2024.01 Comprehensive housing price index
2024.01 Monthly Sales Price Index
2024.01 Monthly Jeonse Price Index
Note
The comprehensive housing sales price index continued to decline across all regions. The decline in all regions widened compared to the previous month, showing a downward trend for two consecutive months after turning downward in December last year. In Gyeonggi (-0.23%), the overall decline in the metropolitan area widened significantly, with declines mainly occurring in Anyang, Bundang in Seongnam, Gwangju in Gyeonggi, and Ilsanseo-gu in Goyang. In Seoul, Songpa-gu (-0.33%) fell mainly due to decreased development demand in Munjeong, Jamsil, and Garak-dong, while Gangseo-gu (-0.19%) fell mainly due to construction in Gayang, Yeomchang, and Hwagok-dong. In Gangbuk, prices were adjusted downward due to very few purchase inquiries in Nowon (-0.22%) and Dobong-gu (-0.17%).
As for the comprehensive housing jeonse price index, the national jeonse price increased by 0.05%, reducing the increase compared to the previous month (0.12%). Seoul and the metropolitan area also saw a decrease in the rate of increase, and regional areas shifted from an increase to a decrease. In Gangnam, Seoul, the increase was mainly in Guro-gu (0.29%), Yeongdeungpo-gu (0.28%), Dongjak-gu (0.25%), and Gangnam-gu (0.18%), while in Gangbuk, Nowon-gu (0.44%), Dongdaemun-gu (0.33%), Seongdong-gu (0.28%), It rose mainly in Eunpyeong-gu (0.20%). In Seoul and the metropolitan area, the upward trend continues, mainly in areas with good residential conditions, new construction, and large complexes. Local areas showed a downward trend due to the influence of new move-ins in Daegu (-0.24%) and Gyeongbuk (-0.10%).
Sales price index for 10 years
Jeonse price index for 10 years
Note
It can be noted that the apartment rental price index continues to rise. The Seoul apartment rental price index has been rising for 9 months now. The apartment rental price index began to rise from the fourth week of May last year and showed an upward trend for 39 consecutive weeks until this week (as of the 12th).
Considering the cumulative increase rate since May of last year, the Seoul apartment rental price index rose by 4.20%. Compared to the apartment sales price index rising by 1.52% during the same period, it can be seen that the increase in jeonse prices is much steeper. Not only Seoul but also the metropolitan area, including Gyeonggi and Incheon, has been on the rise since the end of June last year. Fat has also been rising for seven consecutive months.
▲ Cumulative increase rate of apartment rental price index in Seoul and metropolitan area since May
▲ Cumulative increase rate of apartment rental price index by region since May
Note
By region, Seongdong-gu (8.58%) is the region with the highest increase in Seoul since the fourth week of May. In addition, Songpa-gu (7.20%), Yangcheon-gu (5.73%), Dongdaemun-gu (5.21%), Mapo-gu (4.86%), and Yongsan-gu (4.83%) were confirmed to have increased significantly in that order. In Gyeonggi, an upward trend could be confirmed in areas such as Seongnam-si (7.25%), Goyang-si (6.78%), Gwacheon-si (5.55%), and Anyang-si (5.15%).
It is predicted that the jeonse price index has risen significantly compared to the sales price index as actual owners who had considered purchasing switched to jeonse due to uncertainty in the real estate market and high interest rates. In addition, the upward trend was driven by preferred complexes such as school districts, subway areas, and large complexes in the region. The strength in jeonse prices is expected to continue this year. This is because the preference for jeonse is increasing due to high interest rates, and at the same time, in Seoul, the number of apartments moving in this year is greatly reduced. As the interest rates for jeonse loans in the banking sector are also decreasing, demand for jeonse is steadily flowing in. It is predicted that there will be a lot of demand to live on a jeonse basis and wait for sales, so jeonse prices are expected to remain strong for the time being.
