Average Jeonse Price of Seoul Apartments 650 Million KRW... 3.5 Times Gap Between Seocho and Dobong Districts

Seoul apartment jeonse prices vary by up to more than three times depending on the district. Seocho-gu was the most expensive, while Dobong-gu was relatively the cheapest.

[Image source=Yonhap News]

On the 27th, Real Estate R114 analyzed the jeonse prices of apartments in Seoul and the metropolitan area, revealing that the average jeonse price in Seoul's 25 districts was 649.91 million KRW. Among them, Seocho-gu had the highest jeonse price at 1.25192 billion KRW. The next highest jeonse prices were in ▲Gangnam (1.09196 billion KRW) ▲Yongsan (844.47 million KRW) ▲Songpa (820.8 million KRW), all exceeding 800 million KRW.

The cheapest jeonse price in Seoul was in Dobong-gu (359.46 million KRW), with a price gap of about 3.5 times between Seocho-gu and Dobong-gu.

Meanwhile, an analysis of the stock proportion by price range of apartments in the metropolitan area showed that 4 out of 5 units (79%) were priced at 600 million KRW or less. In Incheon and Gyeonggi-do, apartments priced at 600 million KRW or less accounted for 89% to 98%. The distribution of apartment jeonse prices in Seoul was ▲12% at 300 million KRW or less ▲44% over 300 million KRW up to 600 million KRW ▲29% over 600 million KRW up to 900 million KRW ▲15% over 900 million KRW, with 56% priced at 600 million KRW or less.

Average Jeonse Price per Household in 25 Districts of Seoul.
[Image provided by Real Estate R114]

Real Estate R114 stated, “If the government raises the Korea Housing Finance Corporation’s guarantee standards for future jeonse loans, except for some high-priced areas such as Gwacheon, Pangyo, and Bundang in Gyeonggi-do and Seoul, virtually all jeonse properties are expected to benefit from fixed and low-interest loan products.”