The average sale price of private apartments in Seoul has surpassed 60 million won per pyong (approximately 3.3 square meters) for the first time in history. This increase is attributed to the ongoing supply of high-priced units in key areas of the city.
According to the Korea Housing & Urban Guarantee Corporation (HUG) on June 15, the average sale price of private apartments in Seoul reached 19.22 million won per square meter as of May. When converted to a per pyong basis, this amounts to 63.55 million won, marking an 8.85% increase from the previous month. This is the highest level recorded since HUG began compiling related statistics.
HUG's monthly average sale price reflects not only the prices of units sold in that month but also the average sale price of private development projects that received sale guarantees over the past 12 months. As a result, the prices of some high-priced units have significantly raised the average.
HUG noted that the high sale prices of two complexes supplied in the Dongjak District last month contributed to this statistic. Industry experts suggest that if additional projects in the Gangnam area and along the Han River are launched, the average sale price in Seoul could rise further.
Nationally, sale prices continued to climb as well. In May, the average sale price of private apartments across the country was 6.475 million won per square meter, a 4.00% increase from the previous month. On a per pyong basis, this reached 21.41 million won, setting a new record. In the metropolitan area, the average sale price was 1.1081 million won per square meter, up 5.35% from the previous month.
Conversely, new supply has decreased. In May, the number of private apartments offered for sale nationwide was 4,828 units, a drop of 16,292 units from the previous month. In Seoul, 717 units were offered, an increase of 478 units, but the total for the metropolitan area fell to 2,954 units, down 3,194 units. The supply in regional areas also showed a significant decline.
Industry analysts believe that rising construction costs and deteriorating project viability are constraining new supply, while sale prices continue to rise, increasing the burden on homebuyers.
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.