Seoul Villa Median Sale Price Surpasses 20 Million KRW per 3.3㎡

Apartment Level in February 2017

[Asia Economy Reporter Im On-yu] The median sale price of Seoul’s row houses and multi-family homes (villas) has surpassed 20 million KRW per 3.3㎡ for the first time.

According to a survey conducted on July 28 by the real estate platform Dabang on the monthly median sale price per 3.3㎡ of villas nationwide, the median sale price in Seoul in July reached 20.38 million KRW, rising 2.6% from the previous month (19.86 million KRW) and breaking the 20 million KRW mark for the first time.

Compared to July last year (18.78 million KRW), this is an 8.5% increase and the highest level since the Korea Real Estate Board began related surveys in January 2006.

The median sale price refers to the price positioned in the middle when all samples are lined up in a row. Considering that the median sale price of Seoul apartments was 20.07 million KRW per 3.3㎡ in February 2017, villa prices have risen to a level comparable to apartments from four years ago.

The median sale price of Seoul villas was in the 18 million KRW range per 3.3㎡ as recently as March and April, similar to the level at the end of 2019.

However, it surged to 19.6 million KRW in May and exceeded 20 million KRW within two months, showing a steep upward trend.

A Dabang official explained, "The increase in apartment sale prices appears to have led to a rise in demand for alternative housing products like villas, mainly among people in their 30s," adding, "As Seoul City actively pursues urban renewal projects such as redevelopment candidate site contests, the buying sentiment for villas in promising areas is expected to continue."

During the same period, the nationwide median sale price of villas was 10.2 million KRW per 3.3㎡, about half of Seoul’s level. Gyeonggi Province recorded 9.88 million KRW, and Incheon 7.75 million KRW. The provinces (664 million KRW) were about one-third of Seoul’s level.

Meanwhile, the median sale price of Seoul apartments in July was 41.25 million KRW per 3.3㎡, marking a 23.6% increase compared to July last year.