An apartment complex in Seocho-gu, Seoul. [Herald DB]
An apartment complex in Seocho-gu, Seoul. [Herald DB]

The average pre-sale price of privately built apartments in Seoul has again surpassed 62 million won ($43,800) per 3.3 square meters, reaching its second-highest level on record.

According to data released Tuesday by the Korea Housing and Urban Guarantee Corporation, the average pre-sale price per square meter for Seoul private apartments over the 12 months through the end of July stood at 18.78 million won, up 0.71 percent from the previous month.

Converted to a per-3.3-square-meter basis, that figure comes to 62.09 million won — the second highest on record, trailing only the all-time high of 63.55 million won set in May.

The corporation's monthly average pre-sale price is not calculated solely from apartments supplied in a given month. It reflects the average pre-sale price across all private developments that received pre-sale guarantee certificates during the 12-month period ending in that month.

Unlike Seoul, the national average pre-sale price edged down. The average price per square meter for private apartments nationwide stood at 6.2 million won as of the end of July, down 0.56 percent from the previous month, or 20.5 million won per 3.3 square meters.

The Greater Seoul area average also fell, with the per-square-meter price dropping 1.47 percent from the prior month to 10.77 million won. In the five major metropolitan cities and Sejong, the figure fell 0.92 percent to 6.37 million won per square meter, while other provincial areas rose 0.72 percent to 4.37 million won.

New supply also contracted. Nationwide, 12,008 private apartment units were newly offered for pre-sale in July, down 2,956 units from the previous month.

Seoul saw particularly sharp contraction, with new pre-sale supply falling to just 135 units — down 1,068 from the prior month. The Greater Seoul area as a whole saw 6,907 units come to market, a decline of 260 units.

The five major metropolitan cities and Sejong posted a combined 1,522 new units, up 665 from the previous month, while other provincial regions saw supply fall by 3,361 units to 3,579.


sjy@heraldcorp.com