New data finds that the overall prices of apartments in the capital fell nearly three percent last year with the exception of three districts.

According to housing price statistics released by KB Kookmin Bank on Sunday, Seoul apartment prices slipped two-point-96 percent on average in 2022 amid sharp interest rate hikes and concerns over an economic slowdown.

By district, Dobong saw the sharpest drop of six-point-four percent followed by Songpa, Nowon and Seongbuk.

Only three districts saw prices rise – Yongsan, Jongno and Seocho.

The eleven districts south of the Han River saw apartment prices drop nearly two-and-a-half percent on average while the 14 districts north of the river saw an average decline of a little over three-and-a-half percent.

Apartment prices in regions outside of Seoul saw sharper drops, with prices in Sejong city declining nearly 12 percent to post the sharpest drop of all the nation’s major cities and provinces.

According to Yoon Ji-hae, a senior researcher at Real Estate 114 which tracks housing prices, prices are highly likely to continue to decline this year.