Over the past decade, Seoul’s apartment prices have more than doubled, with the highest increase recorded in Seongdong-gu, followed by Seocho, Yongsan, Songpa, and Gangnam-gu. Recent developments in the southwestern region have driven Yeongdeungpo-gu’s rise above Mapo-gu’s. According to Real Estate R114, as of May, the average price per 3.3 square meters was 45.1 million won, a significant increase from 2015.
Seongdong-gu experienced the highest growth with a 2.84 times increase, while Seocho-gu and Yongsan-gu both increased by 2.69 times. Yeongdeungpo-gu saw a 2.63 times rise due to redevelopment projects and improved transportation, outpacing Mapo-gu’s 2.5 times.
A real estate expert suggested that the price rise is due to long-standing supply shortages in some areas, with potential for continued increases following recent government changes. The sharp rise in Seoul’s property prices is leading homebuyers to focus on new developments, which are seen as having better design and higher potential for future value appreciation.