Apartments in Seoul's affluent Gangnam region make up about 43 percent of the value of all apartments in the capital put together, a Thursday report by a real estate data firm showed.
As of June 25, the combined market prices of apartments in Gangnam-gu, Seocho-gu, and Songpa-gu, the three administrative districts commonly referred to just as Gangnam, totaled 744.7 trillion won ($548.7 billion), according to Real Estate R114, a real estate big data analytics firm. The total value of all apartments in Seoul stood at 1,732.5 trillion won.
The June share of Gangnam apartments in Seoul's aggregate apartment market value is now at its highest since January 2000, continuing an upward trend that began when it first surpassed the 40 percent-mark in January last year.
Roughly 1.6 million people live in the three Gangnam districts, about 17 percent of Seoul's 9.3 million population.
Of the three districts, Seocho was the priciest.
In fact, Seocho-gu homes have fetched higher prices than those of any other region in the city since 2014, at an average price of 92.8 million won per pyeong, a common unit used in Korean real estate equal to 3.3 square meters, according to the Ministry of Land, Infrastructure and Transport data.
It was followed by Gangnam-gu at 91.45 million won, Yongsan-gu at 74.77 million won, and Songpa-gu at 67.62 million won, as the three Gangnam districts took three of the top four spots.
The Gangnam region has famously been an expensive place to live for decades, but the Real Estate R114 data showed that the apartment prices there had risen more rapidly compared to city-wide average.
The combined prices for Seoul apartments in June marked a 13.1 percent increase compared to the same month in 2024, but apartments in the three Gangnam districts rose 17.7 percent over the same period.
minsikyoon@heraldcorp.com
