Prices Rose More Than in Gangnam... Which Area Recorded the Highest Apartment Price Growth Over the Past Year?

[Financial News] Bundang-gu, Seongnam-si, Gyeonggi Province, recorded the highest apartment price growth nationwide over the past year.
According to a comparison by Zigbang of apartment sale prices nationwide from September last year through August this year, prices in Bundang-gu, Seongnam-si, rose 29.5% over the latest year, the highest increase among all areas. The rise was particularly pronounced in Yatap-dong, Seohyeon-dong and Gumi-dong, driven by expectations for redevelopment and remodeling projects.
The top 10 areas by growth, including Bundang-gu, consisted of five areas in Seoul and five in Gyeonggi Province, all concentrated in the greater Seoul area. They were Gwangmyeong City, Gyeonggi Province (28.4%); Dongjak District, Seoul (25.3%); Suji District, Yongin-si, Gyeonggi Province (24.8%); Gwangjin District, Seoul (23.8%); Hanam City, Gyeonggi Province (22.8%); Seongdong District, Seoul (22.6%); Seongbuk District, Seoul (22.4%); Dongtan-gu, Hwaseong-si, Gyeonggi Province (21.4%); and Songpa District, Seoul (17.7%).
In Seoul, areas outside Gangnam, including Seongdong, Gwangjin and Dongjak, posted relatively higher growth rates.
During the preceding year, Gangnam-gu, Seoul (22.6%), Seocho District (19.3%), Songpa District (17.7%), Seongdong District (15.6%) and Dongjak District (12.7%) ranked among the areas with the highest growth rates. Over the latest year, however, Seocho District’s increase narrowed to 8.0%, while Gangnam-gu’s growth rate fell from 22.6% to 6.8%.
By contrast, Dongjak District’s growth accelerated from 12.7% to 25.3%, while Seongdong District’s rose from 15.6% to 22.6%. Seongbuk District jumped from 4.6% to 22.4%, and Gwangjin District climbed from 12.0% to 23.8%, newly entering the top 10. Songpa District recorded the same 17.7% growth rate in both periods, but its ranking fell from fourth to 10th as other areas posted larger increases.
In Gyeonggi Province, Bundang-gu, Seongnam-si, posted the highest growth rate, rising from 10.6% in the preceding year to 29.5% over the latest year. Gwangmyeong City also saw a sharp increase, from 3.8% to 28.4%. Hanam City, Suji District, Yongin-si, and Dongtan-gu, Hwaseong-si, newly entered the top 10 after recording growth rates of 21.4% to 24.8%. Their growth rates during the preceding year ranged from just 0.8% to 6.4%, but their upward momentum became pronounced over the latest year.
Regional differences were also evident in transaction volumes. Among the areas that newly entered the top 10 for price growth over the latest year, actual transactions increased by 24.4% in Gwangmyeong, 13.6% in Suji, Yongin, 18.1% in Hanam, 33.0% in Seongbuk, and 115.0% in Dongtan, Hwaseong.
Gwacheon, which ranked among the top areas by growth during the preceding year, saw its transaction volume decline by 55.9%. Gangnam-gu and Seocho District also recorded decreases of 28.6% and 26.9%, respectively.
Kim Eun-seon, head of Zigbang’s Big Data Lab, said, "Over the past year, the areas with the highest growth rates have expanded beyond Gangnam to include areas outside Gangnam in Seoul, as well as new towns and parts of Gyeonggi Province with good access to Seoul. With lending restrictions and the tax burden concentrated on high-priced homes, some demand may have shifted to areas with relatively lower price burdens."

[email protected] Choi A-young Reporter