From 1.4 billion won to 1.9 billion won: Is Guro also joining the 2 billion won club? Home prices break past the peak index despite the 'triple regulations'

[Financial News]#. An 84-square-meter unit at Sindorim 4th e-Pyunhansesang in Sindorim-dong, Guro District, Seoul, sold for 1.635 billion won during the 2021 housing price surge. In June 2024, it traded in the 1.4 billion won range, but this year it has climbed above 1.8 billion won. In June, it reached 1.89 billion won, coming close to 1.9 billion won and setting a new all-time high. A nearby real estate agent said asking prices for listings are now around 2 billion won.Despite the government's triple regulations, more areas on the outskirts of Seoul are seeing apartment sale price indexes rise above their previous peaks. In June, Guro District and Gwanak District broke the index levels seen during the Moon Jae-in administration's housing boom.
According to monthly apartment price statistics released on the 20th by the Korea Real Estate Board (KREB), the number of areas that have surpassed their previous peaks rose to 19 as of June. After Gangnam 3 Districts and Yongsan District crossed their former highs last year, Guro District and Gwanak District set new records in June.
The data show that Guro District's apartment sales price index rose to 104.5 in January 2022, during the housing boom. It then stood at 104.3 in May this year before climbing to 106.0 in June, surpassing the previous peak.
Gwanak District followed a similar pattern. Its apartment sales price index rose from 104.2 in May to 105.4 in June. The previous peak during the Moon Jae-in administration was 105.1. By breaking that level in June, it set a new record. Only six areas have yet to exceed their previous peaks: Jungnang-gu, Gangbuk District, Dobong District, Nowon District, Eunpyeong District, and Geumcheon-gu.

Meanwhile, monthly statistics show that Seoul apartment prices rose 5.07% in the first half of this year. Seongbuk District posted the biggest gain at 7.99%, followed by Gangseo District at 7.73%, Guro District at 7.09%, Yeongdeungpo District at 6.99%, and Gwanak District at 6.94%. The outskirts led the rise in home prices.
ljb@fnnews.com Lee Jong-bae Reporter