Average Price of Mid-Sized Apartments in the Seoul Metropolitan Area Surpasses 1 Billion Won... Polarization Deepens

Mid-to-Large Apartments in Seoul Gangbuk Area Surpass 1.3 Billion KRW, Small-to-Medium Apartments in Gangnam Area Exceed 1.4 Billion KRW

The average price of mid-sized apartments in the Seoul metropolitan area has surpassed 1 billion KRW.
[Photo by Yonhap News]

[Asia Economy Intern Reporter Kang Woo-seok] It has been confirmed that the price of medium-sized apartments in the Seoul metropolitan area, including Seoul, Gyeonggi, and Incheon, has surpassed 1 billion KRW for the first time this month.

According to the monthly housing market trend time series statistics from KB Kookmin Bank on the 28th, the average price of medium-sized apartments (exclusive area over 85㎡ up to 102㎡) in the metropolitan area (Seoul, Gyeonggi, Incheon) reached 1,009.18 million KRW, exceeding 1 billion KRW for the first time.

During the same period, the average price of medium-sized apartments in Seoul was 1,610.59 million KRW, about 600 million KRW higher than the metropolitan area average. The average price of large-medium apartments (exclusive area over 102㎡ up to 135㎡) in the Gangbuk area of Seoul (14 districts north of the Han River) was 1,301.9 million KRW, and the average price of small-medium apartments (exclusive area over 60㎡ up to 85㎡) in the Gangnam area (11 districts south of the Han River) was 1,407.46 million KRW, surpassing 1.3 billion and 1.4 billion KRW respectively.

In the provinces, the average price of medium-sized apartments in Ulsan exceeded 600 million KRW for the first time, reaching 606.09 million KRW.

The polarization of the nationwide apartment sales and jeonse (long-term lease) markets has also deepened to its highest level. This month, the nationwide apartment 5-quintile ratio was 10.1 for sales and 7.9 for jeonse, marking the highest since the related monthly survey began in December 2008. The '5-quintile ratio' is the ratio of the average price of the top 20% (5th quintile) to the average price of the bottom 20% (1st quintile), with a higher ratio indicating greater polarization.

In other words, according to this survey, apartments in the top 20% nationwide are priced 10.1 times higher for sales and 7.9 times higher for jeonse than those in the bottom 20%.

The nationwide apartment 5-quintile ratio for both sales and jeonse has been setting new records for five consecutive months since October 2021.

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