The average price of an apartment in Seoul is more than five times higher than outside the capital.
According to property information service Real Estate 114 on Sunday, the average apartment in Seoul was priced at W1.29 billion this month, compared to W441.4 million in five other major cities — Busan, Daegu, Daejeon, Gwangju and Ulsan — and W265.6 million in other provinces (US$1=W1,305).
/Newsis
The difference in the price of apartments in Seoul and the provinces surpassed W1 billion for the third straight year, widening from W522 million in 2017 to W700 million in 2018 and W956 million in 2020. In 2021, when apartment prices peaked, the difference stretched to W1.2 billion but fell to W1.07 billion last year. And now prices in Seoul are rising again while still falling in other regions.
Yoon Ji-hae at Real Estate 114 said, “Many apartments constructed outside Seoul have yet to find buyers, while most people prefer to own an apartment in the capital, which will keep the price gap wide for the time being.”
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