Even Small Apartments on Seoul Now Cost More Than W1 Billion
28 January, 2021
Even tiny apartments in Seoul nowadays cost more than W1 billion (US$1=W1,105).
Prices of flats measuring 85 sq.m in working-class districts have risen in this article W1 billion, lately in Dobong District found in northeastern Seoul. Flats that size have grown to be the most popular choice of home buyers.
In line with the Ministry of Territory, Infrastructure and Transport upon Wednesday, a great 85 sq.m house in the River Village complex found in Chang-dong, Dobong was first sold on Jan. 22 for W1.05 billion, rising almost W150 million in only a month.
The complex, built 34 years back, has been considered for renovation, which often improves the value of apartments. Previous month, a 100 sq.m unit found in the complex was first sold for W1.07 billion.
Apartment prices found in Nowon, Dobong and Gangbuk found in northeastern Seoul and Geumcheon, Gwanak and Guro found in the southeast have been relatively cheap, nonetheless they surged after the government cracked straight down on multiple-home owners and boosted tenants' rights.
Relating to KB Kookmin Lender, rates in Nowon surged 21.28 percent last year, the fastest rate in all of Seoul. Rates in Gangbuk soared 17.08 percent and in Guro 16.4 percent, when compared to city-wide average of 13.06 percent.
Yeo Kyung-hee at Real Estate 114 said, "Goals of eased renovation guidelines are rising prior to the Seoul mayoral by-election, while rents have surged, prompting any probable tenants to get apartments rather than renting them."
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