Apartment Prices Soar at Unprecedented Rates

      July 05, 2021 12:13

      Apartment prices across the country rose at unprecedented rates during the first half of this year.

      Prices rose particularly sharply in parts of Seoul, surrounding Gyeonggi Province and Incheon that are scheduled to be connected to a high-speed commuter rail to the central Seoul.

      According to KB Kookmin Bank on Sunday, prices across the country rose 9.97 percent in the first six months, already surpassing the last year's growth rate of 9.65 percent.

      In the Seoul metropolitan area, they surged 12.97 percent, the fastest rate of growth in 19 years. Last month alone they jumped 2.42 percent.

      In Gyeonggi Province prices surged 15.35 percent on average, most steeply in Siheung (24.53 percent), Goyang (21.38 percent), Dongducheon (20.58 percent) and Eujeongbu (20.37 percent).

      In Seoul proper, apartment prices rose 8.43 percent or more than three times last year's growth rate. Nowon saw the fastest rise at 13.8 percent due to expectations of redevelopment, followed by Dongjak in southern Seoul (12.09 percent), Dobong in the northeast (11.81 percent) and central Mapo (10.54 percent).

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