"Is this really the price for a standard unit?"... Gangnam 3 Districts surpass 2.6 billion won, Mayongseong tops 1.7 billion won

[Financial News] While prices for apartments of the national standard apartment size (exclusive area of 60–84m2) continue to rise, the average sale price in the Gangnam 3 Districts (Gangnam, Seocho and Songpa) has exceeded 2.6 billion won, and in Mayongseong (Mapo, Yongsan and Seongdong) it has surpassed 1.7 billion won, according to data.
On the 12th, real estate information platform Jippoom analyzed last year’s quarterly sales transactions for national standard apartment size units in the Gangnam 3 Districts and Mayongseong, and found that, despite being of the national standard apartment size, sale prices in key areas of Seoul have moved beyond the 2 billion won mark.
For the Gangnam 3 Districts as a whole, the average sale price in the first quarter of 2025 started at 2,422.48 million won, then rose to 2,664.13 million won in the second quarter, before ending the year at 2,395.49 million won in the third quarter and 2,352.18 million won in the fourth quarter. Over the year, the number of transactions fell from 2,313 in the first quarter to 1,219 in the second quarter and 868 in the third quarter, then rebounded slightly to 1,020 in the fourth quarter, but failed to return to early-year levels. Even amid this phase of declining transaction volume, the average sale price for national standard apartment size units remained high, hovering around 2.5 billion won.
In the Mayongseong area, the average sale price started at 1,617.25 million won in the first quarter, held at 1,614.83 million won in the second quarter, then rose to 1,642.04 million won in the third quarter and 1,742.29 million won in the fourth quarter. The number of transactions increased from 1,171 in the first quarter to 1,621 in the second quarter, but then declined consecutively to 907 in the third quarter and 597 in the fourth quarter. Despite the contraction in transactions, the average sale price climbed toward the end of the year, confirming that prices for the national standard apartment size had moved into the 1.7 billion won range.
Meanwhile, in the jeonse (lump-sum lease) market of the Gangnam 3 Districts, the first quarter recorded 4,581 transactions with an average jeonse price of 789.40 million won. In the second quarter, the number of transactions fell 13.16% to 3,978, but the average jeonse price rose 11.72% to 881.94 million won. In the third quarter, jeonse transactions in the Gangnam 3 Districts decreased a further 14.83% from the previous quarter to 3,388, while the average jeonse price increased 5.36% to 929.15 million won. In the fourth quarter, the number of transactions edged up 3.93% to 3,521, but the average jeonse price slipped 0.62% to 923.40 million won.
In Mayongseong, which consists of Mapo District, Yongsan District and Seongdong District, the first quarter saw 1,880 jeonse transactions with an average jeonse price of 703.6 million won. In the second quarter, the number of transactions was 1,882, a similar level to the previous quarter, while the average jeonse price rose 2.41% to 717.42 million won. In the third quarter, jeonse transactions in Mayongseong fell 13.81% to 1,622, while the average jeonse price increased 1.71% to 729.59 million won. In the fourth quarter, the number of transactions declined a further 9.74% to 1,464, while the average jeonse price climbed 3.49% to 755.01 million won, marking the highest level of the year.
The jeonse market also maintained a high price level even amid a phase of declining transaction volume. A Jippoom official said, "In last year’s market for national standard apartment size units in the Gangnam 3 Districts and Mayongseong, we clearly observed a sharp drop in transaction volume in the second half due to the impact of the June 27 Real Estate Regulation Package and the October 15 Real Estate Regulatory Measures," adding, "This shows that national standard apartment size units have risen to a price level where it is difficult to view them any longer as a basic housing option for the middle class."

ming@fnnews.com Jeon Min-kyung Reporter