Seoul Apartment Prices Reach 30 Million KRW per Pyeong... Only Geumcheon Left

7 More Areas Including Gangbuk and Jungnang Added in a Year
Gangnam-gu Approaches 80 Million KRW per Pyeong

[Asia Economy Reporter Kim Hyemin] In 24 autonomous districts in Seoul, excluding Geumcheon-gu, the average apartment sale price per 3.3㎡ has exceeded 30 million KRW. As housing prices have sharply risen even in the outskirts of Seoul, the number of districts surpassing this threshold has increased by seven in just one year. The most expensive apartments in Gangnam-gu are on the verge of reaching 80 million KRW per pyeong.

According to the monthly price trend released by KB Kookmin Bank’s Live Real Estate on the 6th, last month, Geumcheon-gu was the only district in Seoul where the average apartment sale price per 3.3㎡ remained in the 20 million KRW range.

Last month, the average apartment sale price per 3.3㎡ in Geumcheon-gu was 28.19 million KRW. Until August, Gangbuk-gu and Jungnang-gu were also in the 20 million KRW range, but within one month, they jumped to 30.6 million KRW and 30.3 million KRW, respectively. The average apartment sale price per 3.3㎡ in Seoul was recorded at 46.44 million KRW.

The difference is even more pronounced compared to a year ago. In September last year, a total of eight districts including Nowon, Guro, Gwanak, and Eunpyeong had average prices per 3.3㎡ in the 20 million KRW range. All districts located on the outskirts of Seoul were below 30 million KRW per pyeong. However, over the past year, as apartment transactions became active, seven of these districts have entered the 30 million KRW per pyeong range. Geumcheon-gu also rose by nearly 5 million KRW per 3.3㎡ in one year and is expected to exceed 30 million KRW soon.

Gangnam-gu, where the average apartment sale price per 3.3㎡ is the highest, is likely to see its leading digit change this month. As of last month, the sale price per 3.3㎡ was 79.96 million KRW, approaching 80 million KRW. Gwangjin-gu and Mapo-gu, which had prices in the 49 million KRW range last month, are expected to enter the 50 million KRW range soon. Gangseo-gu also had an average sale price per 3.3㎡ of 39.19 million KRW last month, on the verge of entering the 40 million KRW range.

The average apartment sale price in Seoul was recorded at 1.19978 billion KRW as of September. It has risen by 150 million KRW this year alone and nearly 200 million KRW over the past year, approaching 1.2 billion KRW. The average apartment sale price in the 11 districts of the Gangnam area surpassed 1.4298 billion KRW for the first time, exceeding 1.4 billion KRW. In the Gangbuk area, the median apartment sale price changed its leading digit in 10 months, reaching 905 million KRW. The median price is the price in the middle when housing prices are lined up in order and is also called the ‘middle price.’

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