Apartment complexes viewed from Haneul Park in Mapo-gu, Seoul. Reporter Lim Yo-hee

The cumulative rise in Seoul apartment prices last year recorded 8.71%, marking the highest figure in 19 years since 2006 during the Roh Moo-hyun administration.

This level surpasses the records of 8.03% (2018) and 8.02% (2021) during the Moon Jae-in administration, which were dubbed as "crazy housing prices."

Regionally, Seoul has seen a continuous rise for 47 consecutive weeks, with rapid increases centered around the Han River belt and reconstruction complexes.

Songpa-gu saw the largest increase at 20.92%, followed by Seongdong (19.12%), Mapo (14.26%), and Seocho (14.11%) in that order.

Gwacheon (20.46%) and Bundang, Seongnam (19.1%), classified as quasi-Gangnam areas, also showed significant increases exceeding the Seoul average.

However, in contrast to the Seoul metropolitan area, provincial housing prices declined by -1.13%. Daegu (-3.81%) experienced the largest drop, and among provincial metropolitan cities, only Ulsan (2.1%) saw an increase.

Despite the government's successive implementation of strong regulations such as loan restrictions (June 27 Measures) and designation of regulated areas (October 15 Measures), demand-suppressing policies without supply measures are assessed to have intensified the concentration on a single desirable property ("one perfect home") in core Seoul areas.

Major real estate research institutions predict that the upward trend, centered on the Seoul metropolitan area, will continue this year. The Korea Housing Institute forecasts a 4.2% increase, while the Korea Institute for Construction Policy forecasts a 2-3% rise.

Reporter Lim Yo-hee