The median transaction price per square meter for apartments in Gwangmyeong, Gyeonggi Province, has overtaken the Seoul-wide figure in the space of eight months. In January it stood at 88% of the Seoul level; by August it had climbed to 102%.
Gwangmyeong Passes Seoul Average in Eight Months, Suji Narrows Gap
According to an analysis by property information provider Zigbang, based on apartment transaction prices reported to the Ministry of Land, Infrastructure and Transport, the median transaction price per square meter of floor area in Gwangmyeong rose to 12.97 million won in August from 11.1 million won in January. Zigbang released the analysis on the 14th.
Over the same period, the Seoul-wide median transaction price per square meter showed little change at around 12.68 million won. As a result, Gwangmyeong's price level relative to Seoul rose to 1.02 times from 0.88 times, and in August apartment prices in the city exceeded the Seoul-wide average.
Suji district in Yongin followed a similar path. The median transaction price per square meter there rose to 11.1 million won from 9.54 million won over the same period, narrowing the ratio to Seoul to 0.88 times from 0.75 times. Zigbang noted that the figures could change because the reporting deadline for August transactions has not yet passed.
Seongbuk, Dongdaemun and Gangseo Close On Seoul Average; Jungnang and Nowon Follow
Within Seoul, districts outside the Gangnam area posted the strongest gains. The median transaction price per square meter in Seongbuk rose to 12.6 million won from 11.46 million won, lifting its ratio to the Seoul-wide figure to 0.99 times from 0.90 times — close to the city average.
Dongdaemun rose to 13 million won from 12.18 million won, taking its ratio to 1.03 times from 0.96 times and edging past the Seoul-wide level as of August. Gangseo rose to 13.36 million won from 12.39 million won, with its ratio climbing to 1.05 times from 0.98 times.
Jungnang and Nowon remain below the Seoul-wide level, but their gaps have been narrowing. Jungnang rose to 11.63 million won from 9.36 million won and Nowon to 11.17 million won from 10.04 million won, lifting their ratios to 0.92 times and 0.88 times from 0.74 times and 0.79 times, respectively.
Gangnam and Seocho Widen the Gap; Hanam and Bundang Also Top Seoul
In districts where prices were already high, the gap with the Seoul-wide figure widened instead. Gangnam rose to 2.69 times the Seoul-wide level from 2.41 times, Seocho to 1.95 times from 1.68 times and Songpa to 1.99 times from 1.74 times. Seongdong also widened its gap, to 1.93 times from 1.69 times.
A similar pattern emerged in Hanam, Gyeonggi Province, and in Bundang district in Seongnam. Hanam rose to 14.48 million won from 12.95 million won, or 1.14 times the Seoul level from 1.02 times, while Bundang rose to 21.68 million won from 20.51 million won, or 1.71 times from 1.62 times.
"Rather than converging on a broadly similar level, home prices in the greater Seoul area are going through a process in which relative price positions against Seoul are being readjusted, as regional trends diverge with past price gains, current price levels and shifts in demand driven by market conditions all working together," said Kim Eun-sun, head of the big data lab at Zigbang.
