Last year, the average transaction price of apartments in Seoul rose to 99% of the peak level reached in 2021.
According to a report by Real Today, a real estate research firm, the average transaction price of apartments in Seoul last year was 38.613 million won per 3.3 square meters, an increase of 6.9% compared to the previous year. This is 99.4% of the previous record high of 38.855 million won in 2021.
Home prices in Seoul fell consecutively in 2022 (37.382 million won) and 2023 (36.135 million won) after peaking in 2021, but last year saw a 6.9% increase compared to the previous year, recovering to the previous high level.
According to price trend data from the Korea Real Estate Board, apartment prices in Seoul switched to an upward trend in the fourth week of March last year compared to the previous week, rising for 40 consecutive weeks until the fourth week of December. However, in the last week of December, it stabilized at the same level (0.00%) compared to the previous week.
Transaction prices for apartments in the metropolitan area rose 4.5% compared to the previous year. The average transaction price last year was 23.199 million won per 3.3 square meters, which is 92.2% of the 25.154 million won recorded in 2021.
Real Today explained that the increase in apartment transaction prices in Seoul last year was influenced by a growing preference for newly built apartments under five years old. As of December last year, the price of newly built apartments under five years in Seoul recorded a 7.8% increase compared to January of the same year.
A Real Today official noted, "As new apartments in Seoul led the price increase, this momentum has spread to the metropolitan area."
Meanwhile, the decline in housing prices continued in regions outside the metropolitan area. The transaction price of apartments in those regions fell by 6.8% from 1.301 million won per 3.3 square meters in 2021 to 959,800 won in 2022.