Average Price of 59㎡ Apartments in Seoul Approaches 1.6 Billion Won

The average price of 59㎡ private apartments in Seoul is nearing 1.6 billion won, continuing a trend of record highs.

According to a report by Realhouse, which analyzed data from the Korea Real Estate Agency's subscription home, the 12-month moving average price for 59㎡ apartments in Seoul reached 159.34 million won as of August this year, marking a 1.97% increase from the previous month.

The average price for 59㎡ apartments in Seoul has remained above 150 million won for four consecutive months since May. In Incheon, the average price rose to 53.9 million won, a 7.02% increase from the previous month, while the overall average for the metropolitan area increased by 0.65% to 92.03 million won. In Gyeonggi Province, the average price fell by 7.13% to 62.86 million won.

Nationally, the average price for 59㎡ apartments stood at 53.2 million won, reflecting a 0.23% increase from the previous month.

For 84㎡ apartments, the average price in Seoul reached 194.43 million won, up 1.87% from the previous month. In Incheon, the average price increased by 6.37% to 77.28 million won, while the overall average for the metropolitan area rose by 1.08% to 120.8 million won. In Gyeonggi Province, the average price decreased by 4.55% to 90.7 million won.

Nationally, the average price for 84㎡ apartments was 71.48 million won, down 0.48% from the previous month.

In August, 15 new private apartment complexes were launched nationwide, totaling 8,092 units, which is a 38.0% decrease from the previous month and a 23.1% drop compared to the same month last year.

Kim Seon-a, head of the Realhouse subscription analysis team, stated, "With the government's expansion of financial support for housing project financing following the August 13 measures, the supply conditions in the metropolitan area are expected to improve. However, given the significant burden of already reflected land and construction costs, it remains to be seen whether prices will decrease even with increased supply."

* This article has been translated by AI.