Based on KB Real Estate prices, the average apartment price in 11 districts south of the Han River in Seoul exceeded 1.8 billion won for the first time.
According to the Sept. nationwide dwellings price trend release by KB Kookmin Bank, a private market price survey agency, as of 15th, the average apartment sale price in 11 districts south of the Han River in Seoul was 1.80677 billion won, up 0.64% from the previous month.
The average apartment price this month in 14 districts north of the Han River in Seoul was 1.02238 billion won, up 0.40% from the previous month, and the average apartment price for all of Seoul was 1.43621 billion won, up 0.82%, respectively.
Seoul's sales price outlook index this month was 116.4, 13.8 percentage points higher than last month's 102.6, strengthening expectations for an increase.
The KB Real Estate price outlook index quantifies expectations for rises and falls in local home prices through a sample survey of brokerages nationwide. The higher above 100, the stronger the outlook for increases; below 100 means the opposite.
The nationwide index this month also rose 4.1 points from last month to 101.6, exceeding the baseline of 100 and tilting toward an outlook for increases.
The average apartment sale price this month in the Seoul metropolitan area (Seoul, Gyeonggi, Incheon) was 804.6 million won. The metro area's average apartment price had hovered in the 700 million won range since Sept. 2022 (801.75 million won) and climbed back into the 800 million won range this month for the first time in three years.
Many areas in Seoul and Gyeonggi saw monthly apartment price growth exceed 1%. In Seoul, Songpa District (1.60%), Jung District (1.54%), Gangdong District (1.53%), Gwangjin District (1.52%), Seongdong District (1.47%), Yongsan District (1.29%), Dongjak District (1.23%), Gangnam District (1.16%), and Mapo District (1.03%) recorded increases in the 1% range.
In Gyeonggi, Bundang District (1.77%) and Sujeong District (1.14) in Seongnam, and Gwangmyeong (1.23%), saw apartment prices rise by more than 1%.
The "KB Leading Apartments 50 Index" hit an all-time high of 126.4 this month. The index quantifies the market capitalization change rate of the top 50 apartment complexes nationwide by multiplying the number of households by sale price.
KB Kookmin Bank said, "It is meaningful for examining the overall market in a reduced form, as it most sensitively reflects the impact of price changes," adding, "The index has risen for 19 consecutive months, but the pace of increase has slowed for three straight months."
Nationwide apartment prices rose 0.10% this month, marking six straight months of gains.
By contrast, apartment prices this month fell 0.20% in the five major metropolitan cities (Daejeon, Daegu, Ulsan, Busan, Gwangju) and 0.02% in other provinces.
Meanwhile, nationwide apartment jeonse prices rose 0.14% this month, extending gains to seven straight months. The Seoul metropolitan area and the five major metropolitan cities climbed 0.22% and 0.06% this month, respectively, marking the 26th and third consecutive months of increases. Other provinces also saw jeonse prices rise 0.08% this month.