[DiaryPoint | Reporter Kim Jeong-hun] Apartment prices in Seoul are rising more slowly, and more homes are being listed for sale. Meanwhile, more than 40,000 homes are scheduled for move-in across the capital region by the end of the first quarter next year. The Financial Services Commission announced housing market trends and supply plans on the 13th.
According to figures from the Korea Real Estate Board cited in the announcement, the rate of increase in Seoul apartment sale prices fell from 1.27% in July to 1.05% in August and 0.74% in September. In September, sale prices in Gangnam, Seocho and Songpa districts changed by -1.65%, -1.25% and -0.45%, respectively.
Transactions also declined. Seoul apartment sales fell from 89,000 in May to 39,000 in September, below the five-year average of 41,000 for that month. As of November 11, more than 80,000 apartments were listed for sale, up over 40% from the start of the year.
Listings for both jeonse and monthly rentals have also increased over the past three weeks. Compared with October 21, jeonse listings rose 5.0% and monthly-rental listings 10.6%. The combined number of homes listed for sale or rent topped 123,000. Buyers may want to track both transaction volumes and listings, while renters can check whether more jeonse or monthly-rental options are becoming available in their preferred areas.
About 16,000 homes are expected to open for move-in across the capital region in November and December this year, followed by about 28,000 in the first quarter next year. Seoul is set to account for about 6,000 of those homes, including roughly 4,000 in Mapo, Seocho and Yongsan. In areas with a concentration of move-ins, prospective residents can compare each complex’s move-in schedule and available listings.
New-home sales will continue through the end of the year. In October, 16,000 homes were offered, including 1,305 in Godeok Gangil, Seoul. Another 11,000 or so are expected to be offered by year-end. Sales are also planned in three new towns: 1,100 homes in Goyang Changneung, 400 in Namyangju Wangsuk and 500 in Bucheon Daejang.
In December, Goyang Changneung is scheduled to offer 284 public-sale homes under a shared-equity plan. Buyers pay 25% of the sale price at move-in and acquire the remaining ownership in installments over 20 years. Those considering applying should check the complex’s official recruitment notice for eligibility, sale prices and payment terms.