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Rising Apartment Prices in Metropolitan Areas: Gyeonggi and Incheon Show Strong Increase

[시사저널e=노경은 기자] Amid the nationwide rise in apartment prices, the metropolitan area attracted attention by showing a steeper increase. The rise in the metropolitan area was notable due to the strong price of new apartments in Gyeonggi and Incheon.

According to the Korea Real Estate Agency on the 23rd, apartment sales prices nationwide in the third week of September rose 0.10% compared to the previous week, rising for 10 consecutive weeks. Seoul also maintained its upward trend, rising 0.12%, but the increase decreased slightly from 0.13% last week.

On the other hand, as Gyeonggi (0.21%) and Incheon (0.11%) increased their increase compared to last week, the metropolitan area recorded an increase rate of 0.17%, up 0.02 percentage points from last week. In particular, in the case of the economy, it is the largest increase in about 1 year and 10 months since 0.21% in the fourth week of November 2021.

The rate of increase in the southern region of Gyeonggi was also notable. Hwaseong-si (0.46%) showed a price increase mainly in Dongtan New Town, Gwacheon-si (0.43%) mainly in Byeolyang-dong, where the preferred complex in Jungang-dong and maintenance projects are expected, and Sujeong-gu in Seongnam-si (0.43%) mainly in Changgok-dong and Sinheung-dong, which have good transportation conditions. In Incheon, the increase in Jung-gu (0.37%) was large.

An official from the Real Estate Institute said, “In the metropolitan area, Seoul’s sales price movement lags behind by a month or two,” and added, “As Seoul rose ahead and took a breather, it appears that the southern part of Gyeonggi followed suit.” .

In Seoul, all 25 districts rose, but the difference in increase was large depending on the district. Among the three Gangnam districts, Songpa-gu (0.24%) maintained last week’s increase, but Gangnam-gu (0.20 → 0.16%) and Seocho-gu (0.13 → 0.10%) decreased the increase. Yongsan-gu (0.18%) also decreased by 0.01 percentage points from last week, but Seongdong-gu 0.20%, Dongdaemun-gu 0.20%, Jongno-gu 0.15%, Eunpyeong-gu 0.12%, and Gwangjin-gu 0.10% increased the increase compared to last week.

Local areas rose 0.04%, showing the same increase as last week. By city and province, Sejong rose 0.20%, Daejeon 0.10%, Gyeongbuk 0.10%, and Gangwon 0.09%, while Jeonnam fell -0.03%, Jeju -0.02%, and Busan -0.01%.

The jeonse market rose 0.13%, expanding from 0.11% last week due to the fall moving season and the decline in listings.

Seoul’s rate was 0.20%, up 0.03 percentage points from last week’s 0.17%, and the increase in both the metropolitan area (0.21 → 0.24%) and regional areas (0.01 → 0.03%) also expanded.

By city and province, Sejong rose 0.46%, Gyeonggi 0.28%, and Incheon 0.18%, but Ulsan and Gyeongnam were flat, while Jeju -0.04%, Busan -0.04%, and Daegu -0.03% fell.

An official from the Real Estate Institute said, “As rental prices rise and the problem of reverse rentals has been partially resolved, the number of rental properties on the market seems to have decreased as the number of renewal contracts increases.”

2023-09-22 23:10:00
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