Business · Markets · 18 hrs ago
Gyeonggi apartment prices rise faster than Seoul for eight weeks
Apartment prices in Gyeonggi have risen faster than in Seoul for eight weeks according to weekly data from South Korea’s real estate agency.
In the first week of November, prices rose 0.20% in Gyeonggi, compared with 0.07% in Seoul.
The shift is led by southern Gyeonggi, where areas near semiconductor industry hubs have seen strong demand.
That demand is spreading to places such as Gunpo, which recorded the country’s largest price increase over the past month, and other areas outside government-designated regulatory zones.
Seoul’s gains have slowed as prices weakened in the wealthy districts of Gangnam, Seocho and Songpa and growth cooled elsewhere.
Some buyers priced out of popular areas are looking to nearby Gyeonggi districts with better affordability and access to Seoul.
Analysts expect Gyeonggi’s lead to continue for now, while uncertainty over policy and cautious buyers weigh on Seoul’s market.
Gyeonggi apartment prices have risen faster than Seoul prices for eight consecutive weeks, according to Korea Real Estate Board data.
In the first week of November, prices rose 0.20% in Gyeonggi and 0.07% in Seoul.
All 10 areas with the biggest weekly price increases nationwide were in Gyeonggi, with Seoul absent.
The article says strength in southern Gyeonggi is spreading from popular areas near the semiconductor belt to other locations.
- Who
- Apartment markets in Gyeonggi and Seoul.
- What
- Gyeonggi apartment prices have risen faster than Seoul prices for eight consecutive weeks.
- When
- The trend began in the second week of September and continued through the first week of November.
- Where
- Gyeonggi Province and Seoul, South Korea.
- Why
- The article attributes Gyeonggi’s strength partly to demand moving from popular southern Gyeonggi areas to nearby locations, while Seoul’s gains have slowed.
This story does not have two clearly opposing sides.
Gyeonggi’s weekly apartment price increase reached 0.18%, exceeding Seoul’s 0.16% for the first time in the period described.
The month-long period in which Gunpo recorded the nation’s largest cumulative price increase began.
KB Real Estate data showed Gyeonggi’s average weekly increase exceeding Seoul’s.
Gyeonggi prices rose 0.20%, compared with 0.07% in Seoul, and the 10 areas with the highest weekly increases were all in Gyeonggi.
- Gyeonggi weekly increase
- 0.20% in the first week of November
- Seoul weekly increase
- 0.07% in the first week of November
- Duration
- Eight consecutive weeks with Gyeonggi’s increase above Seoul’s
- Highest weekly increase
- Yongin’s Giheung district, 0.60%
- Highest month-long cumulative increase
- Gunpo, 2.24%
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What people are saying
As strength continues in popular residential areas in southern Gyeonggi near the semiconductor industry, including Suwon, tenants whose leases are ending and buyers with reduced purchasing power are moving to nearby areas to buy homes, and this appears to be spreading strength in southern Gyeonggi.
As strength that started in southern Gyeonggi spreads to nearby areas, and actual homebuyers move to Gyeonggi areas with good access to Seoul, price increases in Gyeonggi stand out; the 수도권 market’s ‘leading stock’ appears to be moving to Gyeonggi.