KB Real Estate: "Seoul Officetel Sale Prices Rise for Ninth Consecutive Month"

It has been found that officetel sale prices in Seoul have continued to rise for nine consecutive months.

An officetel located in Noryangjin, Dongjak-gu, Seoul, where public official academies and entrance exam academies are densely concentrated. Photo by Jinhyung Kang aymsdream@

According to KB Real Estate's October officetel statistics released on the 26th, the sale price of officetels in Seoul increased by 0.09% compared to the previous month. This marks the ninth consecutive month of increases since February. However, the rate of increase slowed, dropping from 0.16% in August to 0.13% in September, and continued to decline thereafter.

By region, the northwestern area (0.17%) shifted from a 0.06% decrease last month to an increase, while the southwestern area (0.13%) saw strong performance in large-scale officetels, particularly in Yeouido-dong, Yeongdeungpo-gu. The central area (0.09%) also turned upward, driven by the strength of officetels near subway stations in Hangang-ro, Yongsan-gu.

By size, large and medium-sized officetels saw price increases nationwide and in the metropolitan area, while small and mid-small officetels experienced declines. This is analyzed as a result of demand shifting to large officetels with exclusive areas over 85 square meters, especially as apartment prices have surged in parts of Seoul and Gyeonggi Province.

Additionally, the average sale price of officetels in Seoul was 304.18 million won, up 260,000 won from the previous month, while the average jeonse (long-term lease) price rose by 60,000 won to 203.38 million won. The jeonse-to-sale price ratio was 84.7% nationwide, 84.9% in the metropolitan area, and 84.1% in Seoul.