Local Apartment Sale Prices Soar 20% in One Year... Surpassing the Capital Region's Rise

[Image source=Yonhap News]

Apartment sale prices in provincial areas have surged by nearly 20% over the past year.

According to the 'Private Apartment Sale Price Trends' report by the Housing and Urban Guarantee Corporation (HUG) on the 3rd, as of the end of June, the average sale price per 3.3㎡ nationwide was 13,704,900 KRW. This represents a 0.48% increase compared to the previous month and an 11.18% rise compared to the same period last year.

The rise in sale prices was particularly pronounced in provincial areas, significantly outpacing the increase rates in Seoul and other metropolitan areas.

The average sale price for apartments in the metropolitan area was 19,275,300 KRW per 3.3㎡, marking a 3.61% increase over one year. In Seoul, the price rose by 5.75% to 29,142,000 KRW.

In contrast, the 'Other Provincial' areas excluding metropolitan cities saw an average sale price of 11,441,100 KRW per 3.3㎡, which is a 19.23% increase in just one year. This rise rate is more than three times higher compared to Seoul and the metropolitan area.

This is interpreted as the provincial sale market prices rising sharply while the sale price increase slowed down due to the government designating most of the metropolitan area as regulated zones.

However, in some regions such as Busan and Daegu, rapid price increases over a short period have sparked controversies over 'high sale prices.'

According to the Korea Real Estate Board's Cheongyak Home, in June, the Yonggye Station Prugio Artsville in Daegu experienced unsold units in both complexes during the first-priority subscription. Similarly, in May, the 'Sasang Station Kyungbo Centrian Phase 3' in Busan had six out of eight housing types unsold during the non-priority subscription.

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