Seoul apartment prices rose for an 86th consecutive week, setting a new record for the longest uninterrupted rise in the weekly series. According to Korea Real Estate Board data released October 1, apartment sale prices in Seoul were up 0.09% in the week measured through September 28.
The previous record was 85 consecutive weeks of gains. The new streak extends beyond that mark, but the latest data also shows that the pace of increase is slowing. The weekly rise fell from 0.13% in the previous reading, marking a fifth straight week in which the rate of increase narrowed.
The record is extending while momentum weakens
The citywide average also masks sharp differences between areas. Prices in the three Gangnam districts have been declining for eight consecutive weeks, while gains in several outer districts have weakened considerably. Buyers and sellers therefore face a market in which the headline index is still positive even as some of the most closely watched submarkets move in the opposite direction.
For households trying to buy in Seoul, the long run of price increases continues to affect affordability and financing decisions. At the same time, the recent loss of momentum means the record streak should not be read as evidence that every district is still rising at the same speed.
Interest rates and the direction of individual districts will be important in the next readings. The available weekly data does not by itself show transaction volumes or the prices agreed in individual deals, so the clearest signal will come from whether Seoulโs overall rate keeps slowing and whether weakness in Gangnam and outer districts broadens.