Apgujeong Apartment Prices Jump 400 Million Won as Gangnam Rebounds

Gangnam-gu apartment prices in Seoul turned upward in the second week of May, based on data as of May 11. According to the Korea Real Estate Board’s weekly apartment price trend, Seoul apartment sale prices rose 0.28%, widening from 0.15% the previous week. Gangnam, which had weakened for 11 straight weeks, shifted from a 0.04% decline to a 0.19% gain. Land Ministry transaction data showed Shin Hyundai 11 in Apgujeong-dong, 170 sq m exclusive area, sold for 8.5 billion won on April 22, up 400 million won from an 8.1 billion won deal in March. Gaepo Raemian Forest, 112 sq m, changed hands for 3.73 billion won on May 8, up 980 million won from March last year. The report said the rebound followed a drop in listings and higher asking prices after tax-saving urgent sales were absorbed. Source: hankyung.com