Seoul Home Prices Keep Rising After Government Supply Measures

Seoul's housing market shows no signs of cooling, with apartment prices continuing their upward trend even after the government announced new supply measures on August 13. Prices rose 0.13% in the third week of August, matching the previous week's rate.

The government's plan aims to alleviate concerns about short-term supply shortages by promising 27,000 new housing units in areas like Seoul's Yumchang Park and Namyangju. An additional 73,000 units are slated for announcement by the end of the year.

However, the market's reaction suggests these measures may not be enough to curb price increases. The continued rise indicates that buyers and sellers anticipate that the actual construction and delivery of these new homes will take time, failing to immediately address the perceived lack of available housing.

Across the country, apartment prices increased by 0.14% in the third week of August. The Seoul metropolitan area saw a 0.17% rise, driven by increases in Gyeonggi and Incheon provinces. Other major cities and regions experienced more modest gains.