Apartment Official Prices in Sejong City Soar Twice Over... 50%+ Increases Also Continue in the Seoul Metropolitan Area

'Nodogang' Vertical Rise Amid Soaring Prices, Bundang and Gwanggyo New Town Also 'Scream'
Some Local Large Cities Like Busan See Around 50% Increase, Raising Comprehensive Real Estate Tax Burden

[Asia Economy Reporters Onyu Lim, Taemin Ryu] As the individual apartment official prices for this year were released starting from the 16th, many apartment owners in several regions are reportedly shocked by the sharp rise in official prices. In Sejong City, where the average official price increased by more than 70%, individual complexes that doubled compared to last year have emerged. Additionally, official prices in northern Seoul as well as across the metropolitan area have risen by 40-50%.

According to the Real Estate Official Price Notification website on this day, the official price of S Apartment in Jongchon-dong, Sejong City, with an area of 74㎡ (exclusive area), rose from 205 million KRW last year to 410 million KRW this year, an increase of 95.6%. Nearby, the official price of P Apartment in Areum-dong, 84㎡, also rose from 233 million KRW to 448 million KRW during the same period, a 92.3% increase, and E Apartment in Goun-dong, 72㎡, rose from 173 million KRW to 328 million KRW, an 89.6% increase. This far exceeds the government-announced average official price increase rate of 70.68% in Sejong City, nearly doubling.

In Seoul, complexes in the 'Nodogang' areas such as Nowon-gu (34.66%), Dobong-gu (26.19%), and Gangbuk-gu (23.37%) saw increases of 40-50% compared to last year. The official price of G Apartment in Junggye-dong, Nowon-gu, 59㎡, rose from 269 million KRW last year to 402 million KRW this year, a 49.4% increase. In Dobong-gu, S Apartment in Banghak-dong, 84㎡, also surged vertically from 258 million KRW to 378 million KRW, a 46.5% increase.

In the Gyeonggi region, the rise in official prices of apartments in new towns such as Bundang and Gwanggyo, where housing prices surged last year, was prominent. The official price of S Apartment in Seohyeon-dong, Bundang New Town, 173㎡, jumped from 790 million KRW last year to 1.08 billion KRW, about a 49.3% increase, putting even single-homeowners in a position to pay comprehensive real estate tax. In Gwanggyo New Town, the official price of I Apartment, 90㎡, rose from 727 million KRW last year to 1.042 billion KRW (43.3%).

The steep rise in official prices was also seen in metropolitan cities in the provinces. I Apartment in U-dong, Haeundae-gu, Busan, 157㎡, rose from 723 million KRW last year to 1.086 billion KRW this year, a 50.2% increase. The average official price increase rate in Busan this year was 19.67%, similar to the Seoul average.

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