April 27, 2021 11:16
The average price of apartments in Seoul has surpassed W1.1 billion for the first time, just seven months after it exceeded W1 billion (US$1=W1,110).
According to KB Kookmin Bank on Monday, they cost W1.1 billion on average this month, a leap of W11.3 million from just a month earlier.
Prices have soared 83 percent in the four years of the Moon Jae-in administration from W607.1 million in May 2017. Prices of luxury apartments cooled slightly, but those of mid-priced properties rose steeply.
The average price of the top 20 percent fell from W2.12 billion the previous month to W2.09 billion this month, but all the rest kept rising.
In Gyeonggi Province, prices also surpassed W500 million for the first time at W511.61 million on average, rising 10.6 percent this year alone. This suggests that many people who have given up on buying a home in the capital turned to the satellite cities as new high-speed railways around Seoul promise an easier commute.
- Copyright © Chosunilbo & Chosun.com