Last month, the average subscription price for apartments in Seoul approached 45.7 million won per 3.3 square meters (pyeong). This is an increase of more than 18% compared to a year ago.
According to the 'Trends in Private Apartment Subscription Prices at the End of May' released by the Korea Housing and Urban Guarantee Corporation (HUG) on the 16th, the private apartment subscription price in Seoul was recorded at 45.683 million won per 3.3 square meters (based on supply area). This is a 0.40% increase from the previous month (45.498 million won). While this is lower than the historical high of 47.207 million won in November of last year, it represents an increase of 18.05% compared to the same month last year (38.698 million won).
After reaching a peak last November, the subscription price in Seoul fell by nearly 3 million won in December to 44.089 million won. It slightly increased to 44.132 million won in January of this year, and maintained 44.284 million won during the two to three months after.
In contrast to Seoul, the average subscription prices in the metropolitan area and nationwide experienced a slight decline. Incheon recorded the same figure as the previous month at 18.853 million won, while Gyeonggi Province saw a decrease of 2.72% to 21.835 million won from the previous month (22.446 million won).
Consequently, the average subscription price in the metropolitan area fell to 28.79 million won, a 0.49% decline compared to the previous month (28.932 million won).
The average subscription price nationwide was also recorded at 19.012 million won, down 0.08% from the previous month (19.025 million won).
The five major metropolitan cities and Sejong City saw an increase to 18.836 million won, up 1.22%, while other regions (Gangwon, Chungbuk, Chungnam, Jeonbuk, Jeonnam, Gyeongbuk, Gyeongnam, Jeju) decreased to 15.474 million won, down 0.96%.
The monthly average subscription prices released by HUG is the average subscription price of private subscription projects for which guarantee certificates have been issued over the 12 months prior to the announcement.
Meanwhile, the total number of newly subscribed private apartments nationwide last month was counted at 3,257 units. This figure represents a decrease of 78.6% compared to the previous month (15,210 units). Compared to the same month last year (13,712 units), it has fallen by more than 10,000 units.
Seoul saw a decrease of 449 units from the previous month, with 707 units subscribed, while the metropolitan area only managed 2,223 units subscribed, a drop of 989 units.