Gangnam Housing Prices Go Through the Roof

The gap in housing prices between the swish Gangnam area of southern Seoul and the northern part of the capital has widened to a record high.

According to KB Bank data, the gap rose from around W189 million in December of 2013 to around W316 million in December last year (US$1=W1,064).

The average apartment price in the 11 districts south of the Han River stood at W867 million last December, up 42 percent compared to four years ago.

In contrast, average apartment prices in the 14 districts north of the river rose only 29 percent to W491 million.

Yang Ji-young of a real estate information provider said, "The government's move to regulate real estate speculation in Gangnam resulted in making apartments there more scarce, causing prices to rise even further."