Apartment and Officetel Prices Both Increased in the First Half of This Year

[Image source=Yonhap News]

[Asia Economy Reporter Hwang Seoyul] The price per pyeong (3.3㎡) of apartments and officetels supplied in this year's new housing market has been found to have increased.

According to data from Real Estate R114 on the 20th, the price per 3.3㎡ in the metropolitan area in the first half of this year was 16.45 million KRW, marking the highest level since the first half of 2020 (16.47 million KRW). In particular, during the same period, the average price per 3.3㎡ in regions outside the metropolitan area reached 13.39 million KRW, the highest ever recorded since related statistics began in 2000.

The price of officetels also rose. Nationwide, the average price per 3.33㎡ of officetels in the first half of the year reached 14.69 million KRW. This is an increase of 1.35 million KRW compared to the first half of last year (13.34 million KRW) and also marks the highest price since 2000.

Real estate research firm Realtoday analyzed, "The simultaneous rise in construction raw material prices, labor costs, and land prices, which correspond to the housing cost, is influencing the increase in prices of newly supplied complexes." For example, the land price index is on the rise. According to the Korea Real Estate Board, the nationwide land price index in June was 107.49, up 1.68% from January (105.81) and 4.18% compared to the same month last year (103.31).

An industry insider stated, "Since the price increase of newly supplied complexes is obvious, buyers considering purchasing a home should secure their place as soon as possible."

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