Seoul Residence Costs Make Dramatic Restoration, Particularly in Gangnam

Whereas Seoul condo costs are exhibiting a exceptional restoration, significantly costly areas reminiscent of Gangnam, Seocho-gu, and Yongsan-gu have virtually recovered to their peaks two to 3 years in the past.

On the twenty sixth, Actual Property surveyed R114 the typical worth per house based mostly on a pattern of 1.16 million flats in Seoul As of the seventeenth, the typical worth of flats in Seoul was 1.29921 billion, 95% of the earlier excessive in 2021 (. 1.37147 billion received).

The 1.16 million condo properties sampled by Actual Property R114 comprise the vast majority of flats in Seoul, excluding rental flats and small-scale ‘particular person flats’. The common worth per house is a determine calculated by reflecting the asking worth, the market worth, and the typical worth per area.

The locations the place condo costs recovered essentially the most have been Gangnam-gu and Yongsan-gu. The common worth of flats in Gangnam-gu was 2,581.35 million received, having recovered to 99% of the earlier peak in 2021 (2,609.49 million received). Yongsan-gu recovered to 1,866.43 million received, 99% of the earlier peak in 2022 (1,884.32 million received).

It was calculated that Seocho-gu rose to 98% of the earlier peak (2022, received 2.83111 million) at 2,771.47 billion received. On condition that the typical worth throughout Seoul (KRW 1,299.21 million) is 95% of the earlier excessive (2021), condo costs in these areas are enhancing comparatively rapidly.

Jongno-gu (98%), Yeongdeungpo-Yangcheon-gu (97%), Seongdong-Eunpyeong-gu (96%), and Jungnang-gu (95%) additionally confirmed restoration ranges above the Seoul common.

The slowest restoration in condo costs was present in Dobong-gu. At 626.24 million received, it stays at 85% of the earlier excessive level (2021, 739.75 million received). In Dobong-gu, condo costs in Seoul continued to fall even whereas rising for 9 consecutive weeks, recording a flat price (0.00%) final week alone. Gwanak-gu (86%), Nowon/Gangbuk-gu (87%), Gangdong-gu (88%), Jung-gu (89%), Guro/Seongbuk-gu (over 90%), Gangseo-gu (91 %), %), Dongdaemun-gu (92%), Dongjak/Seodaemun·Songpa-gu (93%) and Mapo-Gwangjin-gu (94%) have been beneath common.

Jihae Yoon, senior researcher at Actual Property R114, stated, “Costs appear to enhance first in high-priced areas, and the remainder of the areas comply with swimsuit by filling the hole.” He added, “Areas on the outskirts of Seoul, reminiscent of Noh, Do, and Gang (Nowon, Dobong, and Gangbuk-gu), are nonetheless slowly enhancing “Finally, we are going to see the peak matching phenomenon,” he stated .