Gangnam redevelopment apartment prices exceed 1 billion won per pyeong, up 24% in a year

According to Financial News, last year the average sale price of redevelopment apartments in Seoul’s Gangnam District exceeded 100 million won per 3.3 square meters (per pyeong) for the first time.
Real Estate R114’s survey of changes in Seoul apartment sale prices shows that, compared with the end of 2024, apartment prices in 2025 rose by 12.52%. By district, Songpa District (17.52%) and Gangnam District (17.50%) each climbed more than 17%, posting the highest growth rates. They were followed by Seongdong District (15.06%), Gangdong District (14.22%) and Seocho District (14.20%).
In Songpa District and Gangnam District, where home prices rose sharply, the strength was concentrated in redevelopment apartments rather than standard apartments. In particular, in Gangnam District, the sale price of redevelopment apartments jumped 24.35% (15.41 million won) in a single year, pushing the average sale price above 100 million won per 3.3 square meters for the first time last year. Compared with 10 years ago, when the average was 35.1 million won, prices have more than tripled, and the gap with standard apartments has widened to 23.05 million won.
Within Gangnam District, price increases were especially steep for redevelopment apartments in Apgujeong-dong along the Han River, as well as in Gaepo-dong and Daechi-dong, which enjoy strong school districts and excellent access to major business districts. In Apgujeong-dong, Apgujeong Hyundai Apartment Complex and Hanyang Apartments in Apgujeong Districts 3, 4 and 5 led the rise in market prices. In Gaepo-dong, Woosung 6th Apartment Complex and Gaepo Jugong Complex 6 and 7 drove gains, while in Daechi-dong, Gaepo Woosung 1st and 2nd Apartments, Daechi Woosung 1st Apartment Complex, Daechi Ssangyong 2nd Apartment Complex and Eunma Town Apartments led the upward trend.
The continued strength in home prices at redevelopment sites in Gangnam District is attributed to expectations for future value based on their prime locations, combined with faster progress in redevelopment procedures at each complex, which has drawn in investment demand and pushed up market prices. Real Estate R114 stated, “The Government of South Korea and local government authorities have repeatedly expressed their commitment to accelerating housing supply through the revitalization of urban renewal projects,” adding, “As redevelopment efforts pick up speed, particularly in aging complexes in the greater Gangnam area, the upward trend in apartment prices is expected to continue.”
act@fnnews.com Choi Ah-young Reporter