Average Apartment Price South of Han River in Seoul Surpasses 1.8 Billion Won for First Time... Upward Trend Continues Despite September 7 Measures

Seoul Metropolitan Area Average Re-enters 800 Million Won Range
Sale Price Outlook Index Soars to 116.4
Experts: "Supply Measures Have Limited Impact... Upward Trend Remains Strong"

The average apartment price in the 11 districts south of the Han River in Seoul has surpassed 1.8 billion won for the first time. Despite the government's September 7 supply measures, the upward trend in apartment prices across the Seoul metropolitan area continues.

According to KB Kookmin Bank's nationwide housing price trends for September, as of September 15, the average apartment sale price in the 11 districts south of the Han River in Seoul was 1,806.77 million won, up 0.64% from the previous month. In the 14 districts north of the Han River, prices rose by 0.40% to 1,022.38 million won, while the overall average for Seoul increased by 0.82% to 1,436.21 million won.

Jamsil Apartment Area, Seoul. Photo by Jojong Jun

In particular, districts such as Songpa (1.60%), Jung (1.54%), Gangdong (1.53%), Gwangjin (1.52%), and Seongdong (1.47%) saw price increases in the 1% range, with the upward trend spreading mainly around Gangnam and central Seoul complexes.

The average apartment price for the entire Seoul metropolitan area reached 800.46 million won, surpassing the 800 million won mark for the first time in three years since September 2022 (801.75 million won). In Gyeonggi Province, areas such as Bundang in Seongnam (1.77%), Sujeong (1.14%), and Gwangmyeong (1.23%) showed strong growth.

The government announced the "September 7 Measures," aiming to supply 1.35 million homes in the Seoul metropolitan area by 2030, but the market views the impact as limited. The sale price outlook index surged by 13.8 points to 116.4 from 102.6 the previous month, indicating a significantly strengthened expectation of price increases. The nationwide index also exceeded the baseline (100), reaching 101.6.

Apartment prices nationwide rose by 0.10%, marking a sixth consecutive month of increases. However, the five major metropolitan cities saw a decline of 0.20%, and other regions outside the metropolitan areas fell by 0.02%. In contrast, the nationwide jeonse (long-term lease) market rose by 0.14%, recording a seventh consecutive month of gains. The Seoul metropolitan area increased by 0.22%, and the five major metropolitan cities rose by 0.06%, continuing their upward trends for 26 and 3 consecutive months, respectively.