Comparison of Apartment Sale Prices from January to April
Seoul's Highest and Lowest Sale Prices per 3.3㎡ Differ by 98.38 Million KRW
Nationwide, the Price Gap Between Highest and Lowest Complexes is 15 Times
This year, the price difference per 3.3㎡ (pyeong) for newly sold apartments in Seoul reached up to 3.5 times. This means that with the price of one apartment with the highest price, one can purchase more than three apartments with the lowest price.
On the 23rd, Woori Bank's Asset Management Consulting Center analyzed the prices of apartments sold from January to April this year through the Cheongyak Home platform. It found that 'Posejes Hangang' in Gwangjang-dong, Gwangjin-gu, Seoul recorded the highest price at 137.7 million KRW per 3.3㎡. Compared to 'Gyeonghuigung Ubora' in Yeongcheon-dong, Seodaemun-gu, which had the lowest price among Seoul subscription complexes at 39.32 million KRW per 3.3㎡, the difference was 98.38 million KRW per 3.3㎡. Posejes Hangang's price is 3.5 times higher.
Nationally, the cheapest apartment during the same period was 'Daedeok-eup The Forest Eco Park' in Daedeok-eup, Jangheung-gun, Jeollanam-do, priced at 9.21 million KRW per 3.3㎡. The price difference with Posejes Hangang reached 128.49 million KRW. Posejes Hangang is 15 times more expensive than The Forest Eco Park.
Nationwide prices per 3.3㎡ slightly decreased in the fourth quarter of last year but have been rising again this year. Last year's prices per 3.3㎡ were 16.98 million KRW in Q1, 18.69 million KRW in Q2, 18.72 million KRW in Q3, and 18.19 million KRW in Q4. This year, prices recorded 19.99 million KRW in Q1 and 23.29 million KRW in Q2. In Seoul, prices were 30.11 million KRW in Q1 last year, 30.40 million KRW in Q2, 38.21 million KRW in Q3, and 37.99 million KRW in Q4. In Q1 this year, the average price rose to 85.48 million KRW due to the influence of Posejes Hangang.
The region with the second-largest price gap within the same area was Busan. In Minrak-dong, Suyeong-gu, Busan, 'Tenenbaum 294Ⅰ' was priced at 36.24 million KRW per 3.3㎡, while 'Busan Jang-an District Dietre Ocean' in Jangan-eup, Gijang-gun was priced at 15.36 million KRW per 3.3㎡. The price gap per 3.3㎡ was 20.88 million KRW, with a price difference ratio of 2.4 times.
In Gyeonggi Province, which sold 23 complexes this year, the highest price per 3.3㎡ was recorded at 'Pangyo TH212' in Daejang-dong, Bundang-gu, Seongnam-si (33.92 million KRW). The lowest-priced project was 'Pyeongtaek Prugio Center Pine' in Hyeondeok-myeon, Pyeongtaek-si (14.15 million KRW), showing a price difference ratio of 2.4 times and a gap of 19.77 million KRW per 3.3㎡.
In Ulsan, the price difference per 3.3㎡ also reached up to twice. 'e-Pyeonhansesang Sinjeong Sky Heim' in Sinjeong-dong, Nam-gu (25.47 million KRW) was twice as expensive as 'Onyang Bali Hanyang Lips The First' in Onyang-eup, Ulju-gun (12.84 million KRW), with a price difference of 12.64 million KRW per 3.3㎡.
In Incheon, 'Songdo Xi Punggyeongchae Granoble 1 Complex' in Songdo-dong, Yeonsu-gu (25.70 million KRW) and 'Jeil Punggyeongchae Geomdan 3' in Bullo-dong, Seo-gu (15.28 million KRW) showed a 1.7 times price difference per 3.3㎡. Songdo Xi Punggyeongchae Granoble 1 Complex was priced 10.42 million KRW higher per 3.3㎡.
Additionally, price differences were observed in Daegu (1.4 times, 9.61 million KRW), Gwangju (1.5 times, 8.61 million KRW), Daejeon (1.5 times, 7.87 million KRW), Chungnam (1.6 times, 5.72 million KRW), Jeonnam (1.5 times, 4.44 million KRW), Jeonbuk (1.4 times, 4.07 million KRW), Gyeongbuk (1.1 times, 2.07 million KRW), and Gangwon (1.1 times, 1.34 million KRW).
The price gap in apartment sales within or between regions is a natural phenomenon combined with preferences for location. In a situation where supply is not smooth, the polarization of price gaps in sales is inevitable.
Ham Young-jin, head of Woori Bank's Real Estate Research Lab, said, "The rise in prices continues steadily due to increases in raw material costs. In a situation where the progress rate of apartment supply (sales) is sluggish due to the deterioration of PF financing conditions, the polarization of price gaps within regions makes it difficult for prospective buyers to choose subscriptions in the sales market." He added, "Those waiting for sales should carefully consider the price appropriateness according to location by taking into account the price gaps within the region. It is necessary to compare new sales, existing buildings, auctions, and sales (move-in) rights evenly to decide on purchasing cost-effective housing."
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