Seocho and Gangnam Apartment Prices Near 100 Million KRW per Pyeong... Increased 188% Over 10 Years

The price per pyeong of apartments in Seocho-gu and Gangnam-gu, Seoul, has been found to approach 100 million KRW.

Real estate information platform Dabang announced on the 4th that based on actual transaction prices from the Ministry of Land, Infrastructure and Transport, an analysis of apartment sales transactions in Seoul from 2014 to last year showed that the price per pyeong in Seocho-gu increased by 209% compared to 10 years ago, reaching 92.85 million KRW.

During the same period, Gangnam-gu saw a 169% increase, reaching 91.45 million KRW. Compared to 10 years ago, the price per pyeong in Seocho-gu and Gangnam-gu rose by 187.7%.

Following were Yongsan-gu at 74.77 million KRW, Songpa-gu at 67.62 million KRW, Seongdong-gu at 60.83 million KRW, Mapo-gu at 56.35 million KRW, and Gwangjin-gu at 51.60 million KRW.

The price per pyeong in the Gangnam 3 districts (Gangnam, Seocho, Songpa) was 82.51 million KRW, which is 1.9 times higher than the average of 42.83 million KRW in other areas.

Compared to 10 years ago, the area with the second highest increase in price per pyeong after Seocho-gu was Seongdong-gu, which rose by 199%. Yongsan-gu increased by 188%, and Mapo-gu by 176%. The Gangnam 3 districts recorded 170%, while other areas recorded 157%, showing a 13 percentage point gap.

A Dabang official stated, "Seoul apartment prices appeared to pause briefly in areas outside the Gangnam 3 districts over the past 2 to 3 years, but overall showed an upward trend over the past 10 years. In particular, the traditional affluent areas of Seocho and Gangnam have continuously seen increases in price per pyeong."