Seoul Apartment Sale Price 37.14 Million KRW per Pyeong... 21% Surge in One Year

Nationwide 5,284,000 Won... Rising for 11 Consecutive Months

The average sale price of private apartments in Seoul has risen by more than 20% compared to a year ago. Nationwide, the increase was about 11%.

View of downtown apartments from Namsan, Seoul. / Photo by Yonhap News

According to the private apartment sale price trend survey released by the Housing and Urban Guarantee Corporation (HUG) on the 15th, as of the end of January, the average sale price per square meter of apartments in Seoul was 11,234,000 KRW (37,137,000 KRW per 3.3㎡, calculated to decimal points), up 6.07% from the previous month. Compared to the same month last year, it surged by 21.03%.

At the end of 2022, the sale price per square meter in Seoul apartments was 9,024,000 KRW, not yet exceeding 10 million KRW, but it steadily increased to 10,347,000 KRW in November last year. Based on 3.3㎡, it surpassed 32 million KRW in September last year, 35 million KRW in December, and broke through 37 million KRW last month.

The sale price per square meter of apartments in the Seoul metropolitan area, including Seoul, was recorded at 7,580,000 KRW, up 6.07% from the previous month. This represents a 16.37% increase compared to the same month last year.

The five major metropolitan cities and Sejong City (541 million KRW per square meter) rose by 0.60% and 7.41%, respectively, during the same period. Other provinces (4,408,000 KRW per square meter) fell by 1.11% from the previous month but rose by 11.80% compared to the same month last year.

The nationwide apartment sale price per square meter was 5,284,000 KRW, up 0.44% from the previous month and 10.95% compared to the same month last year. This marks an 11-month consecutive rise since February last year.

The total number of newly supplied private apartments nationwide in January was 7,239 units, a 248% increase compared to 2,080 units in the same month last year. The number of newly supplied units in the metropolitan area was 2,407, while the five major metropolitan cities and Sejong City had a total of 1,608 units, and other provinces had 3,224 newly supplied units.