Seoul, South Korea – The Korean Real Estate Board's latest housing price index for October reveals a mixed bag of results. While the overall housing market continues to exhibit growth, the pace of increase has slowed down, particularly in Seoul and other metropolitan areas.

Nationwide, housing prices rose by 0.07% in October, a slight deceleration from the previous month's 0.17% increase.

Seoul's Housing Market

Seoul's housing market, which started its recovery in April, has continued its upward trajectory for seven consecutive months. However, the rapid price increases and tightened lending regulations have tempered the growth. The peak growth rate was recorded in August at 0.83%, followed by a decline to 0.54% in September and 0.33% in October.

While the overall market has shown signs of cooling, certain high-end residential areas in Gangnam and Seocho districts, which are less affected by lending regulations, continue to experience strong price growth.

Suburban Areas and Provinces

In the surrounding metropolitan areas, the pace of price increases also slowed down. Gyeonggi-do and Incheon both recorded a deceleration in growth compared to the previous month. While some areas in Gyeonggi-do and Incheon continued to see price increases, the overall trend was one of moderation.

Provincial areas, on the other hand, experienced a slight decline in housing prices. Jeollabuk-do, Ulsan, Daegu, and Sejong City all reported price decreases, with Daegu and Sejong City seeing the most significant declines.

Rental Market

The rental market also continued its upward trend, with nationwide rental prices increasing by 0.16% in October. However, the pace of growth slowed down compared to the previous month. The increased rental prices and higher interest rates on rental loans have put a strain on renters.

As the demand for rental properties increased, so did rental prices. The nationwide average rental price rose by 0.13% in October, with both metropolitan and provincial areas experiencing growth.

[ⓒ Global Economic Times. 무단전재-재배포 금지]