The average sale price gap for apartments in Seoul and Busan has widened to more than 2 to 3 times in 10 years.
According to an analysis by the real estate information platform 'Budongsanjiin' and Professor Kyung-kyu Kang of Dong-A University's Department of Real Estate, the average sale price per 3.3㎡ for Seoul apartments rose from 17.1 million won in May 2015 to 42.5 million won this May, an increase of 148.5% over the 10 years.
During the same period, the average sale price per 3.3㎡ for Busan apartments increased only from 8.02 million won to 12.14 million won, climbing by 51.4%. This means the average sale price gap between Seoul and Busan has grown from 2.1 times to 3.5 times.
The transaction prices for the top 20% of apartments in Seoul increased by 196.9% over the past 10 years, reaching 8.6 million won. In Busan, the price reached 21.8 million won, rising by 86.3%, expanding the gap with Seoul to 3.7 times.
In contrast, the transaction prices for the bottom 20% of apartments in Seoul rose by 84.9% over the past 10 years, reaching 19.71 million won. Meanwhile, Busan saw a drop of 3.7%, recording only 5.41 million won during the same period. As a result, the average sale price gap between the two regions' apartments widened to 3.6 times.
For an 84㎡ apartment, the average sale price in Seoul rose by 148.5% from 594.87 million won to 1.47847 billion won over the last 10 years. In Busan, the price increased from 279 million won to 422.32 million won, a rise of 51.4%.