Seoul 20-Pyeong Apartments Surpass 1 Billion Won in Average Sale Price This Year

Gangnam District Breaks 2 Billion Won for 59-Square-Meter Apartments
Yonggang-dong in Mapo District Nears 1.8 Billion Won
Rising Interest in 59-Square-Meter Units Amid Funding Challenges

The average sale price of a 59-square-meter (approximately 20-pyeong) apartment in Seoul has surpassed 1 billion won. Due to the financial pressure caused by lending regulations, demand is rapidly increasing for apartments in the 20-pyeong range.

According to an analysis by Zigbang of transaction data from the Ministry of Land, Infrastructure and Transport as of the end of September, the average sale price of a 59-square-meter apartment in Seoul was 1,050.06 million won. This represents an increase of about 8% compared to last year's average transaction price of 972.66 million won.

Apartment complex view in downtown Seoul. Photo by Yonhap News

By district, Gangnam District saw the largest increase, rising 16.7% year-on-year. Other areas along the so-called 'Han River Belt' with continued buying momentum also posted significant increases, including Mapo District (15.9%), Songpa District (15.8%), Gangdong District (13.9%), Seongdong District (13.7%), and Gwangjin District (11.0%).

Looking at specific neighborhoods, the average sale price of a 59-square-meter apartment in Gangnam District rose from 1,787.06 million won last year to 2,085.7 million won this year, an increase of nearly 300 million won (16.7%). Gangnam District, which is home to major high-priced apartment complexes such as Daechi, Gaepo, and Apgujeong, saw the average sale price for 59-square-meter apartments exceed 2 billion won in 5 out of 13 legal neighborhoods. By neighborhood, Gaepo-dong posted the highest increase, rising from 2,053.02 million won to 2,521.37 million won, a jump of 22.8%. Samseong-dong followed, climbing from 1,749.44 million won to 2,062.2 million won.

In Mapo District (from 1,197.08 million won to 1,387.88 million won, up 15.9%), Yonggang-dong led the increase, rising 22.1% from 1,393.16 million won to 1,700.9 million won. In Songpa District, major landmark complexes in Jamsil-dong and Sincheon-dong were traded, pushing the average sale price of 59-square-meter apartments from 1,317.2 million won to 1,525.88 million won, an increase of more than 200 million won.

The rate of increase in the average sale price of 59-square-meter apartments has been accelerating over the past three years. A Zigbang official stated, "Recently, demand for 59-square-meter apartments has been rapidly increasing, reflecting changes in financial circumstances and household structures. While 84-square-meter apartments remain the standard for family buyers and continue to serve as a market benchmark, their rising prices have made them increasingly difficult to access."

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