[Real Estate] Capital Area Apartments Continuously Rising

*This content was translated by AI.

Apartments are trending upward regardless of the Lee Jae-myung administration's policies.

According to data from Real Estate 114, national apartment transaction prices rose by 0.12% in the second week of August.

Seoul increased by 0.13%, Gyeonggi and Incheon by 0.18%, resulting in a 0.15% rise for the Capital Area overall. Among South Korea's 17 provinces and metropolitan cities, seven regions saw increases while ten experienced declines, with downward trends prevailing. The monthly national fluctuation rate for July reached 0.78%, marking three consecutive months of expanding growth (the 0.49% → the 0.53% → the 0.57% → the 0.78%).

National apartment rental prices rose by 0.15% in the second week of August. Seoul increased by 0.25%, Gyeonggi and Incheon by 0.14%, resulting in a 0.19% fluctuation rate for the Capital Area. The five major metropolitan cities and other regions rose by 0.05% and 0.03%, respectively. All 17 provinces and metropolitan cities nationwide recorded increases.

The Lee Jae-myung administration's the 13th housing supply measures include numerous proactive regulatory relaxations compared to previous policies. The the 7th and the 29th supply plans had already included ambitious targets for 1.4 million new housing starts in the Capital Area, encompassing public land developments including the third new towns, as well as utilization of idle land, redevelopment projects, vacant homes, and reconstruction of rental apartments. This time, an additional plan for 230,000+ units has been incorporated into the the 13th supply measures.

Meanwhile, the Lee Jae-myung administration's real estate policies may face legislative hurdles. Internal opposition is reportedly strong due to concerns that these measures could significantly impact the general election in two years. A ruling party official stated, "If the Lee Jae-myung administration's real estate-related legislation proceeds as originally proposed, there is a sense of crisis that all Seoul representatives could be defeated in the next general election."

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*This content was translated by AI.