Gangnam District Breaks 2 Billion Won for 59-Square-Meter Apartments
Yonggang-dong in Mapo District Nears 1.8 Billion Won
Rising Interest in 59-Square-Meter Units Amid Funding Challenges
The average sale price of a 59-square-meter (approximately 20-pyeong) apartment in Seoul has surpassed 1 billion won. Due to the financial pressure caused by lending regulations, demand is rapidly increasing for apartments in the 20-pyeong range.
According to an analysis by Zigbang of transaction data from the Ministry of Land, Infrastructure and Transport as of the end of September, the average sale price of a 59-square-meter apartment in Seoul was 1,050.06 million won. This represents an increase of about 8% compared to last year's average transaction price of 972.66 million won.
By district, Gangnam District saw the largest increase, rising 16.7% year-on-year. Other areas along the so-called 'Han River Belt' with continued buying momentum also posted significant increases, including Mapo District (15.9%), Songpa District (15.8%), Gangdong District (13.9%), Seongdong District (13.7%), and Gwangjin District (11.0%).
Looking at specific neighborhoods, the average sale price of a 59-square-meter apartment in Gangnam District rose from 1,787.06 million won last year to 2,085.7 million won this year, an increase of nearly 300 million won (16.7%). Gangnam District, which is home to major high-priced apartment complexes such as Daechi, Gaepo, and Apgujeong, saw the average sale price for 59-square-meter apartments exceed 2 billion won in 5 out of 13 legal neighborhoods. By neighborhood, Gaepo-dong posted the highest increase, rising from 2,053.02 million won to 2,521.37 million won, a jump of 22.8%. Samseong-dong followed, climbing from 1,749.44 million won to 2,062.2 million won.
In Mapo District (from 1,197.08 million won to 1,387.88 million won, up 15.9%), Yonggang-dong led the increase, rising 22.1% from 1,393.16 million won to 1,700.9 million won. In Songpa District, major landmark complexes in Jamsil-dong and Sincheon-dong were traded, pushing the average sale price of 59-square-meter apartments from 1,317.2 million won to 1,525.88 million won, an increase of more than 200 million won.
The rate of increase in the average sale price of 59-square-meter apartments has been accelerating over the past three years. A Zigbang official stated, "Recently, demand for 59-square-meter apartments has been rapidly increasing, reflecting changes in financial circumstances and household structures. While 84-square-meter apartments remain the standard for family buyers and continue to serve as a market benchmark, their rising prices have made them increasingly difficult to access."
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