August 13, 2020 11:34
The average price of apartments in Seoul has surpassed W1 billion for the first time ever (US$1=W1,185).
According to property information service Real Estate 114 on Wednesday, the average price of an apartment in the capital stands at a record W1.05 billion, up a whopping W300 million since President Moon Jae-in took office in late 2017.
In flash Gangnam, the average apartment price surpassed W2 billion for the first time and in nearby Seocho it reached W1.95 billion.
According to the Korea Appraisal Board, Seoul apartment prices, which stagnated briefly earlier this year due to tougher real-estate speculation curbs and the coronavirus epidemic, started rising again on June 2.
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