Apartment Prices Nationwide Surpass 20 Million KRW per Pyeong... Up 23% Since Early Year

Rising Trend Spreads to Seoul Outskirts
Incheon, Gyeonggi, and Chungbuk See the Highest Increase

On the 26th, a view of the city apartment complex was seen from 'Seoul Sky,' the observation deck of Lotte World Tower in Songpa-gu, Seoul.

The average nationwide apartment sale price per 3.3㎡ (pyeong) has surpassed 20 million KRW. The rising housing prices spreading to the outskirts of Seoul have driven up housing prices across the country.

On the 28th, real estate research firm Realtoday analyzed KB Real Estate's monthly statistics and found that as of last November, the average nationwide apartment sale price per 3.3㎡ (based on exclusive area) was 21.48 million KRW, marking a 23% increase compared to the beginning of this year (January: 17.44 million KRW).

The average nationwide apartment sale price per 3.3㎡ first exceeded 20 million KRW in August (20.27 million KRW) since KB Real Estate began related surveys in April 2013. Since then, the upward trend continued with ▲September 20.7 million KRW ▲October 21.06 million KRW ▲November 21.48 million KRW.

The price surge centered around the Seoul metropolitan area, which benefits from development prospects such as the 3rd New Towns and metropolitan transportation networks (GTX, etc.), is analyzed to have also lifted apartment prices in provincial areas. In fact, regions with excellent accessibility to Seoul, such as Incheon, Gyeonggi, and Chungbuk, saw the largest increases in average sale prices.

Incheon recorded the highest increase in average price per pyeong compared to the beginning of the year, rising about 40% from 12.47 million KRW to 17.42 million KRW. Gyeonggi Province rose 32% from 18.05 million KRW to 23.82 million KRW, and Chungbuk increased 30% from 6.57 million KRW to 8.57 million KRW, showing high growth rates.

During this period, Seoul's price rose 18% from 41.04 million KRW to 48.48 million KRW. The region with the lowest growth rate was Jeonnam, which increased from 7.11 million KRW to 7.76 million KRW.

A Realtoday official stated, "Prices have risen mainly in areas near large-scale development projects, which has led to an increase in the nationwide average apartment price," adding, "Next year, the presidential and local elections will be the most important variables affecting apartment prices."

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