Seoul Apartment Prices Surged 40% Since Moon Took Office

      December 11, 2019 12:07

      A total of 241,621 apartments have been bought and sold since President Moon Jae-in took office, and their average prices surged over 40 percent in that period despite government efforts to curb them.

      According to property information service Real Estate 114 on Tuesday, the average price of apartments in the capital rose 40.8 percent from W585.2 million in the first half of 2017 to W823.8 million at present (US$=W1,190).

      Gangnam south of the Han River ranked at the top with prices surging 53.3 percent, followed by central Jongno with 51.9 percent.

      Next came Gwangjin district, just a little north of the river (51.3 percent), Yongsan (50.8 percent), Yeongeungpo in the southwest (49.4 percent), Mapo in the northwest (48.5 percent) and Seongdong in the northeast (up 48.2 percent), mostly along the Han River.

      People in their 30s accounted for 31.2 percent of all apartment buyers in the capital in October this year, surpassing those in their 40s (28.7 percent) and 50s (19 percent).

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