Sejong apartment sales quadruple after relocation pledge

Apartment transactions in Sejong last month surged to more than four times the level seen in January, data showed, as pledges to relocate both the presidential office and the National Assembly to the city have fueled a property boom ahead of the June 3 presidential election. Some fear a repeat of 2020, when prices soared on expectations of an administrative capital move — only to tumble soon after.

According to the Ministry of Land, Infrastructure and Transport’s transaction price system on Sunday, 1,290 apartment deals were reported in Sejong in April — 1.6 times the March tally of 784 and 4.3 times January’s 305. With the reporting deadline for April not until the end of this month, the total is expected to climb further.

Home values in Sejong have now risen for five straight weeks since mid-April. According to the Korea Real Estate Board, apartment prices in the city advanced 0.40 percent in the first week of May, following a 0.49 percent increase the week before — the fastest rise nationwide.


Ho-Kyeong Kim kimhk@donga.com