The cumulative enhance in Seoul condo sale costs this yr reached 8.1% as of Dec. 8, the second week of December, marking the best annual enhance since statistics started in 2012, the Korea Actual Property Board stated on Dec. 16.
The earlier file excessive was 8.0%, recorded in 2018 and 2021 in the course of the administration of former President Moon Jae-in. Though three weekly surveys stay, analysts say the chance of costs turning destructive is slim, elevating the likelihood that this yr will finish with the best annual development price on file.
Seoul condo costs have risen for 45 consecutive weeks for the reason that first week of February. Within the third week of October, costs posted a weekly acquire of 0.50%, the most important weekly enhance ever recorded. Though the tempo of positive factors has moderated following the federal government’s Oct. 15 measures, weekly will increase of round 0.2% have continued. On an annualized foundation, a weekly rise of 0.2% interprets into development of greater than 10%.
By district, Songpa-gu led positive factors with 19.78%, adopted by Seongdong-gu with 17.94%, Mapo-gu 13.50%, Seocho-gu 13.20%, Gangnam-gu 12.90%, Yangcheon-gu 12.25%, Yongsan-gu 12.18%, Gangdong-gu 11.76%, Gwangjin-gu 11.48%, and Yeongdeungpo-gu 10.06%.
In distinction, costs in outlying areas reminiscent of Nowon-gu, Dobong-gu, and Gangbuk-gu rose by round 1%. Nowon-gu posted a 1.76% enhance, whereas Gangbuk-gu and Dobong-gu noticed positive factors of 0.93% and 0.79%, respectively. Geumcheon-gu and Jungnang-gu additionally recorded modest will increase of 1.15% and 0.7%, respectively.
The first driver of the worth surge is seen as a worsening provide outlook. In keeping with Actual Property R114, the variety of new condo move-ins in Seoul, excluding rental housing, is predicted to fall sharply to 17,687 models in 2026, 10,113 models in 2027, and eight,337 models in 2028. This represents a virtually 60% decline in contrast with the mixed complete of 87,515 models equipped over the earlier three years from 2023 to 2025.
