Seoul apartment prices have risen for 87 straight weeks. In Daegu, they have fallen for about 150. Same country, two different housing markets.
Seoul apartments averaged 19.569 million won per square meter at the end of September, according to monthly data from KB Real Estate released on the 13th. That works out to 1.15 billion won for a 59-square-meter unit and 1.64 billion won for an 84-square-meter unit. Seoul apartment prices rose for an 87th consecutive week as of the first week of October, the longest streak on record.
Daegu apartment prices, by contrast, have been falling since the third week of November 2023, a slide now in its 150th week. While apartment prices nationwide continue to climb at a moderate pace, Daegu's slump is settling in as an isolated cold snap.
The declines have varied by district. Drops were steepest in older complexes, including Pyeongri and Naedang in Seo District, Wolseong and Sangin in Dalseo District, and Beommul and Manchon in Suseong District. Many aging apartments on the city's outskirts have fallen 30% to 50% or more from their peaks. In one case, an apartment once valued at 300 million won dropped to 150 million won.
Why Daegu Falls While Seoul Rises
There are three main reasons. A glut of units sold in earlier presale rounds has yet to be fully absorbed, and continued move-ins are capping any upside in sale prices. A market realignment centered on the greater Seoul area has also left both investment and owner-occupier demand in Daegu unable to recover.
On top of that, unsold units that remain on the market even after construction is complete are concentrated in Daegu and North Gyeongsang Province, deepening the freeze in transactions. The turnover rate has fallen to 0.17%, meaning just 17 sales for every 10,000 eligible properties.
A rebound is not out of the question. Move-ins at Daegu apartments peaked at 34,000 units in 2023 and are set to fall to around 10,000 in 2026, leading some to argue that shrinking supply could set the stage for a recovery. Analysts also caution that as long as the market realignment toward the greater Seoul area continues, reduced supply alone is unlikely to be enough to turn Daegu prices around.