Seoul Apartment Prices Increased by an Average of 100 Million Won in Half a Year
Average Sale Price in June 1.142 Billion KRW
Up 100 Million KRW Compared to December Last Year
Seoul apartment prices have risen by nearly 100 million KRW on average in the first half of this year. While an upward trend was observed throughout Seoul, the price increase was particularly notable in the relatively affordable outer areas.
According to the monthly KB Housing Market Trend time series data from KB Kookmin Bank's Liv Real Estate on the 8th, the average apartment sale price in Seoul in June was 1,142.83 million KRW, rising by about 100 million KRW (99.84 million KRW) in six months since December last year (1,042.99 million KRW). In terms of growth rate, this represents an increase of nearly 10% (9.7%).
On a half-year basis, apartment prices rising by around 100 million KRW has only happened twice since KB started compiling this statistic in December 2008, including the second half of last year (117.9 million KRW increase). Combining the first half of this year and the second half of last year, Seoul apartment prices have risen by over 200 million KRW (217.74 million KRW) on average in the past year.
Based on the average apartment sale price per square meter, the area in Seoul with the largest price increase in the first half of this year was Dobong-gu, with a 17.5% rise over six months. This was followed by Nowon-gu (16.1%), Dongjak-gu (12.9%), Guro-gu (11.7%), and Gangdong-gu (11.4%). The steady inflow of actual buyers into mid-to-low priced complexes in Seoul’s outskirts, amid concerns of further price increases, is interpreted as pushing up overall housing prices.
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With expectations of eased reconstruction regulations, apartment prices in reconstruction-promoting complexes rose significantly across both Gangnam and Gangbuk areas. When converting apartment prices by district to an exclusive area of 85.2㎡, Seocho-gu saw the largest increase in the first half of this year, rising by 156.95 million KRW. This was followed by Dongjak-gu (132.39 million KRW), Nowon-gu (123.89 million KRW), Mapo-gu (117.78 million KRW), Seongdong-gu (117.73 million KRW), Songpa-gu (113.94 million KRW), and Yangcheon-gu (112.59 million KRW).
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