Seoul apartment average prices exceed 1.6 billion won

The average sale price of apartments in Seoul has surpassed 1.6 billion won for the first time, according to the August national housing price trend report by KB Real Estate. This marks a significant increase from the previous month's average of 1.59 billion won.

Growth has been particularly notable in the northern districts of Seoul. For the first time, the median sale price for apartments in 14 northern districts exceeded 1 billion won, reaching 1.01 billion won. This area has seen stronger upward momentum compared to the southern Gangnam districts. Specific areas such as Jungnang-gu, Seongbuk-gu, and Nowon-gu have led the price increases.

Experts attribute this trend to ‘panic buying’ among the 2030 generation (people in their 20s and 30s). A shortage of rental properties has driven many young renters to transition into buyers, seeking stability in mid-to-low priced apartments. While the outlook for future price increases has seen a slight decline in expectation indices, the overall market remains on an upward trajectory.