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Apartment prices soar in Seoul's Gangnam districts while rest of city sees decline under Yoon administration

입력 2025.04.29 17:47

Choi Mi-rang

During the three years of former President Yoon Suk-yeol's administration, the average price per pyeong (approximately 3.3 square meters) of major apartment complexes in Seoul’s three Gangnam districts, consisting of Gangnam-gu, Seocho-gu, and Songpa-gu, rose by 18 percent. In contrast, apartment prices in the other 22 districts of Seoul fell by 7 percent. Critics argue that the administration’s real estate policies, such as promoting redevelopment and expanding guidance policy finance, have accelerated the concentration of wealth in the Gangnam area.

On April 28, the Citizens’ Coalition for Economic Justice (CCEJ) held a press conference titled “Analysis of Seoul Apartment Prices During Yoon Suk-yeol’s Administration,” revealing that only the three Gangnam districts experienced a significant surge in apartment prices.

The CCEJ selected four large apartment complexes (approximately 1,000 units each) from each of Seoul’s districts and used KB Real Estate data to estimate the prices based on 30-pyeong units. It multiplied the average price per pyeong by 30 to calculate the unit price, comparing data from May 2022 to April 2025.

Apartment prices soar in Seoul's Gangnam districts while rest of city sees decline under Yoon administration

According to the analysis, apartment prices in the three Gangnam districts rose from 2.62 billion won in May 2022 to 3.09 billion won this month, marking an 18 percent increase. Of the 23 apartment complexes where average sale prices increased during Yoon's presidency, most were either located in the three Gangnam districts or were part of the “Hangang River Belt” areas undergoing redevelopment.

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In particular, Apgujeong Hyundai Apartment in Gangnam-gu saw a staggering 57 percent price increase. Eunma Apartment in the same district also recorded a 28 percent rise. Raemian Prestige in Seocho-gu rose by 21 percent, while Helio City in Songpa-gu increased by 14 percent, demonstrating the steep price hikes in these areas. In contrast, apartments in the other 22 non-Gangnam districts dropped from 1.16 billion won to 1.07 billion won, a decline of around 7 percent. All 46 apartment complexes that experienced double-digit declines (between -10 percent and -25 percent) were located north of the Hangang River.

“The Yoon administration's reconstruction revitalization and guidance policy finance expansion policies, which it promoted to stabilize prices at a time when real estate prices were falling, ultimately ended up boosting apartment prices in Gangnam districts,” said Jeong Taek-soo, head of the National Real Estate Projects Team at the CCEJ. ”The next presidential candidates should come up with measures to mitigate the widening wealth gap between Gangnam and non-Gangnam districts and Seoul and local provinces.”

※This article has undergone review by a professional translator after being translated by an AI translation tool.