South Korea’s housing prices continued an upward trend in February, with gains recorded in sales, lease, and monthly rental markets nationwide, the Korea Real Estate Board (KRB) announced Monday.
According to the KRB’s February nationwide housing price survey, sales prices rose by 0.23% overall. The increase was more pronounced in the Seoul metropolitan area, climbing 0.42%, and in Seoul itself, where prices increased by 0.66%. Regional areas saw a more modest rise of 0.06%, according to the data.
Lease prices also saw gains across the board. Nationally, lease prices increased by 0.22%, with the Seoul metropolitan area experiencing a 0.31% rise and Seoul specifically seeing a 0.35% increase. Regional areas recorded a 0.14% increase in lease prices.
Monthly rental prices mirrored the trend, increasing by 0.24% nationwide. The Seoul metropolitan area saw a 0.33% increase, while Seoul’s monthly rental prices rose by 0.41%. Regional areas experienced a 0.15% increase.
The KRB, led by President Lee Heon-wook, noted a mixed market dynamic. While the number of properties offered for sale is increasing and some potential sellers are adopting a wait-and-observe approach, particularly in Seoul, transactions continue for properties in desirable locations and those undergoing redevelopment. The agency stated that the market is maintaining an upward trajectory despite these conflicting forces.
The survey indicated that price increases were concentrated in specific areas. In Seoul, the Seongdong district saw a 1.09% increase, driven by activity in the Eungbong and Haengdang neighborhoods, focusing on smaller-sized units. The Seongbuk district experienced a 1.08% rise, primarily in the Gil-eum and Jeongneung areas near subway stations. The Gwangjin district also saw significant gains.
In the Gyeonggi province, increases were observed in cities like Icheon and Pyeongtaek, while declines were recorded in Yongin’s Suji district, Guri, and Anyang’s Dongan district. Incheon saw a mixed performance, with declines in the Seo and Gyeyang districts offset by gains in the Yeonsu, Bupyeong, and Jung districts.
The KRB’s findings align with data available through the Ministry of Land, Infrastructure and Transport’s real estate transaction system, which provides detailed information on sales and lease volumes. Further data on transaction volumes can be found on the Korea Real Estate Board’s real estate statistics system (www.reb.or.kr/r-one) and the real estate transaction information portal (rt.molit.travel.kr).
