The average sale price of dwellings in Seoul has exceeded 1 billion won. As the phenomenon of "one excellent unit" deepens, prices are continually rising, particularly for apartments in the Gangnam area. With record transactions in Gangnam, the average sale price of the top 20% of apartments in Seoul has for the first time surpassed 3 billion won.
According to the monthly housing price trends report by KB Real Estate on the 25th, the average sale price of dwellings in Seoul was 1 billion 39 million won last month. This marks the highest level since KB Real Estate began compiling related statistics in December 2008.
The rise in average dwelling prices in Seoul has been driven by apartments. The average sale price of apartments this month reached 1 billion 345 million 430 thousand won, an increase of 15 million 770 thousand won compared to the previous month (1 billion 329 million 650 thousand won). This is about 70 million won higher than the average sale price of apartments in January (1 billion 275 million 30 thousand won) this year.
The average sale price of apartments nationwide was 525 million 430 thousand won this month. In the metropolitan area, it was reported at 770 million 180 thousand won.
Apartment prices in major areas of Seoul continue to rise. The upward trend has persisted this month, marking 12 consecutive months of increase since June of last year (0.12%).
The highest rates of increase were recorded in Seocho-gu (1.93%), Yangcheon-gu (1.86%), Gangnam-gu (1.76%), Seongdong-gu (1.15%), Yeongdeungpo-gu (0.92%), Songpa-gu (0.81%), Gwangjin-gu (0.69%), and Mapo-gu (0.67%).
In particular, as the phenomenon of "one excellent unit" strengthens, apartment prices are rising in the Gangnam area despite the expansion of the designated areas for land transactions.
As a result, the polarization of apartment prices by region within Seoul has deepened. This month, the average sale price of the top 20% of apartments (5th quintile) in Seoul was 3 billion 942 thousand won, surpassing 3 billion won for the first time. In contrast, the average sale price of the bottom 20% of apartments (1st quintile) was 494 million 400 thousand won.
Consequently, the quintile ratio indicating the price difference between the top 20% and bottom 20% of apartments recorded 11.6 times this month. This also marks the highest level since the start of KB Real Estate statistics.