[Asia Economy Reporter Cha Wanyong] There has been a change in apartment prices by region in Seoul. Among the 'Big 3' districts in Gangnam (Gangnam, Seocho, Songpa), which held the top average sale prices, Songpa-gu has dropped from the 3rd position. Instead, Yongsan-gu, which is benefiting from various positive factors such as the presidential office relocation and the development of the international business district, has taken this spot.
Apartment complexes in Songpa-gu area as seen from Lotte World Tower Observatory 'Seoul Sky'
According to KB Real Estate's January housing price trends on the 5th, the district with the highest average apartment sale price per 3.3㎡ in Seoul was Gangnam-gu, recorded at 87,275,000 KRW. Compared to the average apartment sale price per 3.3㎡ in Seoul, which is 48,747,000 KRW, this is about 40 million KRW higher.
Next, Seocho-gu ranked 2nd with an average apartment sale price of 85,552,000 KRW per 3.3㎡, and Yongsan-gu ranked 3rd with 66,610,000 KRW.
One year ago, in January last year, the average apartment sale prices per 3.3㎡ in Gangnam-gu, Seocho-gu, and Songpa-gu were 83,384,000 KRW, 76,055,000 KRW, and 61,086,000 KRW respectively, forming the top three. Yongsan-gu followed with 58,492,000 KRW.
However, last year, Yongsan's housing prices surged following the presidential office relocation, the creation of Yongsan Park, and Seoul City's announcement of the 'Yongsan International Business District Development Plan,' while Songpa-gu was the first among the Gangnam 3 districts to see a decline in housing prices, showing a significant drop.
As a result, the rankings reversed from September last year. Yongsan-gu's average apartment sale price per 3.3㎡ was recorded at 61,201,000 KRW, while Songpa-gu was at 61,026,000 KRW.
According to KB Real Estate, Seoul apartment sale prices fell by 2.96% last year, with Songpa-gu dropping 5.88%, a larger decline than the overall Seoul average. In contrast, Yongsan-gu's apartment prices actually rose last year. Yongsan-gu recorded a 2.41% increase in apartment prices, along with Jongno-gu (1.02%) and Seocho-gu (0.71%), showing positive growth rates.
Following the Gangnam 3 districts, Yongsan-gu, and Songpa-gu, Seongdong-gu (56,515,000 KRW), Mapo-gu (52,793,000 KRW), Gwangjin-gu (52,014,000 KRW), and Yangcheon-gu (50,216,000 KRW) all recorded average apartment sale prices per 3.3㎡ exceeding 50 million KRW.
Next, Dongjak-gu (47,949,000 KRW), Jongno-gu (47,691,000 KRW), Gangdong-gu (47,127,000 KRW), Yeongdeungpo-gu (46,906,000 KRW), Jung-gu (46,721,000 KRW), and Gangseo-gu (40,596,000 KRW) all had average apartment sale prices per 3.3㎡ exceeding 40 million KRW. Additionally, Seodaemun-gu (39,441,000 KRW), Dongdaemun-gu (37,810,000 KRW), Eunpyeong-gu (35,940,000 KRW), Seongbuk-gu (35,679,000 KRW), Nowon-gu (35,253,000 KRW), Gwanak-gu (35,029,000 KRW), Guro-gu (33,795,000 KRW), Jungnang-gu (31,782,000 KRW), Geumcheon-gu (30,828,000 KRW), Gangbuk-gu (30,818,000 KRW), and Dobong-gu (30,379,000 KRW) were recorded.
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