Seoul Apartment Prices Keep Soaring out of Reach
27 February, 2020
The median apartment price in Seoul has soared to W950 million despite fresh government curbs on real-estate speculation in some overheated parts of the administrative centre (US$1=W1,216).
The median price may be the highest on record because prices kept soaring north of the Han River as the crackdown centered on the affluent Gangnam, Seocho and Songpa districts south of the river.
That resulted in over fifty percent of most apartments in Seoul now being classified as "high-priced" homes subject to housing-loan restrictions since the cutoff point is W900 million.
The median price of a Seoul apartment stood at W948 million on Feb. 10, according to Kookmin Bank on Wednesday. It surpassed W900 million for the very first time in January at W912.2 million and has since increased another 3.9 percent.
In the 11 districts south of the Han River, the median price stands at W1.2 billion and in the 14 districts north of the river at W671 million.
North of the river the purchase price surged 4.4 percent from a month earlier and south of the river 3.5 percent. The surge is probably due to buyers flocking to apartments north of the river because they face fewer loan restrictions there.
The average apartment price in the administrative centre, which weights the aggregate instead of marking the midpoint, has also neared the W900-millionmark at W899 million in February, up 3.3 percent from January.
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