Daejeon, South Korea – [Date] – Apartment prices in the Chungcheong region of South Korea have continued their downward trajectory, according to the latest data released by the Korea Real Estate Board. This sustained decline comes amid a broader cooling of the South Korean property market.

For the week ending December 23, 2024, average apartment sale prices in Daejeon, Sejong, Chungnam, and Chungbuk decreased by 0.01%, 0.04%, 0.02%, and 0.03%, respectively. This marks 13 consecutive weeks of price declines for both Daejeon and Sejong, while Chungnam and Chungbuk have seen prices fall for the past three and two weeks, respectively.

While sales prices have been consistently falling, the rental market presents a more mixed picture. While Daejeon also saw a decrease in rental prices, Sejong and Chungnam experienced slight increases, and Chungbuk remained relatively stable.

Regional Breakdown

Daejeon: The city saw a significant slowdown in the rate of price declines compared to the previous week, with most districts experiencing price drops. However, the YuSeong district bucked the trend with a slight increase.
Sejong: Excess inventory and a softening demand continue to put downward pressure on prices, particularly in the Dajeong and Dodam districts.
Chungnam: The decline in prices was less pronounced compared to the previous week, with cities like Cheonan experiencing the most significant drop. However, cities like Yesan, Dangjin, and Nonsan saw slight price increases.
Chungbuk: The region maintained the same rate of price decline as the previous week, with most districts recording decreases.

Factors Driving the Market

Experts attribute the ongoing decline in apartment prices to a combination of factors, including:

Excess inventory: A glut of unsold apartments has put downward pressure on prices.
Economic uncertainty: Concerns about the overall economic outlook have made potential buyers more cautious.
Shifting buyer sentiment: Changing preferences and priorities among homebuyers have also contributed to the slowdown.
"The prolonged period of market uncertainty has led to a near standstill in apartment transactions, except for a few distressed sales," said a local real estate agent. "As a result, we are seeing downward adjustments in prices."