Seoul's Standard Apartment Price Hits 1.46 Billion Won in Q1... Up 25% in One Year

Jeonse Deposit Reaches 652.92 Million Won, Up 2.3% Year-on-Year
Seoul Apartment Sales Price 252% Higher Than National Average

In the first quarter, the average sales price of apartments in Seoul with a standard size of 84 square meters of exclusive area surged by about 25% compared to a year earlier.

According to Dabang, a real estate information platform, on May 5, the average sales price of 84-square-meter apartments in Seoul reached 1,459.81 million won. Dabang released the "Dabangyeojido," which compiles the average sales prices and average jeonse deposit levels by district in Seoul, based on actual transaction data from the Ministry of Land, Infrastructure and Transport.

According to this data, the average sales price of 84-square-meter apartments in Seoul in the first quarter rose by 25.5% compared to the same period last year. The average jeonse deposit stood at 652.92 million won, up 2.3% from a year earlier.

View of apartments in Seocho-gu and Gangnam-gu as seen from near the Han River in Seoul. Photo by Yonhap News

Among Seoul's 25 districts, Seocho-gu had the highest average sales price. The average sales price in Seocho-gu was 2,880.74 million won, which is 197% of the Seoul average when the average is set at 100%. In addition, the average sales prices in eight other districts (Gangnam-gu at 173%, Songpa-gu at 134%, Yongsan-gu at 128%, Jongno-gu at 124%, Seongdong-gu at 111%, Mapo-gu at 110%, Gwangjin-gu at 103%) were also higher than the Seoul average.

Gangnam-gu ranked first for average jeonse deposit at 995.90 million won. The sales price in Gangnam-gu was 153% of the Seoul average, which is 342.98 million won higher than the citywide average. Seocho-gu (142%), Jongno-gu (132%), Songpa-gu (119%), Mapo-gu and Seongdong-gu (114%), Yongsan-gu (109%), Gwangjin-gu and Jung-gu (105%), and Dongjak-gu (103%) followed.

Meanwhile, during the same period, the national average sales price for 84-square-meter apartments rose by 27.7% year-on-year to 579.59 million won. The average jeonse deposit nationwide increased by only 1.3% to 367.27 million won. The overall average sales price and jeonse deposit in Seoul were 252% and 178% of the national averages, respectively.