"Seoul Apartment Price Growth Hits 19-Year High"
"Jeonse and Monthly Rent Increases Also Extremely Serious"
Jokook, leader of the Jokook Innovation Party, referenced statistics showing that this year’s increase in Seoul apartment prices has surpassed the surge experienced during the Moon Jae-in administration, a period known for rapid housing price hikes. He argued, “This is a signal that current financial and tax policies are not enough to contain the situation,” and called for the introduction of the “Land Public Concept.”
On December 17, Jokook posted on his Facebook page, “According to the Korea Real Estate Board’s market survey, the rate of increase in Seoul apartment prices has reached a 19-year high, exceeding even the Moon Jae-in administration’s period. The spike in jeonse and monthly rent prices is also the highest in a decade, which is extremely serious.”
Jokook stressed the need to revise and enact the three “Land Public Concept” laws (to address constitutional issues) and to implement policies for large-scale, high-quality public rental housing in the three Gangnam districts of Seoul, as well as in Mapo, Yongsan, Seongdong, and Bundang. He added, “This is something I have consistently advocated,” and emphasized, “We must not consider the interests of incumbent Democratic Party lawmakers or politicians in these areas.” He particularly urged, “The Lee Jaemyung administration must choose bold policies that fundamentally change the landscape.”
He also addressed the fact that he owns a reconstructed apartment in Bangbae-dong, Seocho-gu, Seoul, stating, “The People Power Party and other far-right forces make the absurd claim that it is contradictory for me to advocate the Land Public Concept while owning a redevelopment apartment in Seocho-gu.” He continued, “Does living in one of the three Gangnam districts disqualify someone from advocating for the Land Public Concept? My apartment, built in 1981, was so old that redevelopment approval was granted, and I have lived there without ever selling it.”
Jokook reiterated, “I have consistently argued for the construction of high-quality public rental housing in the three Gangnam districts, including Seocho-gu,” and added, “For example, in the case of the former Defense Intelligence Command site, apartment prices in the Gangnam area will naturally decline, but that is a consequence we must accept.”
A panoramic view of apartment complexes in downtown Seoul as seen from Namsan, Seoul. This photo is for illustrative purposes only and is unrelated to the content. Photo by The Asia Business Daily Database.
The Seoul apartment price statistics cited by Jokook appear to be based on data released the previous day by the Korea Real Estate Board, the government-certified market survey agency.
According to the Korea Real Estate Board, as of the second week of December (based on data from the 8th), the cumulative increase in Seoul apartment sales prices for this year has reached 8.1 percent. This is the highest annual figure since statistics began in 2012. The previous record was 8.0 percent, set during President Moon Jae-in’s term in both 2018 and 2021. Although three weekly surveys remain, there is little expectation of a downturn, making it highly likely that this year’s price increase will end at a record high.
Notably, Seoul apartment prices have risen for 45 consecutive weeks since the first week of February this year. By district, the highest increases were in Songpa-gu (19.78%), Seongdong-gu (17.94%), Mapo-gu (13.50%), Seocho-gu (13.20%), Gangnam-gu (12.90%), Yangcheon-gu (12.25%), Yongsan-gu (12.18%), Gangdong-gu (11.76%), Gwangjin-gu (11.48%), and Yeongdeungpo-gu (10.06%).
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