Apartment prices in Seoul are increasingly falling as effects of government measures to stabilize home prices announced in September are gaining ground.

Increased possibility of an interest rate hike is also contributing to the drop.

According to the Korea Appraisal Board, apartment prices in the capital city dropped zero-point-05 percent in the fourth week of November, continuing a downward trend for the third week. The decrease is also larger than last week's zero-point-02 percent drop.

Among Seoul's 25 districts, Gangnam south of the Han River recorded the sharpest fall of zero-point-16 percent. Three other districts in the well-to-do area in southern Seoul also posted the second to fourth sharpest falls in the capital city. 

Lower apartment prices indicate government measures implemented since September are working. The measures include stronger tax and loan regulations to rein in home prices and plans to develop new satellite cities to increase housing supply. 

Nationwide apartment transaction prices also fell by zero-point-04 percent this week.