| Apartment data photo 2021.11.15/News 1 © News1 Reporter Jinhwan Kim |
The increase in housing prices in the metropolitan area continues to slow, with the increase in apartment prices in Seoul declining for the sixth consecutive week.
While the wait-and-see situation is getting stronger due to loan regulations, interest rate hikes, and the perception of a high, there are also cautious prospects that it could turn downward around next year.
◇ The rate of increase in apartment prices in the metropolitan area is 0.16%… 8 weeks in a row
According to the Korea Real Estate Agency on the 5th, weekly apartment prices in the metropolitan area rose 0.16% from a week ago in the 5th week of November (as of the 29th), but the increase decreased for 8 consecutive weeks.
The rise in Seoul also decreased for six weeks in a row, recording an increase of 0.1%. The real estate agency explained, “Buying sentiment and trading activity continued to contract due to strengthening household loan management and interest rate hikes.”
By region, Yongsan-gu, with high expectations for the maintenance project, continued its strength with an increase of 0.23%, while the 3 districts of Gangnam, including Seocho-gu 0.17%, Songpa-gu 0.17%, and Gangnam-gu 0.15%, also exceeded the Seoul average. Mapo-gu and Gangdong-gu also rose 0.15% and 0.13%, respectively. In Gangbuk-gu, the wait-and-see situation was getting stronger and it was converted to 0%.
The growth rates of Gyeonggi and Incheon were 0.17% and 0.22%, respectively, and both continued to slow. It is the first time in 13 months that the economic growth rate has recorded 0.1% level since the end of October last year, 0.16%.
By region, Gyeonggi increased with 0.51% in Icheon, 0.43% in Anseong, 0.27% in Gunpo, 0.27% in Bucheon, 0.26% in Osan, and 0.31% in Gyeyang-gu, Bupyeong-gu 0.27%, Michuhol-gu 0.24%, and Jung-gu 0.2%. .
In the real estate R114 statistics, a private indicator, the weekly increase in apartment prices in Seoul recorded 0.07%, decreasing for the second week in a row. Real Estate R114 pointed out that “the atmosphere in which buying sentiment is weakening due to the perception of highs, loan regulations, and interest rate hikes is deepening.”
◇ Jeonse prices in the metropolitan area also narrowed the rise to 0.12%… “Possibility of optimism next year.”
The rate of increase in the total rental price of apartments in the metropolitan area was 0.12% based on the real estate agency, a 0.03 percentage point slowdown compared to the previous week.
Seoul’s increase rate was 0.1%. Jeonse prices rose mainly in areas with good settlement conditions or near train stations, but it is interpreted that the increase was reduced due to interest rate hikes, high asking price burden, and increased volume.
By region, △Dongdaemun-gu 0.14% △Eunpyeong-gu 0.14% △Mapo-gu 0.13% △Gangdong-gu 0.13% △Guro-gu 0.13% △Yangcheon-gu 0.12%.
Gyeonggi and Incheon recorded 0.12% and 0.15%, respectively. By region, Gyeonggi increased by 0.5% in Icheon, 0.3% in Anseong, and 0.27% in Siheung, but fell to -0.13% in Dongan-gu, Anyang. In Incheon, the increase was high with 0.27% in Michuhol-gu, 0.26% in Yeonsu-gu, and 0.21% in Gyeyang-gu.
Jang Jae-hyeon, head of Real Today’s research division, said, “Real estate prices rise when end users can buy them.”
He added, “People who have been burdened with financial burden due to interest rate hikes have no choice but to put on sale,” he predicted.
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