"During 3 Years of Moon Administration, Seoul Apartment Prices Rose by 9.5 Million KRW per Pyeong... 54.7%"

Minister Kim Hyun-mi Refutes Statement on '11% Rise in Seoul Housing Prices'

[Asia Economy Reporter Kim Hye-min] Statistics show that during the three years of the Moon Jae-in administration, the price of apartments in Seoul increased by nearly 9.5 million KRW per 3.3㎡ (1 pyeong).

According to data received on the 4th from the Korea Real Estate Board by Kim Sang-hoon, a member of the United Future Party, the average market price per 3.3㎡ of Seoul apartments as of July this year was 26.78 million KRW. This is an increase of 9.47 million KRW compared to 17.31 million KRW in May 2017, when the Moon Jae-in government took office, marking a 54.7% rise over three years.

This statistic is a price directly calculated by the Korea Real Estate Board using analysis of actual transaction cases, consultations with cooperating licensed real estate agents, and other reference materials. The market price is based on the first week of each month, and the average price was obtained by dividing the average amount of the upper and lower average prices by complex and unit size from the sale area.

Over the past three years, apartment prices in all 25 autonomous districts of Seoul have risen. Seventeen districts recorded prices exceeding 20 million KRW per 3.3㎡. In terms of growth rate, Seongdong-gu saw the largest increase. During the same period, apartment prices in Seongdong-gu rose from 18.53 million KRW to 33.54 million KRW per 3.3㎡, an 81% increase. Seodaemun-gu followed with a 70.1% rise, from 13.33 million KRW to 22.68 million KRW per 3.3㎡. Jongno-gu (11.78 million KRW increase), Dongdaemun-gu (8.65 million KRW increase), and Gangdong-gu (9.54 million KRW increase) also rose by more than 66%. Representative Kim said, "Apartment prices in districts that were relatively affordable for actual demand from the working class have now risen to the point where even access is difficult."

The district with the highest increase in average market price was Gangnam-gu. Apartment prices in Gangnam-gu rose by 17.28 million KRW per 3.3㎡, from 32.71 million KRW to 49.99 million KRW. During the same period, Seocho-gu also increased by 15.25 million KRW per 3.3㎡ (from 26.92 million KRW to 42.17 million KRW). As of last year, the average annual salary of workers residing in Seoul was 41.24 million KRW. Representative Kim pointed out, "It is difficult to buy even one pyeong in Gangnam with a year's salary," adding, "With the rapid rise in housing prices, it has become difficult for actual demand homeowners, young people, and newlywed households without homes to even secure their own homes."

This content was produced with the assistance of AI translation services.