Apartment Prices Continue to Rise in Seoul

The average apartment prices in Seoul are actually not as expensive as I was expecting, but they are still pretty high:

Apartment prices in Seoul are expected to surpass 500 million won this month.

According to Kookmin Bank’s housing prices data, the average sale price of apartments in Seoul came to 499-point-nine million won as of the end of last month.

The average sale price of apartments in Seoul marked 489 million won in April 2013 and stayed below 500 million won for the past two years, but it is moving upward recently.

The steady rise in the apartment price is attributed to a surge in prices of jeonse, or deposit-based long-term rentals. [KBS World]