Last month, the average transaction price of a national standard apartment (exclusive area of 84㎡) in Seoul exceeded 1.4 billion won. Apartments located in Seocho District had the highest average transaction price, surpassing 3.1 billion won, while Dobong District and Gangbuk District remained around 600 million won.
According to Zigbang on the 17th, the average price of national standard apartments in Seoul in February was 1.43895 billion won. This marks an increase of 70.36 million won (5.1%) compared to the previous month’s average of 1.36859 billion won.
By district, Seocho had the highest at 3.14043 billion won, followed by Gangnam at 2.7034 billion won and Songpa at 2.02813 billion won.
Seocho District's average price was driven up by transactions in luxury complexes along the Han River, including Raemian One Bailey, Acro River Park, Raemian Prestige, and Banpo Xi.
In Gangnam District, recently built apartments such as Raemian Blestige and D.H. Honor Hills were traded for over 3 billion won. This, combined with the transactions of older apartments in Nonhyeon, Yeoksam, and Ilwon, resulted in an average price around 2.7 billion won.
In Songpa District, the increase in transaction volume of apartments priced over 2 billion won, including Helio City, Liscent, Jamsil Els, Tridium, and Park Rio, pushed the average price of national standard apartments in February over 2 billion won.
Beyond the three districts of Gangnam, other areas such as Yongsan (1.91413 billion won), Jongno (1.87190 billion won), Seongdong (1.61137 billion won), and Mapo (1.58311 billion won) also saw average transaction prices for national standard apartments exceed 1.5 billion won.
In contrast, Dobong District (615.29 million won) and Gangbuk District (682.57 million won) were observed to have prices set below 700 million won.
Zigbang analyzed that the anticipated decrease in loan rates due to the cut in the base rate, along with the lifting of land transaction approval zones in parts of Gangnam, such as Jamsil, Samsung, Daechi, and Cheongdam, has influenced the recovery of the market.
Kim Eun-sun, head of Zigbang's Big Data Lab, said, 'The impacts of the rate cut and the lifting of land transaction approval zones are combining to show a recovery in the transaction volume and an increase in prices in the apartment sales market.'