Average Gukpyeong Apartment Price in February: 1.44 Billion KRW
Up 52.36 Million KRW from January
Seocho-gu Tops the List at 3.14 Billion KRW
The average price of 국민평형 (standard apartment size with a net area of 84㎡) apartments traded in Seoul last month was recorded at 1,438.95 million KRW. In the Gangnam 3 districts, the average price exceeded 2 billion KRW.
On the 24th, sale and jeonse listings are posted at a real estate office in Gangnam, Seoul. Photo by Kang Jin-hyung
On the 17th, Zigbang compiled the actual transaction prices of 국민평형 (hereafter referred to as Gukpyeong) apartments based on the Ministry of Land, Infrastructure and Transport's apartment sales data, resulting in an average price of 1,438.95 million KRW. This represents an increase of 52.36 million KRW compared to January (1,368.59 million KRW). In the Gangnam 3 districts, Seocho-gu recorded 3,140.43 million KRW, Gangnam-gu 2,706.34 million KRW, and Songpa-gu 2,028.13 million KRW, respectively.
Seocho-gu raised the average price through transactions in apartments such as Raemian One Bailey, Acro River Park, Raemian Prestige, and Banpo Xi. The combination of riverside location, brand reputation, and excellent school districts formed a high-end residential area with elevated price levels.
Gangnam-gu also saw semi-new apartments like Raemian Bless Tige in Gaepo-dong, The H Honor Hills in Gaepo-dong, and Raemian La Classe in Samseong-dong traded for over 3 billion KRW. Along with transactions in older complexes in Nonhyeon, Yeoksam, and Irwon-dong, the average price hovered around 2.7 billion KRW. In Songpa-gu, the volume of transactions for apartments priced over 2 billion KRW, such as Helio City, Resentz, Els, Trizium, and Parkrio, increased.
Outside the Gangnam 3 districts, Yongsan-gu (1,914.13 million KRW), Jongno-gu (1,871.90 million KRW), Seongdong-gu (1,611.37 million KRW), and Mapo-gu (1,583.11 million KRW) also saw Gukpyeong apartment transaction prices exceed 1.5 billion KRW. Conversely, Dobong-gu (615.29 million KRW) and Gangbuk-gu (682.57 million KRW) remained below 700 million KRW.
Following the base interest rate cut and the resulting expectations of declining loan interest rates, signs of change are emerging in the housing market. Demand, which had been cautious, is showing signs of recovery, leading to increased transactions in some areas.
Demand, which had been cautious around the year-end and beginning of the year, is gradually recovering, with some regions experiencing increased transactions. Additionally, the lifting of land transaction permit zones in the Jamsil, Samseong, Daechi, and Cheongdam (Jamsamdaecheong) areas has also contributed to market recovery. After the deregulation, an environment was created where investment and actual residence demand could move, resulting in increased transaction volumes and price momentum. As of the 17th, the number of apartment transactions in Seoul in February reached 5,171, marking the highest level since August last year.
The effects of deregulation are spreading to major urban areas such as the Gangnam 3 districts and Mayongseong (Mapo, Yongsan, Seongdong), with some complexes showing price increases in a matching manner. Housing purchase sentiment is gradually improving, especially in areas with strong price defense. The upcoming implementation of the third stage of DSR in July, which will strengthen loan regulations, has also led to preemptive market inflows of demand aiming to purchase homes under favorable conditions before the tightening.
Kim Eun-seon, head of Zigbang Big Data Lab, explained, "Gukpyeong apartments are attracting attention for their stable asset value preservation and favorable characteristics for both actual users and investors. Although some price increases are appearing as declining listings are exhausted even in the outskirts of Seoul, aggressive chasing buying is not yet evident, and it remains to be seen whether this trend will continue. External factors such as economic and political instability may also impact the market."
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