Gap in Apartment Prices Between Gangnam and Gangbuk 'Largest Ever'... 20 Million Won Difference per 3.3㎡

Despite the fact that the apartment prices in Yongsan-gu, the downtown area north of the Han River, exceeded 60 million won per 3.3㎡ and the sale prices in Seongdong-gu rose by more than 500,000 won in one year, Seocho-gu and Gangnam-gu in the southern region showed an overwhelming price difference by soaring more than 10 million won per 3.3㎡ compared to the same period last year.
The rise in sale prices in the southern region is attributed to factors such as the reduction in the base interest rate, heavy taxation on multiple homeowners, and scarcity of supply, which have intensified the phenomenon of concentrating on high-priced housing areas. The lifting of the land transaction permit zone in Jamsil, Samsung, Daechi, and Cheongdam-dong (from February 13 to March 23) acted as a catalyst for a rapid increase in house prices in a short period.
By district, compared to the same period last year, Seocho-gu rose by an average of 10.94 million won per 3.3㎡, Gangnam-gu by 10.11 million won, and Songpa-gu by 8.91 million won. In Seocho-gu, areas like Jamwon and Banpo-dong, in Gangnam-gu, Apgujeong-dong, and in Songpa-gu, Jamsil and Sincheon-dong, which have high expectations for redevelopment projects and apartments less than 10 years old, were selectively purchased, leading to a significant increase in prices.
In the northern region of the Han River, the price increase was significant in the order of △Seongdong-gu (5.37 million won) △Yongsan-gu (4.78 million won) △Gwangjin-gu (4.63 million won) △Mapo-gu (4.54 million won). Landmark complexes representing the area, such as 'Trimage (Seongdong-gu)', 'Nine One Hannam (Yongsan-gu)', 'Walkerhill (Gwangjin-gu)', and 'Mapo Raemian Prugio (Mapo-gu)', led the price increase, and these complexes continue to report record transactions in April and May. As the upward trend in sale prices of complexes adjacent to the Han River accelerates, the price gap with outer regions like Dobong and Gangbuk, where the price increase is relatively slow, is expected to widen further.
Real Estate R114 stated, "The price gap between apartments in the southern and northern regions of the Han River has not narrowed in the past two years," and added, "If polarization becomes entrenched, demand and capital will be concentrated in specific areas, exacerbating housing market instability and asset imbalance. Detailed measures to mitigate polarization are needed."