The National Average Sale Price 15.71 Million KRW per 3.3㎡... 51% Increase Over 5 Years

The nationwide private apartment sale price has exceeded 15 million KRW per 3.3㎡, marking the highest price in the past five years.

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On the 14th, real estate research firm Realtoday analyzed the ‘Private Apartment Sale Price Trends’ from the Housing & Urban Guarantee Corporation (HUG) and found that the national average sale price in January 2023 was 15,715,000 KRW per 3.3㎡. This represents a 51.66% increase compared to January 2018 (10,362,000 KRW). Notably, prices have been rising continuously over the past six months.

The average sale price per 3.3㎡ in the Seoul metropolitan area, including Seoul, recorded 21,496,000 KRW, which is about a 43.57% increase from January 2018 (15,180,000 KRW). Additionally, the average sale prices per 3.3㎡ in the five major metropolitan cities, Sejong, and other regions were 16,622,000 KRW and 12,867,000 KRW respectively, showing an increase of over 50% compared to five years ago.

As the burden of sale prices grows, apartments under the price ceiling system are experiencing high competition rates. In January, Changwon Lotte Castle Forest 1BL in Changwon-si, Gyeongnam, received 13,238 applications for 461 general supply units, resulting in a competition rate of 28.72 to 1. In February, Eco Delta City Prugio Lynn in Gangseo-gu, Busan, received 2,887 first-priority applications for 355 general supply units, recording a first-priority competition rate of 8.13 to 1.

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