9.9 Million Won for One Pyong

Since the prices of apartments have been rising again recently, the price per pyong for apartments in the Seoul area are their highest in history.

As a result of a survey of the price per pyong in 2,358 apartment complexes and 1,052,416 apartments in Seoul by real estate research service company, ‘Real Estate 114’ on Sunday, it was 9,905,500 won, exceeding the previous record of 9,903,400 won (as of December 20, 2002).

The price per pyong of apartments in Seoul has increased on a large scale every year; 6,422,700 won in 1999, 6,683,500 won in 2000, and 7,659,1000 won in 2001. Especially last year, it went all the way up to 9,900,000 won due to the steep increase in August to September, so it was close to the 10 million won range.

However, the price went back down after December 20th with the help of the real estate price stabilization policy of the Government at the latter half of last year, and went down to 9,830,400 won on January 17th, but increased again soon after.

Real estate experts pointed out the reasons why apartment prices went up was due to the high season for sales and the price of new apartments.

As of the 7th, the price per pyeong in Gangnam-gu was the highest at 17,360,000 won followed by Seocho-gu at 15,480,000, Songpa-gu at 14,120,000 won, Yongsan-gu at 12,340,000 won, Gangdong-gu at 11,230,000 won, Yangcheon-gu at 10,890,000 won, Gwangjin-gu at 10,310,000, and Joong-gu at 10,010,000 won. On the other hand, the price per pyong in Dobong-gu (5,920,000 won) and Geumchon-gu (5,950,000 won) was within the 5 million won range, so it assumed that these areas had the cheapest apartments in Seoul.

Chang-Won Kim changkim@donga.com