Only Dobong-gu Remains in the '84㎡ 1 Billion Won Club'

Steep Rise in Seoul Outskirts Housing Prices
Record Highs in Jungnang, Gangbuk, and More

Highest Price for 84㎡ Apartments
All 24 Districts Including Dobong Exceed 1 Billion Won

Development Benefits and Nearby Prices
Some Areas Up by 100 Million Won Since Early Year

[Asia Economy Reporter Lee Chun-hee] The housing price surge in the outskirts of Seoul, commonly referred to as 'No-Do-Gang' and 'Geum-Gwan-Gu,' is showing no signs of slowing down. Except for Dobong-gu, all autonomous districts in the outskirts of Seoul have seen cases where the transaction price for 84㎡ (exclusive area) exceeds 1 billion KRW, sharply raising the threshold for homeownership within Seoul city.

According to the Ministry of Land, Infrastructure and Transport's real transaction price disclosure system on the 27th, an 84㎡ unit in 'ePyeonhansesang Hwarangdae' in Muk-dong, Jungnang-gu, changed hands for 1 billion KRW on the 1st of this month. Following the June transaction of an 84㎡ occupancy right at 'Sagajeong Central I-Park' in Myeonmok-dong for 1.15424 billion KRW, this is the third case where the actual transaction price of apartments of this size in Jungnang-gu has exceeded 1 billion KRW.

In Gangbuk-gu, the price increase has become prominent since an 84㎡ unit in 'Songcheon Centreville' in Mia-dong first traded above 1 billion KRW in June. The Mia-dong area, adjacent to Gireum and Jangwi New Towns in Seongbuk-gu, where development projects are nearing completion, appears to be leading the housing price rise. An 84㎡ unit in 'Dream Forest Lotte Castle' in Mia-dong recorded a new high at 960 million KRW on the 8th. The representative of Mia-dong A Real Estate Agency (licensed) said, "Although it is still limited to some units with good location, floor, and orientation, overall prices are steadily rising, and the number of listings with asking prices exceeding 1 billion KRW will increase."

In Nowon-gu, 'Cheonggu 3rd' and 'Geonyeong 3rd' in Junggye-dong have already surpassed 1 billion KRW. The transaction price for Cheonggu 3rd soared to a maximum of 1.109 billion KRW on the 8th. A representative from nearby B Real Estate said, "Both complexes consist solely of 84㎡ units, and it is now difficult to find owners asking for prices below 1 billion KRW."

View of an apartment complex in Seoul city./Photo by Hyunmin Kim kimhyun81@

According to the Korea Real Estate Board, this year's housing price increase in Seoul has been led by the outskirts. The cumulative rise in the weekly apartment sales price index in Seoul up to the 17th of this year is 0.47%. Looking at the 25 autonomous districts, Guro-gu ranked first with a 2.25% increase. Following are ▲Gangbuk-gu (1.65%) ▲Nowon-gu (1.55%) ▲Dobong-gu (1.50%) ▲Gwanak-gu (1.33%). The top five districts in apartment price increase are all in the outskirts. Geumcheon-gu and Jungnang-gu also recorded increases of 1.08% and 1.00%, respectively, since the beginning of the year.

Dobong-gu is also experiencing a significant rise in housing prices. An 84㎡ unit in 'Donga Cheongsol' in Chang-dong changed hands for 880 million KRW on the 8th. Compared to the transaction price in the 700 million KRW range at the end of last year, the price has risen by more than 100 million KRW this year. The representative of C Real Estate in Chang-dong explained, "Prices are steadily rising due to development benefits such as 'Seoul Arena' and efforts to align with surrounding housing prices."

In the southwestern region, including Geumcheon, Gwanak, and Guro-gu, where some apartment prices exceeded 1 billion KRW early last year, the price increase trend continues. An 84㎡ occupancy right in 'ePyeonhansesang Seoul National University Entrance 2nd' in Bongcheon-dong, Gwanak-gu, set a new record by trading at 1.185 billion KRW on the 7th, and 'Geumcheon Lotte Castle Gold Park 1st' in Doksan-dong, Geumcheon-gu, also broke its highest price record by trading at 1.15 billion KRW on the 7th of last month. 'Sindorim Taeyoung Town' in Guro-dong, Guro-gu, joined the 1 billion KRW club with a record transaction price of 1.03 billion KRW on the 12th.

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