In the real estate market, there is a preference for “smart single homes,” leading to a surge in demand for apartments in the Gangnam area of Seoul, with the average transaction price of apartments in Seocho-gu rising by nearly 700 million KRW over the past year. According to real estate research firm Real Today’s analysis of 7,231 apartment sales transactions recorded on the Ministry of Land, Infrastructure and Transport’s real transaction price disclosure system in January and February, the average real transaction price in Seocho-gu was 2.849 billion KRW, up by 695.16 million KRW (32.3%) from 2.15393 billion KRW in the same period last year. This was the largest increase among the 25 districts nationwide.
During the same period, the average price in Gangnam-gu rose from 2.34753 billion KRW to 2.7165 billion KRW, an increase of 363.11 million KRW (15.5%), and in Songpa-gu, it rose from 1.61518 billion KRW to 1.80971 billion KRW, an increase of 194.53 million KRW (12.0%). The average real transaction price for the Gangnam District 3 was 2.38118 billion KRW, up by 376.19 million KRW (18.8%) from last year.
In contrast, in the non-Gangnam areas of Seoul, the average real transaction price for apartments rose to 1.01103 billion KRW, an increase of 137.66 million KRW (15.8%) from 873.37 million KRW last year.
Among the non-Gangnam areas, Jongno-gu’s average real transaction price increased by 349.18 million KRW (38.5%), marking the highest growth rate, influenced by larger-scale transactions despite having only 56 trades in January and February. Following Jongno-gu, Dongjak-gu (957.40 million KRW to 1.23389 billion KRW, 28.9%) and Yeongdeungpo-gu (991.49 million KRW to 1.26350 billion KRW, 27.4%) also saw high growth rates.
This year, price increases in the Gangnam area continue to surpass those in non-Gangnam areas, widening the price gap from 1.13162 billion KRW last year to 1.37015 billion KRW in January and February.
Real Today also highlighted that the transaction volume increase in Gangnam District 3 was greater, with 1,456 transactions this year, a 54.9% increase from 940 transactions last year, whereas other areas saw a 36.4% growth.
A Real Today representative stated, “In particular, Seocho-gu saw its transaction volume rise by 87.7%, with active high-priced, large-area transactions, indicating high demand preference among buyers.”
(Photo = Yonhap News)