Last month, the price increase for aging apartments in Seoul that are over 20 years old surpassed that of newly built apartments.

While a preference for new apartments previously persisted—giving rise to the neologism meaning "dying for a new apartment"—recent trends show strength in complexes pushing forward with redevelopment and reconstruction projects, particularly in northern Seoul.

According to the Korea Real Estate Board's apartment sales price index by age group, Seoul's apartments over 20 years old recorded an index of 102.6 last month, outpacing new apartments aged 5 years or younger (101.9) and recording the highest growth rate across all age groups.

While new apartments aged 5 years or younger rose 0.88% compared to July (101.0), those over 20 years old climbed 1.21% compared to the previous month (101.4).

In particular, the sales price index for apartments over 20 years old in the northeastern region—which includes Nowon, Dobong, Gangbuk, and Seongbuk districts—rose 1.78% from 101.7 in July to 103.6 in August, marking the largest month-on-month price increase among all regions in Seoul.

In the northern Seoul area, older apartments appear to have driven price growth due to a scarcity of new apartments combined with recent momentum in redevelopment projects in areas such as Sanggye-dong in Nowon-guk.

The northwestern region, comprising Eunpyeong, Mapo, and Seodaemun districts, also saw its price index for apartments over 20 years old reach 103.3, higher than that for apartments aged 5 years or younger (101.1).

In contrast, the southeastern region—home to the Gangnam three districts and Gangdong-guk—recorded the highest index for new apartments aged 5 years or younger at 101.5.

This figure represents a 0.6% increase compared to the previous month (100.9).

Meanwhile, the price index for apartments over 20 years old stood at 100.89, edging down 0.01% from the previous month (100.9).

This is seen as the result of an increase in urgent distressed sales and falling asking prices, centered around reconstruction complexes with high prices but low actual residency rates, following the government's announcement of the August 3 tax reform proposal.

In fact, ultra-expensive reconstruction complexes such as Hyundai Apartment in Apgujeong-dong and Eunma Apartment in Daechi-dong, Gangnam-guk, saw urgent sales emerge with prices lowered by 500 million to 1 billion won or more compared to previous market prices following the announcement of the tax reform proposal last month, leading the price declines.