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Biz News Korea(Eng)
Gangnam apartment prices hit record high despite gov’t clampdown
- Collected
- 2017.12.21
- Distributed
- 2017.12.22
- Source
- Go Direct
Daechi-dong apartment complex in Gangnam-gu
According to real estate data provider Real Estate 114 on Tuesday, Gangnam topped the list of the most expensive neighborhoods in the country with the price of the apartments in the area averaging 40.6 million won ($37,570) per pyeong (3.3 square meters) in December. This is a significant jump from last year’s high of 36.1 million won and the first time for a district to break the 40 million won per pyeong threshold in the country.
Seocho borough followed with 36.9 million won and Songpa with 29.4 million won. Apartment prices in the two southern Seoul neighborhoods have also spiked in recent months.
The price surge in Gangnam was largely driven by apartments that are planning to go under redevelopment in areas such as Apgujeong-dong and Gaepo-dong, said real estate experts.
The average price of Gangnam’s redevelopment apartments was 51.3 million per pyeong in December, shooting up more than 10 million won in a year.
Since August, the government has introduced a series of measures to deter speculative activity of multiple homeowners by restricting loan extensions and raising taxes. But industry experts say the efforts have so far had little effect in tamping down the spiraling housing prices in the densely populated capital, where demand still outstrips supply.
By Chu Dong-hun and Kim Hyo-jin
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