2024.05 Comprehensive housing price index
2024.05 Monthly Sales Price Index
Note
Among the comprehensive housing sales price indices, the metropolitan area showed an upward trend. This is the first upward turn in five months since November of last year. Among metropolitan areas, Gyeonggi-do has a mix of rises and falls, but Seoul and Incheon played a role in the index's rise. The national sales price index continued its downward trend due to weakness in the five major metropolitan cities and regional areas. However, compared to last month, the decline decreased slightly. (-0.05% → -0.02%) The drop has continued to decline since January and February 2024 (-0.14%).
In Seoul, as concerns about the rise in jeonse prices and decline in sales prices were partially resolved, the amount of increase expanded (0.09% → 0.14%), with an increase in purchase inquiries centered on preferred complexes. Gangbuk, Seoul rose mainly in Seongdong-gu (0.53%), Yongsan-gu (0.30%), Mapo-gu (0.24%), and Jung-gu (0.16%), while Gangnam, Seoul saw increases in Songpa-gu (0.28%), Seocho-gu (0.24%), and Gangnam-gu (0.23%). , mainly rising in Yeongdeungpo-gu (0.22%). Incheon rose mainly in areas with good transportation and residential environments, and Jung-gu (0.47%), Bupyeong-gu (0.12%), and Gyeyang-gu (0.12%) played a big role in the rise of the metropolitan area. However, with a mix of regional increases and decreases, the economy declined significantly mainly in Anseong City (-0.48%), Yangju City (-0.46%), and Gwangju City (-0.35%).
2024.05 Monthly Jeonse Price Index
Note
The comprehensive housing rental price index has continued to rise for the past year since June of last year. The national jeonse price index increased compared to the previous month. (0.07% → 0.12%) Seoul (0.18% → 0.26%) and the metropolitan area (0.21% → 0.28%) also expanded. Local areas also saw a decrease in the decline (-0.06% → -0.03%). The rental market in the metropolitan area appears to have led the upward trend to areas where special rental funds for newborns are available and transportation and residential conditions are good.
In Seoul, renewal contracts were made centered on complexes with high preference, such as new construction and large complexes, and the increase increased (0.18% → 0.26%) due to a shortage of properties for sale. Gangbuk, Seoul rose mainly in Nowon-gu (0.52%), Dongdaemun-gu (0.43%), Jung-gu (0.35%), and Seodaemun-gu (0.35%), while Gangnam, Seoul rose mainly in Yeongdeungpo-gu (0.33%), Dongjak-gu (0.32%), and Seocho-gu (0.32%). , the rise was mainly in Guro-gu (0.28%). In Incheon, prices rose mainly in Bupyeong-gu (0.92%), where supply was insufficient, followed by Seo-gu (0.60%), Gyeyang-gu (0.55%), and Yeonsu-gu (0.44%). In Gyeonggi, the rise was mainly in Yeongtong-gu, Suwon (0.83%), Gwangmyeong-si (0.70%), Guri-si (0.61%), and Sosa-gu, Bucheon (0.58%).
2024.05 Monthly Rent Price Index
Note
The comprehensive housing monthly rent price index increased mainly in Seoul and Incheon and continued to rise throughout the metropolitan area. Accordingly, the national monthly rent price index also increased compared to the previous month (0.09% → 0.11%). The five major metropolitan cities saw an increase in growth, led by Gwangju, Ulsan, and Busan.
In Seoul and the metropolitan area, demand for monthly rent continued due to the aftermath of jeonse fraud, and the rise was centered on areas near stations and large complexes with good residential conditions. Gangbuk, Seoul rose mainly in Seongdong-gu (0.38%), Yongsan-gu (0.35%), Seodaemun-gu (0.31%), and Dongdaemun-gu (0.29%), while Gangnam, Seoul saw increases in Yeongdeungpo-gu (0.28%), Geumcheon-gu (0.25%), and Guro-gu (0.20%). , the rise was mainly in Gangseo-gu (0.19%). Incheon rose mainly in Bupyeong-gu (0.92%), Seo-gu (0.54%), Michuhol-gu (0.37%), and Namdong-gu (0.25%). In Gyeonggi, the rise was mainly in Sosa-gu in Bucheon (0.53%), Ilsandong-gu in Goyang (0.52%), and Bundang-gu in Seongnam (0.46%).
Despite the uncertain housing market environment, including jeonse fraud, jeonse prices continue to rise, especially in Seoul and the metropolitan area, and as inquiries about purchases increase, concerns about price declines are decreasing. Accordingly, sales increased mainly in major areas of Seoul and preferred complexes due to improved buying sentiment, and as a result, the decline nationwide decreased compared to the previous month. In the case of jeonse rent, the trend continues to rise mainly in favored areas with relatively good residential conditions, but it declines mainly in Daegu and Sejong, where supply is excessive, and the downward trend continues in regional areas with a decline in jeonse rent and flat monthly rent.
2024.05 Officetel Price Index
Note
The officetel market is in a downward trend. This is different from apartments, which are showing signs of a rebound as interest rates stabilize and concerns over price declines decrease, increasing purchase inquiries. The Seoul officetel price index decreased by 0.05% compared to last month. It has continued to decline for 21 consecutive months since September 22. The metropolitan area and regional areas are also showing similar patterns to Seoul. The metropolitan area decreased by 0.14% compared to the previous month, and the local area decreased significantly by 0.20%.
It fell 0.13%, a larger drop than 0.11% in April. Seoul and the provinces also fell by 0.09% and 0.22%, respectively.
On the other hand, the officetel monthly rent market shows a different picture. In Seoul and the metropolitan area, demand increased due to preference for officetel monthly rent, showing increases of 0.20% and 0.15%, respectively. It is confirmed that the increase has increased compared to last April, which was 0.09% and 0.12%, respectively.
As changes in the officetel market continue, it is expected to affect the real estate market outlook. If the upward trend in the apartment market continues, the slump in the officetel market is likely to last longer. As all investment demand for villas and officetels is concentrated into apartments due to the aftermath of the jeonse scam, it is expected that markets other than apartments will continue to decline further. As the polarization and decoupling of the apartment and non-apartment markets are expected to intensify, caution is likely to be needed regarding officetel investments.
