Seoul Apartment Sale Price per Pyeong Returns to 30 Million Won Range After 8 Months

HUG Private Apartment Sale Prices
14% Increase in 5 Major Metropolitan Cities and Sejong Over One Year

[Asia Economy Reporter Kim Min-young] The sale price of private apartments in Seoul has risen back to the 30 million KRW per 3.3㎡ range after 8 months.

[Image source=Yonhap News]

According to the private apartment sale price trend data as of the end of January this year, released by the Housing and Urban Guarantee Corporation (HUG) on the 15th, the average sale price of private apartments in Seoul was 9,282,000 KRW per ㎡, which converts to 30,636,000 KRW per 3.3㎡. This is a 2.86% (25,800 KRW) increase from the previous month (9,024,000 KRW per ㎡). In terms of 3.3㎡, the price rose again from 29,779,200 KRW to over 30 million KRW. However, compared to January last year (9,582,000 KRW per ㎡), it decreased by 3.13%.

The sale price per 3.3㎡ of private apartments in Seoul fell into the 20 million KRW range starting from May last year (28,215,000 KRW) and remained below 30 million KRW for 8 consecutive months until December last year. The nationwide average sale price per 3.3㎡ of private apartments was 15,714,600 KRW, up 10.90% year-on-year and 1.65% month-on-month. The metropolitan area recorded 21,496,200 KRW, increasing 4.09% year-on-year and 1.40% month-on-month.

The five major metropolitan cities and Sejong showed a price of 16,622,100 KRW, up 14.29% compared to January last year. Compared to December last year, it rose by 2.93%. Other provinces also increased by 12.27% over the year to 12,866,700 KRW.

Meanwhile, the number of newly supplied private apartments nationwide last month was 2,080 units, down 87% from the same month last year (15,625 units). The metropolitan area supplied 1,889 units, and the five major metropolitan cities and Sejong supplied 191 units.