Silgeochae.com, Average Building Sale Price Ranking by Area in Seoul Districts

Real estate transaction data company Silgeorae.com recently announced that the average price of one building sold in all 25 districts of Seoul over the past 10 years was 7.6 billion KRW.

The average sale price per building was compared among the top 5 Seoul districts ranked by area to analyze price increases and transaction rates relative to area.

[Source: Silgeorae.com]

Seocho-gu ranked first with an area of 47㎢, followed by Gangseo-gu (41.5㎢) in second place, then Gangnam-gu, Nowon-gu, and Songpa-gu. Jung-gu ranked last at 25th place with an area of 10㎢.

An interesting point is that the average price per building, including small buildings, was higher in some areas with larger areas, while in other areas with smaller areas, the average price was also high.

[Provided by: Silgeorae.com]

Park Jongbok, director of the real estate expert company Naheyo Academy, explained this phenomenon by saying, “Logically, one would think that a larger area means higher potential for residential and commercial development, leading to more active commercial real estate transactions and higher price increases, but the reality is different.”

Gangnam-gu ranks third in area but took first place with an average price of 17.08 billion KRW per building. Jung-gu, the smallest district among the 25, ranked second with an average price of 13.16 billion KRW per building.

Regarding this, Director Park said, “While area is important in determining commercial building sale prices, the concentration of commercial zones where new buildings can be constructed drives price increases.”

For example, if a large area is mostly occupied by parks and forest land, with only a small portion developed as residential areas, the density of commercial building sales is low, making it difficult for prices to rise easily and for transaction rates to increase.

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