Average Apartment Price in Seoul Surpasses W1.1 Billion
27 April, 2021
The common price of apartments in Seoul has surpassed W1.1 billion for the very first time, just seven months after it exceeded W1 billion (US$1=W1,110).
According to KB Kookmin Bank on Monday, they cost W1.1 billion normally this month, a leap of W11.3 million from just a month earlier.
Prices have soared 83 percent in the four years of the Moon Jae-in administration from W607.1 million in-may 2017. Prices of luxury apartments cooled slightly, but those of mid-priced properties rose steeply.
The common price of the most notable 20 percent fell from W2.12 billion the prior month to W2.09 billion this month, but all of the rest kept rising.
In Gyeonggi Province, prices also surpassed W500 million for the very first time at W511.61 million typically, rising 10.6 percent this year alone. This suggests that many people who've given up on investing in a home in the administrative centre turned to the satellite cities as new high-speed railways around Seoul promise a less strenuous commute.
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