Housing Prices Rise in Northern Seoul

Average apartment prices exceeded 10 million won per 3.3 square meters (1 pyeong) in Dobong-gu, where housing was available at a relatively lower rate than other districts in Seoul.

Last year, Nowon-gu and Gangbuk-gu in northern Seoul experienced similar price hikes in November and December, respectively. Now as Dobong joined the two districts, apartment prices in the three districts known as representative residential areas for low-income brackets have all topped 10 million won per 3.3 square meters.

Online real estate information provider Speedbank announced Monday that Dobong-gu’s average apartment price per 3.3 square meters reached 10.05 million won on March 8 and further rose to 10.11 million won on March 14. In Dobong-gu, apartment prices have climbed 2.45 percent since the beginning of this year, when the average figure stood at 9.71 million won per 3.3 square meters.

By smaller unit, apartment prices per 3.3 square meters increased to 11.15 million won in Chang-dong, a likely candidate for the government’s fourth ‘new town’ project. It is followed by Banghak-dong (10.06 million won), Dobong-dong (9.3 million won) and Ssangmun-dong (8.51 million won).

Now, Seoul has only three districts where an average apartment sells for less than 10 million won per 3.3 square meters. They include Geumcheon-gu (9.43 million won), Jungnang-gu (9.58 million won), and Eunpyeong-gu (9.87 million won).

Kim Eun-gyeong, a manager of Speedbank, analyzed, “Apartment prices soared since demand for small-sized apartments has increased in these areas and also thanks to plans regarding the construction of a legal district set to be finished in 2010 and a light train that will connect Shinseol-dong and Banghak-dong.

jefflee@donga.com