Home prices in the 2nd new city in the metropolitan area, which fell sharply compared to the peak, ‘recovery tax’

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The price of apartments in the metropolitan area, including Seoul, is decreasing. Areas that suffered significant falls, centered on large-scale apartments with relatively high transaction volume, are turning to the upward trend after bottoming out first. In particular, house prices are recovering, centering on the second-generation new towns, which suffered a significant drop from the peak.

According to the Korea Real Estate Agency on the 4th, as a result of investigating the national weekly apartment price trends for the first week of May (as of the 1st), the sales price decreased by 0.09% from the previous week, reducing the decline compared to the previous week (-0.11%).

Falls narrowed in the metropolitan area (-0.09%→-0.07%), Seoul (-0.07%→-0.05%), 5 metropolitan cities (-0.18%→-0.15%), and 8 provinces (-0.10%→-0.09%) , and Sejong (0.27% → 0.23%) increased the rate of increase.

In Seoul, Gangnam (0.02% → 0.03%) and Seocho-gu (0.03% → 0.02%) continued to rise as the sale prices rose after the low-price listings in major complexes were exhausted. In Nowon-gu (0.04% → 0.02%), the upward trend was maintained as traded mainly in mid- to low-priced construction complexes in Sanggye and Junggye-dong. Dongjak (0.00%→0.00%) and Yongsan (-0.03%→0.00%) remained flat. Songpa (0.04% → -0.01%), which had risen the previous week, declined slightly, and Gangdong (0.00% → -0.01%), which was flat, showed weak growth.

The drop was relatively large in the middle and low-end areas outside Seoul. Dobong-gu (0.29% → -0.19%) is a large complex in Chang and Ssangmun-dong, Gangseo-gu (-0.19% → -0.17%) is Deungchon and Yeomchang-dong, and Guro-gu (-0.21% → -0.15%) is mainly in Gaebyeon and Guro-dong. .

In the metropolitan area, a recovery trend is emerging, centering on areas where second-phase new towns have been built. In Incheon (-0.03%→-0.01%), there was a slight increase in Seo-gu (0.10%→0.08%), where Geomdan New Town is located, and Yeonsu-gu (0.03%→0.02%), where Songdo New Town is located.

The decline in the economy (-0.12% → -0.09%) also slowed. Seongnam Sujeong-gu with Wirye New Town (0.05%→0.12%), Hanam City with Misa Riverside City (-0.04%→0.04%), Yongin Suji-gu mainly with Gwanggyo New Town (-0.05%→0.02%), Hwaseong with Dongtan New Town (0.01%) %→0.05%) showed an upward trend.

The Seoul jeonse market is also experiencing a slight rise in asking prices, centered on major complexes with favorable residential conditions, as quick sales are looking for tenants. However, concerns about additional declines coexist in areas with high scheduled supply.

Songpa-gu (0.03% → 0.04%) was the only one in Seoul to show an upward trend, rising mainly in major large-scale complexes in Jamsil, Sincheon, and Garak-dong. Seocho (-0.28%→-0.24%) is affected by the planned move-in volume in Jamwon and Bangbae-dong, Dobong-gu (-0.36%→-0.22%) is built in Banghak and Chang-dong, and Nowon-gu (-0.23%→-0.20%) is Sanggye and Hagye-dong continues to decline, centering on small and medium-sized enterprises.

Reporter Kim Hyun-joo [email protected]

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