Seoul Apartments Rise Steadily Over 36 Years, With Occasional Dips...

When Rising to 26, Double-Digit Growth Occurred 10 Times
Only 10 Years of Decline, Mostly Within 5%

Seoul apartment prices have been found to be on a long-term 'upward trend.'

[Image source=Yonhap News]

According to the apartment sale price change rates from Yonhap News and KB Real Estate on the 18th, Seoul apartment prices have increased by an average of 6.7% annually over 36 years from 1987 to last year. If someone had bought an apartment in Seoul in January 1987, the price would have risen by 654.9% as of June this year.

Looking at the 36-year statistics of Seoul apartment prices, there were 10 instances where prices fell compared to the end of the previous year. Except for the -14.6% recorded during the IMF financial crisis in 1998, all other declines were below 5%. Even in last year's most recent downturn, the decline rate was 2.96%.

Among the 26 periods of price increases, there were 10 years with double-digit growth rates.

As a result, Seoul apartment prices showed a pattern of rising sharply during upswings and falling gently during downturns.

This year, the decline has lessened, and the market sentiment appears to be improving.

'Cheongnyangni Lotte Castle High Luce' in Dongdaemun-gu, Seoul, which held a subscription this month, recorded an average first-priority competition rate of 242 to 1. This is the highest competition rate nationwide this year.

According to the Korea Real Estate Board, transactions are also increasing. From January to May this year, Seoul apartment sales totaled 13,373 cases, which is 87% of last year's total transactions of 15,384 and a 135% increase compared to the same period last year.

A representative from Real Estate Info explained, "Seoul is a nationwide market, and although there is a price entry barrier, ultimately buyers with money seek it out, so housing prices can be maintained stably."

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