Seoul's Gangnam Still Has the Most Expensive Apartments

      December 10, 2009 10:40

      The upscale Gangnam-gu had the most expensive apartments per 3.3 sq.m in Seoul and Gyeonggi Province with W29.44 million (US$1=W1,163). The figure comes from a survey of 74 administrative districts in the Seoul metropolitan area by real estate consultant Dr. Apartment. It excluded apartments under renovation.

      Next were Gwacheon in Gyeonggi Province (W27.88 million), Seocho-gu in Seoul (W25.83 million), Yongsan-gu in Seoul (W25.49 million) and Songpa-gu in Seoul (W23.55 million). Yeoncheon-gun in Gyeonggi Province was the cheapest with W3.27 million per 3.3 sq.m.

      Seocho-gu jumped by one notch to third place this year, outdistancing Yongsan-gu which had ranked third last year. Lee Young-jin, the director of Dr. Apartment's research center, said, "The ranking switch was affected by the fact that new upscale apartments, including Raemian-Firstige Apartment Complex, were opened in Seocho-gu this year, while no new apartments opened in Yongsan-gu."

      Most of Seoul's older satellite towns like Bundang and Ilsan ranked lower this year than last year. Bundang, which had ranked seventh last year, slid to ninth place with W17.82 million per 3.3 sq.m. Other satellite towns also slid by three to four notches. This year, Pyeongchon ranked 18th, Ilsan 22nd, Jungdong 39th, and Sanbon 40th.

      Apartment sale prices in Gwacheon saw the highest rise in the Seoul metropolitan area this year, with the average per 3.3 sq.m prices jumping 9 percent from W25.64 million late last year by W2.24 million as of Wednesday.

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