Apartment Prices in the Seoul Metropolitan Area Near 700 Million Won... Increased by Over 100 Million Won in 9 Months

KB Live Real Estate Monthly Housing Price Trends

The top capital gains tax rate on housing will be increased to 75% starting from the 1st of next month. The taxpayers subject to property tax and comprehensive real estate tax will also be finalized as of that date. However, the property tax rate has not been finalized due to the legislative amendment process, and the comprehensive real estate tax rate is still under further discussion. The photo shows the view of apartments in the Gangnam area from the Lotte World Tower Sky Observatory in Songpa-gu, Seoul. Photo by Dongju Yoon doso7@

[Asia Economy Reporter Kim Hyemin] The average apartment sale price in the Seoul metropolitan area has approached 700 million KRW. Housing prices are rising sharply, increasing by more than 100 million KRW in just nine months.

According to the monthly KB Housing Market Trend time series data released by KB Kookmin Bank Liv Real Estate on the 31st, the average apartment sale price in the metropolitan area this month was 696.52 million KRW, up 9.76 million KRW from last month. This is the highest price since the related statistics began in December 2008.

The average apartment price in the metropolitan area first surpassed 400 million KRW in October 2016 at 407.1 million KRW, and then exceeded 500 million KRW (501.24 million KRW) in November 2018. After that, 1 year and 11 months later, it surpassed 600 million KRW (604.55 million KRW) in October last year.

If this trend continues, housing prices are expected to exceed 700 million KRW within 10 months.

The average apartment sale price in Seoul was 1.12375 billion KRW, rising by more than 200 million KRW compared to a year ago. Gyeonggi Province recorded 519.87 million KRW, and Incheon recorded 281.47 million KRW. During the same period, these figures increased by 127.7 million KRW and 42.35 million KRW, respectively.

Jeonse prices are also on the rise. The average apartment Jeonse price in the metropolitan area surpassed 400 million KRW for the first time in January this year and rose to 420.44 million KRW this month.

The average apartment Jeonse price in Seoul was 614.51 million KRW, an increase of 127.95 million KRW compared to a year ago. The Gangbuk area (14 districts north of the Han River) exceeded 500 million KRW for the first time this month at 501.15 million KRW. The Gangnam area (11 districts south of the Han River) was recorded at 714.15 million KRW this month.

The average apartment Jeonse price in Gyeonggi Province was 344.37 million KRW, and Incheon was 190.13 million KRW.

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