The number of apartments that cost more than 1 billion won ($892,000) nearly doubled over the past five years, as Seoul’s real estate prices continues to soar, according to data from property market research company Real Estate 114 on Wednesday.
At the end of July 2012, the number of high-priced apartments exceeding 1 billion won stood at 105,773. As of this month, the figure increased to 204,791.
In addition, the data revealed that approximately 78 percent of apartments in Seoul’s affluent districts of Gangnam-gu, Seocho-gu and Songpa-gu, which have undergone major reconstruction projects over the past several years, have prices exceeding 1 billion won.
Five years ago, the three districts accounted for 27 percent of all 1 billion-won-plus apartments in Seoul, but this year the figure more than doubled, accounting for 61 percent of the capital’s expensive dwellings.
By Julie Jackson (email@example.com