Seoul Average Apartment Price Exceeds 1.1 Billion Won... Increases by 100 Million Won in 7 Months

KB Survey

[Image source=Yonhap News]

[Asia Economy Reporter Kim Hyemin] The average apartment sale price in Seoul has surpassed 1.1 billion KRW for the first time, according to a recent survey.

According to the monthly KB Housing Market Trend time series data released by KB Kookmin Bank's Liv Real Estate on the 26th, the average apartment sale price in Seoul in April was 1.11123 billion KRW, an increase of 11.3 million KRW compared to the previous month.

This is the first time since the statistics began to be published in December 2008 that the average apartment price in Seoul has exceeded 1.1 billion KRW. The median price refers to the middle value when sample housing prices are arranged in order.

The average apartment price in Seoul first surpassed 600 million KRW (601.7 million KRW) in March 2017, then exceeded 800 million KRW (804.29 million KRW) in October 2018, 1 year and 7 months later. It crossed 900 million KRW in March last year (912.01 million KRW), 1 year and 5 months after that.

Following a rapid rise in housing prices, it exceeded 1 billion KRW (1.0312 billion KRW) just 6 months later in September last year. It took 7 months to rise from 1 billion KRW to 1.1 billion KRW, increasing by nearly 200 million KRW in 1 year and 1 month.

The average apartment price in Gyeonggi-do also surpassed 500 million KRW (511.61 million KRW) for the first time this month. While it took 4 years and 6 months to go from 300 million KRW to 400 million KRW, it reached 500 million KRW in just 9 months.

Although the rise in jeonse prices is showing signs of slowing, the upward trend continues. The average jeonse price for apartments in Seoul exceeded 600 million KRW for the first time last month and rose by 4.42 million KRW this month. This increase is smaller compared to the 7.33 million KRW rise last month.

In particular, the average jeonse price for apartments in the Gangbuk area (14 districts north of the Han River) was 496.27 million KRW, approaching 500 million KRW.

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