Endlessly Rising Housing Prices... Average Apartment Price in Seoul Gangnam Area Approaches 1.4 Billion Won
KB Live Real Estate, August Housing Price Trends
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[Asia Economy Reporter Kim Hyemin] The average sale price of apartments in the Gangnam area of Seoul has approached 1.4 billion KRW. The average house price in Gyeonggi Province also neared 500 million KRW.
According to the housing price trend announced on the 30th by KB Kookmin Bank's Liv Real Estate, the average nationwide apartment sale price in August was 523.32 million KRW, an increase of 10.65 million KRW compared to the previous month.
In Seoul, the average price rose by nearly 20 million KRW during the same period to 1.17734 billion KRW. The average house price including detached and row houses was 868.87 million KRW, with the average sale price per square meter exceeding 10 million KRW for the first time since data collection began.
The average sale price of apartments in the Gangnam area increased by 23.02 million KRW in one month to 1.39403 billion KRW, approaching 1.4 billion KRW. In the Gangbuk area, it rose by 16.19 million KRW to 930.79 million KRW compared to the previous month. The overall house price including detached and row houses was 707.65 million KRW, surpassing 700 million KRW.
During the same period, the average sale price of apartments in the metropolitan area was 740.63 million KRW, up 16.57 million KRW from the previous month. In Gyeonggi Province, it was 559.5 million KRW, and in Incheon, 389.49 million KRW. In Incheon, the overall house price including detached and row houses rose to 307.05 million KRW, entering the 300 million KRW range.
The median apartment sale price in August was 512.56 million KRW nationwide, 1.04667 billion KRW in Seoul, and 759.05 million KRW in the metropolitan area.
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The average jeonse (long-term deposit lease) price for apartments in Seoul was 643.45 million KRW, with nationwide and metropolitan area averages at 323.55 million KRW and 441.56 million KRW, respectively. In Gyeonggi Province, it was 361.72 million KRW, and the overall median jeonse price including detached and row houses exceeded 300 million KRW at 301.06 million KRW.
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