Seoul Apartment Prices Surge: Gangnam 4 Districts and Ma-Yong-Seong Lead with Record Highs

Recently, the Seoul apartment market has been experiencing a significant surge in prices

Recently, the Seoul apartment market has been experiencing a significant surge in prices, driven by the Gangnam 4 districts (Songpa, Gangnam, Seocho, Gangdong) and the Ma-Yong-Seong areas (Mapo, Yongsan, Seongdong). Over the past three months, the number of record-high transactions in Seoul has exceeded 1,400. This blog post explores the current trends in Seoul’s apartment market, highlights key areas with record high prices, and provides an outlook for the future.

In the past three months, the Gangnam 4 districts and the Ma-Yong-Seong areas have been leading the price surge in Seoul’s apartment market. During this period, the number of transactions surpassing previous record highs has exceeded 1,400, with more than half of these occurring in the Gangnam 4 districts and the Ma-Yong-Seong areas. Notably, the high-end development 'Nine One Hannam' in Yongsan’s Hannam-dong has seen prices exceed 20 billion won, setting new records.

According to the real estate platform 'Hogangnono,' the number of apartments in Seoul reaching record highs in the last three months is 1,418. Of these, 502 record-high transactions were in the Gangnam 4 districts, accounting for 35.4% of the total. Seocho-gu recorded the highest number of record highs with 178 transactions, followed by Gangnam-gu with 171, Songpa-gu with 79, and Gangdong-gu with 74.

The Ma-Yong-Seong areas have also seen significant price increases, with 218 record-high transactions in the past three months, representing 15.4% of the total. The record-high transactions in these areas, combined with those in the Gangnam 4 districts, total 720, accounting for 50.7% of all record highs in Seoul.

The upward trend in apartment prices is particularly pronounced in the Gangnam 4 districts and Ma-Yong-Seong areas. According to the Korea Real Estate Board’s 'Weekly Apartment Price Trends,' Seoul’s apartment prices rose by 0.32% in the second week of August, marking the largest weekly increase since September 2018. The increase has been consistent for 21 weeks.

The Gangnam 4 districts and Ma-Yong-Seong areas have shown higher growth rates than the Seoul average (0.32%). Songpa-gu saw a 0.58% increase, Seocho-gu 0.57%, Gangnam-gu 0.46%, and Gangdong-gu 0.37%. Meanwhile, Mapo-gu (0.39%), Yongsan-gu (0.36%), and Seongdong-gu (0.63%) also exceeded the average growth rate.

Record-high transactions, initially concentrated in the Gangnam area, are now spreading to northern Seoul. Recent record highs include Mapo-gu’s 'Daemyung Apartment' and Seongdong-gu’s 'Oksu Eoulrim.' As demand shifts to nearby areas, the trend of rising prices is expected to continue.

The current surge in Seoul’s apartment market is being led by the Gangnam 4 districts and Ma-Yong-Seong areas, with record highs continuing to be set. As this upward trend spreads to adjacent areas, potential buyers and investors should be aware of the evolving market dynamics. Keeping a close eye on these developments will be crucial for navigating the future of Seoul’s real estate market.