Seoul Average House Price Exceeds 800 Million Won... Increases by 100 Million Won in 10 Months

KB Live Real Estate Survey

[Image source=Yonhap News]

[Asia Economy Reporter Kim Hyemin] The average housing price in Seoul has exceeded 800 million KRW for the first time.

According to the monthly KB Housing Market Trend time series data released by KB Kookmin Bank Liv Real Estate on the 2nd, the average housing sale price in Seoul in February was 809.75 million KRW, an increase of 12.34 million KRW from the previous month (797.41 million KRW).

This is the highest price since KB Kookmin Bank began publishing the statistics in December 2008.

By housing type, the average apartment price rose by 20.84 million KRW to 1.08192 billion KRW, detached houses increased by 2.76 million KRW to 913.39 million KRW, and row houses rose by 1.8 million KRW to 323.87 million KRW.

The rate of increase is also steep. The average housing price in Seoul first exceeded 500 million KRW in June 2016, and it took 1 year and 9 months to surpass 600 million KRW. It then took 2 years and 1 month to exceed 700 million KRW, but only 10 months for 700 million KRW to become 800 million KRW. This shows that house prices have risen sharply from last year to recently.

The nationwide average apartment jeonse price also exceeded 300 million KRW for the first time last month.

The average housing jeonse price in Seoul rose by 6.2 million KRW from the previous month to 445.22 million KRW, and the average apartment jeonse price is close to 600 million KRW at 598.29 million KRW.

In the metropolitan area, the median apartment jeonse price exceeded 400 million KRW for the first time at 407.38 million KRW. The median price is the value in the middle when sample houses are arranged in order of price.