Seoul's Apartment Prices Rise for 91 Consecutive Weeks, but Gyeonggi Province Surges 2.9 Times Faster

Seoul apartment prices have risen for a record-breaking 91 consecutive weeks, but Gyeonggi Province is leading the capital region's housing price surge with a 2.9 times higher rate of increase than Seoul.

According to weekly apartment price trends released by Korea Real Estate Board on the first week of November (as of November 2), apartment transaction prices in Gyeonggi Province rose 0.20% from the previous week. During the same period, Seoul increased only 0.07%.

Gyeonggi Province's rate of increase is 0.13 percentage points higher than Seoul's, equivalent to approximately 2.9 times the growth. Gyeonggi Province has outpaced Seoul's rate for seven consecutive weeks.

Seoul's increases declined for three consecutive weeks, dropping from 0.16% in the second week of October to 0.13% in the third week, 0.09% in the fourth week, and 0.07% in the first week of November. Meanwhile, Gyeonggi Province maintained strong momentum, sustaining a 0.20% rate of increase for two consecutive weeks.

Within Gyeonggi Province, southern regions showed particularly notable increases.

Yongin's Giheung District recorded the highest rate of increase at 0.60%, followed by Gunpo at 0.57%, Anyang's Dongan District at 0.55%, Hwaseong's Dongtan District at 0.49%, Suwon's Yeongdeungpo District at 0.43%, and Uiwang at 0.40%.

Suwon's Jangan District and Paldal District also maintained strong rises at 0.37% and 0.36%, respectively.

Particularly noteworthy is Gunpo City.

Gunpo is an unregulated area that was excluded from the October 15 real estate measures of last year and the additional designated regulated zone designation in July this year. This contrasts with adjacent Anyang's Dongan District and Uiwang City, which are classified as land transaction permit zones.

Gunpo's apartment prices rose 0.58% the previous week and continued to climb 0.57% this week, showing a sharp two-week consecutive increase.

Previously, Suwon's Gwonseon District was the area most affected by the real estate regulation balloon effect in the capital region.

Under the October 15 measures of last year, Suwon's Jangan, Paldal, and Yeongdeungpo Districts were designated as regulated zones, while Gwonseon District was excluded, attracting purchases due to relatively lower regulatory burdens.

Indeed, from January through the second week of October this year, Gwonseon District apartment prices rose 10.29%, recording the highest rate of increase among unregulated areas in Gyeonggi Province. During the same period, Gunpo also rose 9.26%.

In the fourth week of October, Gunpo's rate of increase at 0.58% surpassed Gwonseon District's 0.42%. As Gunpo's high rate of increase continues this week, attention is being paid to whether purchasing activity is spreading among unregulated areas in southern Gyeonggi.

Price increases in regulated zones are also continuing.

With Yongin's Giheung District, Anyang's Dongan District, Hwaseong's Dongtan District, and Suwon's Yeongdeungpo District—all designated as land transaction permit zones and speculation overheating districts—simultaneously recording high rates of increase, debate surrounding the price-stabilizing effects of real estate regulations is expected to continue.

In contrast, Seoul's Gangnam District declined 0.39% and Seocho District fell 0.37% this week, with losses expanding from the previous week. Songpa District also fell 0.17%, though the decline was somewhat reduced.