five zones. The central area rose 1.06%, the northwest 0.40% and the southwest 0.29%. The southeast, which includes Gangnam, Seocho, Songpa and Gangdong districts, fell 0.29%. Compared with a year earlier, the northeast gained 16.82% and the southwest 16.19%, both above the citywide average.
Smaller units posted the sharpest increases. Apartments with exclusive floor space of more than 40 square meters and up to 60 square meters rose 19.88% from a year earlier, the biggest gain of any size category. On a monthly basis, mid- to large-sized apartments of more than 85 square meters and up to 135 square meters led with a 1.32% increase.
Jeonse prices also kept rising. Actual transaction prices for Seoul apartment jeonse leases rose 0.30% in August from the previous month, a 16th straight monthly gain. The southwest led with a 1.30% increase, followed by the northwest at 0.17%. The central area fell 0.35%, the northeast 0.10% and the southeast 0.08%. Compared with a year earlier, Seoul apartment jeonse prices were up 11.31%.
Transaction volume, meanwhile, continued to decline. Seoul apartment sales in September totaled 2,923 as of the 16th of this month, down 18.3% from 3,578 in August. The figure could rise further, as filings for September contracts continue through the end of October. Lease transactions, covering both jeonse and monthly rent, fell 12.0% from the previous month to 14,204. Jeonse deals numbered 6,454 and monthly-rent deals 7,750, down 17.9% and 6.4% respectively. Monthly rent accounted for 54.6% of all lease transactions, a widening share.