Apartment prices in Seoul hit record high (South Korea)

Apartment prices in Seoul, South Korea, are continuing to rise. In January 2024, the average apartment price in Seoul hit a new record high. Last year, real estate prices in the Gangnam area skyrocketed.
According to real estate research company Real Estate R114, the average price of 1.55 million homes (rented) in 25 districts in Seoul has risen sharply.
As a result of investigating the average price of an apartment in Seoul (excluding Seoul), which is calculated by considering the selling price, transaction price, average by region, etc., the average price of an apartment in Seoul as of January 2024 is 1,382,890,000 yen.
This surpasses the previous record of 1,375,320,000 won (approximately 141,650,000 yen) set in May 2022.
While the real estate market as a whole continues to stagnate, the average price of apartments in Seoul has risen, with price increases particularly notable in some areas, such as the Gangnam area and the Han River belt.
Yongsan-gu recorded 2,198,800,000 won (approximately 226,450 yen), up 110.98% from the previous highest price (August 2022, 1,982,800,000 won).
Following this, Seocho-gu also increased by 109.23% from the previous highest price to 2,995.16 million won (approximately 385 million yen), and Gangnam-gu increased by 108.86%.
The average monthly income in Seoul rose 10.7% to 2.833 billion won (US$2.78 million), Seongdong-gu rose 105.59% to 1.546 billion won (US$1.67 million), and Yeongdeungpo-gu rose 10.7% to 2.833 billion won (US$2.78 million).
)-gu was calculated to be 1,357,900,000 won (approximately 140,000,000 yen), up 102.02%. Gwangjin-gu, Songpa-gu, and Yangcheon-gu were calculated to be 1,357,900,000 won (approximately 140,000,000 yen), up 102.02%.
The highest scores were 99.13%, 99.05%, and 98.58%, approaching the previous highest scores.
Gu (99.09%), Yangcheon-gu (98.58%), and Mapo-gu (98.09%) have also almost recovered to their previous highs. On the other hand, areas where recovery is lagging are Jungnang-gu (
89.37%), Jung-gu (89.28%), Guro-gu (89.06%), Seongbuk-gu (88.34%), Geumcheon-gu (87.66%), Gwanak-gu
(86.41%), Nowon-gu (85.06%), Gangbuk-gu (84.23%), and Dobong-gu (82.49%).
In the real estate market, apartment prices in the Gangnam area and other areas are expected to rise further this year.
Following the recent announcement, interest rates are expected to fall, and liquidity supply is expected to increase. Yoon Ji-hye, a research committee member for Real Estate R114, said, "Political uncertainty is expected to be resolved soon, and interest rates will likely be lowered.
"There is also a sense of expectation for the price recovery," he said. "Sales and rental prices are on a continuing upward trend, and if the supply shortage problem becomes evident, more areas will see prices recover to record highs.
He analyzed that "