Seoul home prices climb over 1% for second month, driven by development hopes

Seoul's housing market continues its upward trend, with prices increasing by more than 1% for the second month in a row. In July, the pace of this rise accelerated, signaling sustained demand in the South Korean capital.

The surge is particularly noticeable in neighborhoods anticipated for development and in large residential complexes situated near subway lines. These areas are attracting significant buyer interest. Nationally, the housing price index saw a 0.35% increase in July, a marginal uptick from the 0.33% rise recorded in June. Apartments specifically experienced a 0.44% increase during the same period.

Within Seoul, the northern districts led the price growth. Seongbuk-gu saw the largest increase at 1.73%, followed by Nowon-gu (1.64%), Jungnang-gu (1.35%), Seodaemun-gu (1.26%), and Jung-gu (1.23%). Real estate analysts noted that despite a general wait-and-see attitude in the market, sales contracts are being finalized in areas with development prospects and favorable living conditions, driving up prices.