SEOUL, July 20 (AJP) - Buying a top-tier apartment in Seoul now requires at least 4.65 billion won, according to an analysis by real estate platform Zigbang.
The minimum price needed to rank among Seoul's top 1 percent most expensive apartments reached 4.65 billion won (US$3.10 million) in the first half of this year, while the average transaction price for those homes stood at 6.36 billion won.
But both the minimum and average prices slightly eased after reaching record highs in the first half of last year, falling from 4.98 billion won and 6.88 billion won, respectively.
Amid a widening gap between the capital area and other parts of the country, Gyeonggi Province ranked a distant second, with buyers required to pay at least 1.85 billion won to buy an apartment in the top 1 percent by price. Daegu followed at 1.58 billion won and Busan at 1.53 billion won.
Minimum transaction prices for those in the administrative city of Sejong stood at 1.28 billion won, while Daejeon and Incheon were in the 1.1 billion won range. Other regions saw much lower levels, with several provinces staying below 1 billion won.
In Seoul, transactions for expensive apartments were mainly seen in districts along the Han River, newly built luxury complexes, and areas slated for redevelopment in southern Seoul.
In Gyeonggi Province, the priciest deals were concentrated in areas with good access to Seoul, including Gwacheon, Bundang and Pangyo in Seongnam, Gwanggyo in Suwon and Dongtan in Hwaseong.
Outside the capital area, most high-end apartment deals were largely limited to a handful of landmark complexes in major cities such as Busan and Daegu.
"The capital area has a broader high-end housing market, while provincial markets tend to be centered on a few landmark luxury complexes," a Zigbang spokesperson said.
The minimum price needed to rank among Seoul's top 1 percent most expensive apartments reached 4.65 billion won (US$3.10 million) in the first half of this year, while the average transaction price for those homes stood at 6.36 billion won.
But both the minimum and average prices slightly eased after reaching record highs in the first half of last year, falling from 4.98 billion won and 6.88 billion won, respectively.
Amid a widening gap between the capital area and other parts of the country, Gyeonggi Province ranked a distant second, with buyers required to pay at least 1.85 billion won to buy an apartment in the top 1 percent by price. Daegu followed at 1.58 billion won and Busan at 1.53 billion won.
Minimum transaction prices for those in the administrative city of Sejong stood at 1.28 billion won, while Daejeon and Incheon were in the 1.1 billion won range. Other regions saw much lower levels, with several provinces staying below 1 billion won.
In Seoul, transactions for expensive apartments were mainly seen in districts along the Han River, newly built luxury complexes, and areas slated for redevelopment in southern Seoul.
In Gyeonggi Province, the priciest deals were concentrated in areas with good access to Seoul, including Gwacheon, Bundang and Pangyo in Seongnam, Gwanggyo in Suwon and Dongtan in Hwaseong.
Outside the capital area, most high-end apartment deals were largely limited to a handful of landmark complexes in major cities such as Busan and Daegu.
"The capital area has a broader high-end housing market, while provincial markets tend to be centered on a few landmark luxury complexes," a Zigbang spokesperson said.
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