The slowdown in Seoul’s apartment price growth has allowed Gyeonggi Province’s growth rate to outpace Seoul’s for eight consecutive weeks. Gyeonggi Province continues to see upward momentum centered around its southern regions, driven by the semiconductor industry boom, with the upward trend recently spreading to non-regulated areas.
According to the Korea Real Estate Board on the 8th, Gyeonggi Province’s apartment prices rose by 0.2% during the first week of November (as of the 2nd), surpassing Seoul’s 0.07% increase by 0.13 percentage points. Gyeonggi’s weekly price growth rate has been outpacing Seoul’s for eight consecutive weeks since it surpassed Seoul’s 0.16% in the second week of September with a 0.18% increase.
All of the top 10 regions with the highest weekly price increases this week were also located in Gyeonggi Province. Seoul failed to place even a single one of its 25 autonomous districts in the rankings.
In Seoul, price declines have continued centered around the Gangnam trio of districts, and the upward trend has been slowing as mid- to low-priced areas, which had seen sharp weekly increases of 0.5–0.6%, have entered a period of consolidation. Over the past month, Seoul’s growth rate has decreased from 0.16% in the second week of last month to 0.13% → 0.09% → 0.07%. Prices in Gangnam and Seocho Districts have been falling for 13 consecutive weeks, while Songpa District has seen declines for nine consecutive weeks.
In contrast, Gyeonggi Province continues to see upward momentum centered around the so-called "semiconductor belt" in its southern regions. Additionally, non-regulated areas, which had not seen significant price increases until now, are also experiencing steep rises.
In Gyeonggi Province this week, Giheung District in Yongin saw the highest price increase at 0.6%, followed by Gunpo City, a non-regulated area, at 0.57%. Other areas with high growth rates included Dongan District in Anyang, home to Pyeongchon (0.55%), Dongtan District in Hwaseong (0.49%), and Yeongtong District in Suwon (0.43%).
The price increases within Gyeonggi Province are spreading to non-regulated areas such as Gunpo. Similarly, other non-regulated areas including Byeongjeom District in Hwaseong, Wonmi District in Bucheon, and Uiwang City all recorded a 0.4% increase over the past week.
Woori Bank real estate researcher Nam Hyuk-woo stated, "The phenomenon of demanders selling properties in southern Gyeonggi Province and sequentially upgrading to higher-grade areas has led to continued price strength in premium areas within southern Gyeonggi," adding, "In non-regulated areas, the prolonged shortage of jeonse and monthly rental listings has led to increased purchasing activity from actual demanders with lower purchasing power and tenants within those areas."