Average Price of 20-30 Pyeong Small to Medium Apartments in Seoul Reaches 1 Billion KRW... Up 300 Million KRW in 2 Years

Average Selling Price 995.85 Million KRW
Gyeonggi-do Exceeds Average 500 Million KRW

[Asia Economy Reporter Jo Gang-wook] The average price of small to medium-sized apartments measuring 20 to 30 pyeong, which are in high demand for actual use in Seoul, is approaching 1 billion KRW. This is an increase of more than 300 million KRW in just two years. The average price of small to medium-sized apartments in Gyeonggi-do has also risen by more than 150 million KRW over two years, surpassing 500 million KRW.

According to the monthly KB Housing Market Trend time series data released by KB Kookmin Bank’s Liv Real Estate on the 3rd, the average sale price of apartments in Seoul measuring over 60㎡ and up to 85㎡ in May was 995.85 million KRW, an increase of 308.4 million KRW compared to two years ago. In terms of growth rate, this represents a sharp rise of 43.3%. Two years ago, the price of apartments in this size range was 694.22 million KRW, not even reaching 700 million KRW. Apartments of this size correspond to 20 to 30 pyeong based on saleable area and are most preferred by families of three to four members.

The price increase rate for apartments of this size was also analyzed to be the highest. During the same period, the growth rates by size category were △60㎡ or less 42.0%, △over 85㎡ to 102㎡ or less 39.3%, △over 102㎡ to 135㎡ or less 37.4%, and △over 135㎡ 25.0%, respectively.

By region, the average price of small to medium-sized apartments in the 11 districts south of the Han River was 1.15728 billion KRW, while in the 14 districts north of the Han River it was 866.42 million KRW. In the area south of the Han River, prices rose by 330 million KRW over two years, with more than 200 million KRW of that increase occurring in the past year alone. Notably, the price in the area north of the Han River increased by 28.4% in the past year, a steeper rise compared to 22% south of the Han River.

The average price of small to medium-sized apartments in Gyeonggi-do surpassed 500 million KRW for the first time, rising by 8.93 million KRW from 496.28 million KRW the previous month to 505.21 million KRW. The price increase over the past two years reached 158.34 million KRW (45.6%).

The perceived price increase in some complexes is even greater. According to the Ministry of Land, Infrastructure and Transport’s real transaction price disclosure system, an 84.94㎡ apartment in Banpo Xi, Banpo-dong, Seocho-gu, Seoul, was traded for 3.05 billion KRW on the 20th of last month. This is 800 million KRW higher than the 2.25 billion KRW price in May 2019. Similarly, an 84.95㎡ apartment in Daerim Hansup, Susaek-dong, Eunpyeong-gu, saw its real transaction price rise by 333 million KRW over two years. The real transaction price of an 84.39㎡ apartment in The Sharp Central City, the pilot complex in Dongtan New Town, Hwaseong, Gyeonggi-do, increased by 545 million KRW last month to reach 1.38 billion KRW, up from 835 million KRW in August 2019.