As of May, the average selling price of private apartments in Seoul, based on the standard size of 84 square meters, has surpassed 2.1 billion won for the first time.
On June 8, Realhouse, a company specializing in sales evaluation, analyzed data from the Korea Real Estate Agency's subscription home service. They found that the average selling price for nationwide private apartments of 84 square meters was 727.02 million won, based on a 12-month moving average.
This figure represents an increase of 11.67 million won from the previous record of 715.35 million won set in March. Realhouse noted that this is the highest level since they began tracking this data in 2021. Compared to the previous month, prices rose by 2.23%, and they are up 10.10% from the same period last year. After a slight decrease in February, prices have now risen for three consecutive months.
In Seoul, the average selling price for the standard 84 square meter apartment reached 2.13608 billion won, marking an 11.49% increase from the previous month and the first time it has exceeded 2.1 billion won. This is a 32.13% increase compared to the same month last year.
This upward trend is attributed to the influence of high-priced developments launched in May, particularly in the Dongjak District. The selling price for the 'Summit The Hill' apartments was set in the 2.9 billion won range, while 'Acro River Sky' was priced in the 2.7 billion won range.
Smaller-sized apartments, specifically those of 59 square meters, also showed an upward trend. The national average selling price for this size was 536.15 million won, a 1.66% increase from the previous month. In Seoul, the price reached 1.54911 billion won, rising by 9.58% and marking the first time it has crossed the 1.5 billion won threshold.
In May, the total number of new apartment sales nationwide was 7,284 units across 26 complexes, a 70.04% decrease from the previous month.
Kim Seon-a, head of the sales analysis team at Realhouse, stated, "The decrease in supply in May was significantly influenced by the June 3 local elections. However, we expect that delayed sales will return to the market starting in June." She added, "With ongoing pressures from material and labor costs, the continued supply of high-priced developments in prime locations may sustain upward pressure on selling prices."
* This article has been translated by AI.
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