Half of Seoul Apartments Priced at '10 Million KRW per 1㎡'... "Dongdaemun and Gangseo Join In"

Near 900 Million KRW for High-End Housing Based on 84㎡
14 Out of 25 Autonomous Districts Applicable... Seongbuk, Seodaemun, and Jongno-gu Also Close

Apartment complexes in downtown Seoul as seen from 63 Square in Yeouido, Seoul. [Image source=Yonhap News]

[Asia Economy Reporter Onyu Lim] It has been revealed that there are 14 districts in Seoul where the average apartment price exceeds 10 million KRW per 1㎡. Compared to just 6 districts two years ago, this number has more than doubled.

According to KB Real Estate's monthly housing trend report on the 3rd, last month the average apartment price in Seoul's Dongdaemun-gu and Gangseo-gu surpassed 10 million KRW per 1㎡. Dongdaemun-gu rose from 9.834 million KRW in December last year to 10.056 million KRW, and Gangseo-gu increased from 9.904 million KRW to 10.086 million KRW during the same period. As a result, more than half of Seoul's 25 districts, totaling 14 districts, now have average apartment prices exceeding 10 million KRW per 1㎡.

Back in 2018, only six districts had average apartment prices exceeding 10 million KRW per 1㎡, including the three Gangnam districts of Gangnam, Seocho, and Songpa, as well as Mapo, Yongsan, and Seongdong (collectively known as Mayongseong). However, from the second half of 2019, as housing prices surged, Gwangjin, Yangcheon, Jung, Dongjak, and Yeongdeungpo districts also crossed the 10 million KRW mark, and Gangdong-gu joined in March last year.

Exceeding 10 million KRW per 1㎡ means that the average apartment price for the nationally standard size of 84㎡ (exclusive area) has surpassed 840 million KRW. This is close to the government's high-priced housing standard of 900 million KRW. According to Real Estate 114, as of last month, the proportion of apartments priced over 900 million KRW in Seoul reached 51.9%. This proportion has sharply increased from 31.2% in 2018 to 37.2% in 2019 and 49.6% in 2020.

The number of districts with average apartment prices exceeding 10 million KRW per 1㎡ is expected to increase soon. Seongbuk-gu (9.941 million KRW), Seodaemun-gu (9.884 million KRW), and Jongno-gu (9.819 million KRW) are already close to the 10 million KRW mark. Nowon-gu is also reaching 9.261 million KRW. Jihae Yoon, senior researcher at Real Estate 114, predicted, "Following last year, this year as well, buying demand is concentrated on apartments priced below 900 million KRW with fewer loan restrictions in Seoul and the metropolitan area, so the proportion of high-priced apartments will increase further."

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