Due to the impact of rising construction costs, the average sale price of private apartments in Seoul is approaching 38 million KRW per 3.3㎡. This marks an increase of over 24% compared to a year ago.
According to the private apartment sale price trend survey announced by the Housing and Urban Guarantee Corporation (HUG) on the 15th, as of the end of February, the average sale price per square meter of apartments in Seoul was recorded at 11,457,000 KRW. This is approximately 37,874,000 KRW per 3.3㎡. Compared to the same month last year, it rose by 24.2%.
At the end of 2022, the sale price of apartments in Seoul was 9,024,000 KRW per square meter, falling below 10 million KRW. It steadily increased to 10,347,000 KRW in November last year. Based on 3.3㎡, the price surpassed 32 million KRW in September, 35 million KRW in December, and exceeded 37 million KRW last month.
The sale price per square meter of apartments in the Seoul metropolitan area, including Seoul, rose by 2.3% from the previous month to 7,757,000 KRW (25,643,000 KRW per 3.3㎡). This is a 20.0% increase compared to a year ago.
In the five major metropolitan cities and Sejong City (5,573,000 KRW per ㎡; 18,423,000 KRW per 3.3㎡), prices increased by 13.0% during the same period. Nationwide, the average apartment sale price per square meter was 5,366,000 KRW (17,739,000 KRW per 3.3㎡), marking a 13.5% rise compared to the same month last year. This is the twelfth consecutive month of price increases since February last year.
In February, the total number of newly supplied private apartments nationwide was 19,272 units, an 18.7% increase compared to 6,717 units in the same month last year. The number of new units supplied in the Seoul metropolitan area was 8,821, while the five major metropolitan cities and Sejong City accounted for 5,253 units, and other regions had 5,198 newly supplied units.
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