Seoul Apartment Market Cools in February After January Surge
The rapid increase in apartment prices in the outskirts of Seoul and surrounding metropolitan areas experienced in January is showing signs of slowing down in February. This shift is attributed to a combination of factors, including short-term surge fatigue and the seasonal slowdown associated with the Lunar Novel Year holiday. Areas that previously saw significant price gains are now experiencing a moderation in the rate of increase.
Price Trends in Key Districts
According to data released by the Korea Real Estate Board on February 20, 2026, the sales price change in Gwanak District, Seoul, reached 0.57% in the first week of February. However, this figure has gradually decreased to 0.27% as of the third week of February. Price increases within Gwanak-gu are primarily concentrated in large complexes located in Bongcheon and Sillim-dong.
Similar trends are observed in other districts. Nowon-gu’s growth rate declined from 0.30% to 0.18% during the same period. Seongbuk (0.41% → 0.27%), Dobong (0.17% → 0.11%), Eunpyeong (0.22% → 0.07%), Guro (0.34% → 0.25%), Geumcheon (0.08% → 0.01%), and Seodaemun (0.30% → 0.20%) also reported slower growth rates.
Impact of Mortgage Regulations
The surge in transactions in these areas was initially fueled by the “10/15 loan regulation,” which provides more favorable mortgage terms for apartments priced under 1.5 billion won. Mortgages up to 600 million won are available for properties under this price point, even as limits decrease for apartments exceeding 1.5 billion won and 2.5 billion won.
Recent transactions reflect this trend. A 114㎡ unit in Gwanak Dream Town was sold for 1.295 billion won on February 4th, setting a new record price. Similarly, a pre-sale right for a 91㎡ unit in Seoul One I Park in Nowon-gu was traded for 1,795.53 million won on February 15th, surpassing its previous sale price of 1,521.15 million won on January 20th.
Increasing Supply and Gyeonggi Province Trends
However, the increasing tax burden on multiple-homeowners is leading to a rise in the number of apartments listed for sale. As of February 20, 2026, the number of apartments for sale in Gwanak-gu increased by 14.2% compared to January 20th, rising from 1,714 to 1,958. Seongbuk-gu (13.8%) and Nowon-gu (12.1%) also experienced increases in listed properties.
The slowdown extends to the Gyeonggi province surrounding Seoul. Areas like Anyang Dongan (0.68% → 0.26%), Yongin Suji (0.75% → 0.55%), Suwon Yeongtong (0.34% → 0.13%), Gwangmyeong (0.54% → 0.17%), Guri (0.55% → 0.38%), and Hanam (0.32% → 0.27%) all reported slower rates of increase.
Notably, Gwacheon, Gyeonggi Province, saw a slight decrease in apartment prices, with a 0.03% decline this week. A 84㎡ unit in Gwacheon Uber Field was sold for 2.58 billion won on February 2nd, down 100 million won from a previous transaction on December 20th.