Apartment Price Increase Rate in Gangseo-gu 0.29%... Ranked 1st in Seoul for 2 Consecutive Weeks

(Photo by Mun Ho-nam munonam@ )

[Asia Economy Reporter Ryu Taemin] Apartment prices in Gangseo-gu, Seoul, have been soaring, showing the highest increase rate in Seoul for two consecutive weeks. This is interpreted as growing expectations for future value due to various developments centered around the Magok district.

According to the Korea Real Estate Board on the 20th, the weekly apartment sale price in Seoul for the second week of September (as of the 13th) rose by 0.21%, maintaining the same figure for three consecutive weeks. During the same period, apartment sale prices in the metropolitan area increased by 0.40%.

The steepest increase rates within Seoul were recorded in Gangseo-gu and Nowon-gu, each at 0.29%. In particular, Gangseo-gu rose by 0.30% in the first week of September, ranking first in Seoul for the increase rate. Due to large-scale development benefits, apartment prices surged, marking the highest increase rate in Seoul for two consecutive weeks. Nowon-gu, which had held the top spot for apartment price increases in Seoul for several months, showed a slight decline to 0.27% in the first week of September.

According to the Ministry of Land, Infrastructure and Transport's real transaction price disclosure system, an 84.98㎡ (exclusive area) unit in Hillstate Master, Magok 13 Complex, Magok-dong, Gangseo-gu, was traded on the 19th of last month for 1.6 billion KRW (6th floor), setting a new record price. Currently, the asking price for this unit size ranges from 1.7 billion to 1.9 billion KRW. A unit of 84.95㎡ in Magok M Valley 7 Complex also changed hands for 1.6 billion KRW on the 20th of last month, marking the highest price ever recorded.

In the Magok district, the Magok MICE (Meetings, Incentives, Conferences, and Exhibitions) complex development project, with a total investment of 3.3 trillion KRW, is underway. The Magok complex started construction in July and is scheduled for completion in the second half of 2024. The total floor area is 820,000㎡, about twice the size of COEX in Samseong-dong, Gangnam-gu, Seoul (460,000㎡).

Meanwhile, apartment prices in the metropolitan area have risen by 0.40% for four consecutive weeks up to this week, showing no signs of easing. This is the highest figure since weekly statistics began in May 2012. In particular, since mid-last month, the highest increase rates have been broken or maintained for eight consecutive weeks.