The average presale price of apartments in the Seoul metropolitan area last month topped 15 million won per square meter for the first time on record. The national average presale price for private apartments edged down from the previous month, showing a contrasting trend.
An analysis of Cheongyak Home data by Realhouse, a presale evaluation firm, on the 10th found that the national average presale price for private apartments in August, based on exclusive area, was 8.62 million won per square meter on a 12-month moving average basis. That was down 0.16% from the previous month's 8.64 million won, but up 11.36% from 7.74 million won a year earlier.
Unlike the national average, presale prices in the Seoul metropolitan area rose. The average presale price in the metropolitan area in August was 15.05 million won per square meter, up 1.23% from the previous month's 14.87 million won, crossing 15 million won for the first time since the survey began in 2021. That was 20.16% higher than 12.52 million won a year earlier.
In the metropolitan area, presale prices first surpassed 14 million won per square meter in April and reached the 15 million won level in four months. Compared with the 13 months it took to break through 13 million won from Oct. 2024, when it first surpassed 12 million won, the period shrank to about one-third.
Seoul and Incheon pulled up the metropolitan average. Seoul hit a record high at 24.68 million won per square meter, up 1.89% from the previous month. That was 22.98% higher than 20.07 million won a year earlier. Among Seoul presale projects in August, "Summit Clavion" in Yeongdeungpo District (176 units) was the highest at 30.55 million won per square meter of exclusive area, followed by "Chungjeongno Station Xi Rne" in Jung District (186 units) at 29.19 million won.
Incheon was 9.58 million won per square meter, up 6.85% from the previous month, the highest growth rate among 17 cities and provinces. It was also 24.91% higher than 7.67 million won a year earlier.
For 59 square meters of exclusive area, the metropolitan area, Seoul, and Incheon all set new record highs. The metropolitan average presale price was 920.33 million won, up 0.65% from the previous month, marking the highest level since then. Seoul rose 1.97% to 1.59343 billion won, and Incheon rose 7.02% to 538.97 million won, each setting a new record high. The average presale price for 59 square meters of exclusive area in Seoul has stayed in the 1.5 billion-won range for four consecutive months since May.
However, in the metropolitan area, Gyeonggi fell from the previous month. Gyeonggi's average presale price was 10.89 million won per square meter, down 4.58% from the previous month. Among non-metropolitan regions, Daegu saw the steepest drop. Daegu fell 6.98% to 9.23 million won per square meter, while South Gyeongsang fell 1.19% to 6.92 million won, and Gwangju fell 0.58% to 7.92 million won.
The national average presale price for 84 square meters of exclusive area, known as the people's standard, also fell 0.48% to 714.76 million won from 718.20 million won the previous month.
Meanwhile, private apartments newly supplied nationwide in August totaled 8,092 units across 15 projects. That was down 38.0% from 13,059 units the previous month and down 23.1% from 10,520 units a year earlier, falling below 10,000 units for the first time in three months.
Realhouse presale analysis team head Kim Seon-a said, "With the government expanding financial support for dwellings project PF as a follow-up to the Aug. 13 measures, supply conditions in the metropolitan area are expected to improve," adding, "However, given the heavy burden of already priced-in land costs and construction costs, even if supply increases, whether presale prices will fall alongside it should be viewed separately."