Price trends varied across regions in the greater Seoul metropolitan area apartment market this year, highlighting a clear "price equalization" trend in historically lower-priced areas such as non-Gangnam districts in Seoul and parts of southern Gyeonggi Province.

According to an analysis released today (the 14th) by the proptech platform Zigbang based on actual transaction prices from the Ministry of Land, Infrastructure and Transport, the median actual transaction price per square meter of private use area for apartments in Seoul stood at 12.68 million won in both January and August.

In Seoul, prices in several non-Gangnam areas approached or surpassed the citywide median.

The median actual transaction price per square meter in Seongbuk-gu rose from 11.46 million won in January to 12.60 million won in August, reaching 0.99 times the Seoul citywide median. Meanwhile, Dongdaemun-gu increased from 12.18 million won to 13.00 million won over the same period, reaching 1.03 times.

Gangseo-gu (12.39 million won to 13.36 million won) climbed from 0.98 to 1.05 times, Jungnang-gu (9.36 million won to 11.63 million won) rose from 0.74 to 0.92 times, and Nowon-gu (10.04 million won to 11.17 million won) also climbed to about 0.88 times the citywide median.

Areas with already high prices further widened their gap with the Seoul average.

The median price in Gangnam-gu (30.56 million won to 34.09 million won) widened from 2.41 to 2.69 times the Seoul average over the same period, while Seocho-gu (21.28 million won to 24.71 million won) increased from 1.68 to 1.95 times, and Songpa-gu (22.09 million won to 25.21 million won) rose to 1.99 times.

Certain areas in Gyeonggi Province also significantly narrowed their price gap with Seoul.

The median actual transaction price per square meter in Gwangmyeong rose from 11.10 million won in January to 12.97 million won in August, shifting from 0.88 to 1.02 times the Seoul median. Suji-gu in Yongin (9.54 million won to 11.10 million won) also increased from 0.75 to 0.88 times.

Price gaps with Seoul also narrowed for Dongtan-gu in Hwaseong (9.47 million won to 9.72 million won, moving from 0.75 to 0.77 times) and Gwonseon-gu in Suwon (6.32 million won to 6.97 million won, moving from 0.50 to 0.55 times).

Among areas whose prices were already comparable to or higher than Seoul, Hanam (12.95 million won to 14.48 million won) widened its gap from 1.02 to 1.14 times the Seoul median, and Bundang-gu in Seongnam (20.51 million won to 21.68 million won) increased from 1.62 to 1.71 times.


Kim Eun-sun, head of Zigbang's Big Data Lab, said, "Rather than housing prices in the metropolitan area converging to a general uniform level, relative price positions based on Seoul are being readjusted as regional trends diverge due to a combination of past price growth, current price levels, and shifts in demand driven by market conditions."
 
(Photo: Provided by Zigbang, Yonhap News)