South Korean apartment pre-sale prices exceed 21 million won per 3.3㎡, Incheon sees highest rise

The average pre-sale price for apartments nationwide in South Korea has now exceeded 21 million won for every 3.3 square meters. This marks a significant increase from the previous year, with Incheon showing the most dramatic rise.

Data from Real Estate R114 indicates that the national average pre-sale price reached 21.43 million won in the first half of this year. This is a 2.2% increase from the annual average of 20.96 million won last year. The surge is particularly pronounced in Incheon, where the average pre-sale price jumped by 4.18 million won from 18.94 million won last year to 23.12 million won in the first half of this year. This represents a 22.1% increase, making it the only region to exceed a 20% rise.

For context, a simple conversion for an 84-square-meter apartment, based on a 34-pyeong supply area, suggests an increase of approximately 142.1 million won in the pre-sale price. However, actual prices can vary significantly based on location, unit size, and project conditions.

Following Incheon, Gyeongbuk province saw an 18.4% increase, and South Gyeongsang province experienced a 15.1% rise, ranking them second and third respectively in price growth. The average pre-sale price in Seoul was 51.31 million won per 3.3 square meters last year.