Housing prices in Seoul fluctuate wildly...Following the Gangnam area, Nowon, Dobong, and Gangbuk areas also update their declared prices - Korean media

Apartment prices in Seoul continue to rise, with apartments in the Gangnam area, the heart of the real estate market, hitting new highs.
According to the Korea Real Estate Institute, the apartment sales index in the Seoul area as of the first week of June was 94.4, up 11.
This marks the second consecutive week of increases. Apartment prices are rising in all districts of Seoul. In particular, the apartment sales price index in the Gangnam area was 97.1, reaching 97.1 in the first week of December 2023.
The number of transactions at new highs is also on the rise. Of the apartment sales and purchase transactions in Seoul reported from last month through the 1st of this month, 21 transactions had a new record high reported price.
0 transactions, accounting for 9.2% of the total transactions (2,293). Gangnam-gu had the most transactions with 32. The Hyundai Apartment in Apgujeong-dong, Gangnam-gu, has an area of 1
The 96-square-meter property was traded for 8.9 billion won (US$10 million), the highest price ever. The same property sold for 7.8 billion won (US$8 million) a year ago, but in just one year, it has sold for 1.1 billion won.
The Raemian Daechi Palace (84 square meters) property in Daechi-dong, Gangnam-gu was traded for 3.4 billion won (approximately 387 million yen),
The price has now reached a new record high, up by nearly 200 million won (US$227,000) from a month ago. A property in Raemian Dogok County (93 square meters) in Dogok-dong was also listed for 3 billion won (US$227,000) last month.
The price of the apartment was priced at 227 million yen, a record high. The supply of apartments in the Gangnam area is low, and the price is expected to rise due to expectations of lower interest rates and relaxation of the comprehensive real estate tax.
Even within the Democratic Party, there are voices arguing that only those who own one home should be exempt from the comprehensive real estate tax.
Another positive factor is that the Seoul Metropolitan Government is considering relaxing the land transaction permit system in the Gangnam area. The city will hold an urban planning committee meeting this month to decide on land transactions.
The government plans to decide whether to redesignate or lift the construction permit system. Apartment prices in Nowon, Dobong, and Gangbuk, which had been on a downward trend, have also started to rise.
The apartment price index in Dobong-gu was 84.9 as of the first week of June, up 0.01% from the previous month. Nowon-gu was 88.8, up 0.02%. This is the first time that the index has risen this year.
Nowon-gu rose for the first time since the first week of November 2023, while Dobong-gu saw its first increase since the third week of November 2023. Gangbuk-gu rose 0.03% to 86.5.
Apartment prices also hit new highs in the Nowon, Dobong and Gangbuk areas.
The apartment was traded for 460 million won (about 52 million yen) on the 27th of last month. This is 20 million won (about 2 million yen) lower than the highest price of 440 million won (about 50 million yen) in 2021.
An 84-square-meter apartment in Dobong-gu was traded for 800 million won (about 81 million yen) in April.
Jeonse (rental deposit) prices have been rising for over a year, especially in the capital area.
It is analyzed that the number of actual buyers is increasing. The jeonse price index in Seoul rose 0.1% to 88.2 as of the first week of June. The index has been rising continuously since the fourth week of May 2023.
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