Seoul Average Apartment Price Surpasses 1 Billion Won...Increases Over 100 Million Won in One Year

Geumcheon-gu's 2-Year Increase Rate Nears 40%
Seoul's Average Jeonse Price Also Exceeds 500 Million Won

Photo by Mun Ho-nam munonam@

[Asia Economy Reporter Moon Jiwon] The average sale price of apartments in Seoul has surpassed 1 billion KRW for the first time.

According to the monthly KB Housing Price Trend data from KB Kookmin Bank's Real Estate Live On on the 28th, the average sale price of apartments in Seoul in September was 1,003,120,000 KRW.

This is the first time the average price of apartments in Seoul has exceeded 1 billion KRW. Compared to September last year (840,510,000 KRW), it increased by 162,610,000 KRW in one year. Compared to two years ago, it rose by a whopping 217,510,000 KRW.

The average sale price of apartments in Seoul entered the 600 million KRW range in March 2017 at 601,700,000 KRW, then surpassed 700 million KRW in March 2018, 800 million KRW in October of the same year, and 900 million KRW in March this year. This is interpreted as the pace of housing price increases accelerating.

The average sale price per 3.3㎡ of apartments in Seoul is 38,570,000 KRW.

The area in Seoul where apartment prices rose the most over two years was Geumcheon-gu, with an increase rate of 39.8%.

Other districts with high increase rates include Nowon-gu (39.3%), Geumcheon-gu (38.7%), Jungnang-gu (37.1%), Gangbuk-gu (37.0%), Dobong-gu (36.7%), Gwangjin-gu (36.6%), Dongdaemun-gu (35.7%), and Seodaemun-gu (35.2%).

On the other hand, Seocho-gu (17.9%), Gangnam-gu (18.3%), and Yongsan-gu (18.0%) showed relatively low increase rates, suggesting that price increases were concentrated more in mid- to low-priced complexes rather than in high-priced complex-dense areas.

However, since prices in Gangnam-gu and others are already high, even with relatively low increase rates, the absolute increase amount was large. To purchase an 85㎡ apartment in Gangnam-gu, an average of 1,821,730,000 KRW is required.

Seocho-gu (1,571,340,000 KRW), Songpa-gu (1,268,190,000 KRW), Yongsan-gu (1,236,170,000 KRW), Seongdong-gu (1,108,490,000 KRW), Gwangjin-gu (1,097,540,000 KRW), Mapo-gu (1,058,480,000 KRW), Yangcheon-gu (1,051,450,000 KRW), and Yeongdeungpo-gu (1,028,990,000 KRW) also ranked high in housing prices.

Geumcheon-gu had the lowest apartment price for the same area at 604,200,000 KRW. There were no apartments priced below 600 million KRW in Seoul for this size.

Meanwhile, the average jeonse (long-term deposit lease) price of apartments in Seoul was recorded at 517,070,000 KRW. It has been steadily rising since surpassing 500 million KRW last month.

Compared to two years ago, it increased by 12.6% (57,690,000 KRW). Gangnam-gu saw the largest increase at 18.5% during this period. The average for the 11 districts south of the Han River was 602,950,000 KRW, while the 14 districts north of the Han River recorded 402,450,000 KRW.