Seoul Apartment Prices Rise More for 'Jungdaehyeong' than 'Gukpyeong'

Medium to Large-sized Apartments Up 202% in 10 Years
Standard-sized Apartments Rise 117%
Transaction Volume Drops by Two-thirds Over a Decade

Analysis of apartment sale prices in Seoul by size over the past 10 years revealed that the sale prices of medium to large-sized apartments increased more significantly than those of the 국민평형 (standard size) apartments with an exclusive area of 85㎡.

According to Dabang, a real estate information platform, which analyzed Seoul apartment sale prices based on actual transaction prices from the Ministry of Land, Infrastructure and Transport, the average sale price of apartments with an exclusive area over 85㎡ and up to 102㎡ last year was 1,887.01 million KRW, marking a 202% increase compared to 624.24 million KRW in 2014.

Provided by Dabang.

The price increase rate for 국민평형 (over 60㎡ up to 85㎡) was lower at 117%. The average price, which was 448.47 million KRW in 2014, rose to 1,240.38 million KRW last year. Following this were △60㎡ or less with 167% (298.68 million KRW → 796.34 million KRW), △over 102㎡ up to 135㎡ with 166% (685.34 million KRW → 1,822.46 million KRW), and △over 135㎡ with 148% (1,093.8 million KRW → 3,248.66 million KRW) increases in price, respectively.

The price increase showed a divide between the Gangnam area and non-Gangnam areas, with noticeable differences. The price increase for medium to large-sized apartments (exclusive area over 85㎡ up to 102㎡) in the three Gangnam districts rose by 200% over 10 years. The average price, which was 834.11 million KRW in 2014, increased to 2,501.33 million KRW last year. In contrast, other areas saw an average sale price increase of only 179% over the decade. The average sale price in non-Gangnam areas, which was 525.52 million KRW in 2014, rose to 1,463.7 million KRW last year.

While Seoul apartments showed significant price increases across all exclusive area sizes, transaction volumes decreased by 33% compared to 10 years ago. Last year, the total number of apartment transactions across Seoul was 56,926, a 33% decrease from 85,532 transactions in 2014. The medium size category with the highest average price increase saw transactions drop by 46%, from 2,592 to 1,407.