Seoul – According to data provided by the Korea Real Estate Board to Rep. Lee Yeon-hee of the Democratic Party of Korea's Land, Infrastructure, and Transport Committee, the average transaction price of apartments in Seoul's Seocho District was the highest among the 25 districts in 2024, at 2,518 million KRW.
Following Seocho, Gangnam District recorded an average transaction price of 2,483 million KRW, while Yongsan District trailed at 2,257 million KRW.
The average transaction price of apartments is aggregated based on the contract date. The final figures may differ slightly once the reporting period for apartments traded in December ends later this month. However, the overall trend is expected to remain similar.
A notable characteristic of Seocho and Gangnam Districts, where the average transaction price exceeds 2 billion KRW, is their resilience despite the apartment prices peaking in August and then faltering.
The average transaction price of apartments in Seocho District rose from 2,136 million KRW in January of last year to 2,725 million KRW in August. Although it fell to the 2.5 billion KRW range between September and November, the average transaction price in December rebounded to 2,759 million KRW.
Similarly, the average transaction price of apartments in Gangnam District decreased from 2,693 million KRW in August of last year to 2,522 million KRW in September but returned to the 2.6 billion KRW range in October.
In the case of Yongsan District, the average transaction price rose to 2,910 million KRW in September of last year, then declined to 2,660 million KRW in October, 2,039 million KRW in November, and 2,073 million KRW in December. However, it still remained above 2 billion KRW.
Following Seocho, Gangnam, and Yongsan, the districts with the highest average transaction prices last year were Songpa (1,675 million KRW), Seongdong (1,417 million KRW), and Mapo (1,291 million KRW).
The district with the lowest average transaction price in Seoul was Dobong District, at 554 million KRW, representing a 4.6-fold difference from Seocho District, the highest.
Among the 25 districts in Seoul, 12 districts, including Gangbuk (607 million KRW), Nowon (610 million KRW), Geumcheon (621 million KRW), Jungnang (628 million KRW), and Guro (673 million KRW), had average transaction prices below 1 billion KRW.
Park Won-gap, a senior real estate specialist at KB Kookmin Bank, analyzed that "Last year, as the demand for upgrading to higher-end properties concentrated and the belief in the invincibility of Gangnam took hold, apartment prices in the Gangnam area and Yongsan fell relatively less," adding, "This is causing asset and income polarization and regional polarization."
Park also noted, "The surge in high-priced apartment prices in the Gangnam area may be partly attributed to the inflow of global financial assets such as cryptocurrencies and overseas stocks," and suggested, "The trend in the housing market is changing as the demand for regarding real estate not as an investment asset but as a 'store of value asset' is increasing."
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