Apartment Price per Pyeong in Seoul Passes KRW 10 Million

The average apartment price per pyeong in the Seoul area has reached KRW 10 million for the first time in history.

After researching the average price per pyeong of 1,053,505 households in 2,362 apartments in Seoul, Real Estate 114, a real estate information company, reported on April 11 that the average price was KRW 10,004,000.

The average price per pyeong for apartments in Seoul increased to KWR 6,683,500 at the end of 2000 from KRW 6,422,700 at the end of 1999. It rose to KRW 9,902,300 at the end of last year from KRW 7,659,100 at the end of 2001, showing an increase from the year 2000.

Even though the price went down to around KRW 9,800,000 for a while in January of this year, it reached KRW 10,000,000 after January as the price of old apartments increased due to remodeling and new apartment move-ins distributed at high prices.

As for the average apartment price per pyeong in Seoul, Gangnam-gu has the highest average price at KRW 17.52 million. Following Gangnam-gu, the average price in Seocho-gu (KRW 15.58 million), Songpa-gu (KRW 14.3 million), Yongsan-gu (KRW 12.51 million), Kangdong-gu (KRW 11.43 million), Yangchun-gu (KRW 10.95 million), Jung-gu (KRW 10.43 million) and Kwangjin-gu (KRW 10.41 million) all surpassed the KRW 10 million mark.

The area with the lowest average apartment price per pyeong is Dobong-gu at KRW 5.96 million. Areas with the average price of around KRW 6 million are as follows; Keumcheon-gu (KRW 6.05 million), Eunpyeong-gu (KRW 6.31 million), Gangbuk-gu (KRW 6.38 million), Jungrang-gu (KRW 6.46 million), Nowon-gu (KRW 6.46 million) and Guro-gu (KRW 6.79 million).

Chang-Won Kim changkim@donga.com