Apartment Price Gap Widens Between Seoul and Provinces

      July 08, 2021 12:24

      The price gap between apartments in Seoul and other provinces has widened to more than W700 million since President Moon Jae-in took office in 2017 (US$1=W1,137).

      The reason was a spate of failed government policies aimed at combating property speculation in the capital region amid a dire housing shortage.

      According to KB Kookmin Bank on Thursday, the average sale price of an apartment in Seoul last month stood at W1.14 billion, up around W500 million or 85 percent from four years ago. But apartment prices in five major cities outside of the capital rose only by W100 million or 39 percent, from W263 million to W364 million.

      That expanded the price gap from W355 million to a whopping W779 million.

      Apartment prices in other provincial regions increased at an even slower rate or fell.

      In South Gyeongsang Province they slid 1.9 percent over the last four years, and they increased in single digits in Gangwon Province (8.6 percent), North Chungcheong Province (5.5 percent), South Jeolla Province (7.8 percent) and North Gyeongsang Province (5.4 percent).

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