The average price of apartments in Seoul surpassed 1.5 billion won ($1.1 million) for the first time this month, according to KB Kookmin Bank statistics.
Seoul apartment prices rose 1.06 percent month-on-month as of December 15, marking 19 consecutive months of increases, KB Real Estate said in its December national housing price report released on the 28th. While the gain slowed from the previous month's 1.72 percent, prices continue to surge at more than 1 percent monthly.
By district, Songpa (2.65%), Yongsan (2.37%), Seocho (2.04%), and Jung-gu (2.03%) posted gains exceeding 2 percent. Yeongdeungpo (1.59%), Gangnam (1.41%), Dongjak (1.24%), Gwangjin (1.21%), and Seongdong (1.18%) followed with increases above 1 percent.
The average apartment transaction price in Seoul reached 1.508 billion won this month, up nearly 20 million won from the previous month's 1.489 billion won. The figure crossed the 1.5 billion won threshold just five months after exceeding 1.4 billion won for the first time in July at 1.406 billion won. The median apartment price in Seoul also surpassed 1.1 billion won for the first time, reaching 1.106 billion won this month.
Seoul's housing price outlook index rose to 117.1 this month, up 9.3 points from 107.8 last month. The index, compiled by KB Real Estate through surveys of partner brokerages on expected price movements, ranges from 0 to 200, with readings above 100 indicating expectations of rising prices.
The Seoul index had fallen 16.6 points last month following the government's October 15 real estate measures but rebounded within a month. The current reading exceeds the September level of 116.4, recorded before the measures were announced.
