Apartments in Taller Buildings are More Expensive: Data

High-rise apartments are seen from Lotte World Tower in southern Seoul on Nov. 18, 2020. (Yonhap)

SEOUL, Aug. 25 (Korea Bizwire) — Apartments in taller buildings are more expensive in the greater Seoul area, a real estate big data company said Wednesday.

Real Estate R114 made a price comparison of 3,403,812 apartments in the greater Seoul area sorted by floor, which showed that the average apartment price in buildings that are more than 30-stories high was 1.7 billion won (US$1.27 million).

They were followed by those in buildings between 21 and 30 floors (984 million won), those between 11 and 20 floors (887 million won), those between six and 10 floors (556 million won) and those under five floors (475 million won).

In the greater Seoul region, this trend was most clearly seen in Seoul, which had the highest average price at 2.3 billion won.

They were followed by apartments in buildings between 21 and 30 floors (1.3 billion won), those between 11 and 20 floors (1.2 billion won), those between six and 10 floors (959 million won) and those under five floors (936 million won).

“Most high-rise apartments are new, and located near subway stations and other infrastructure, which makes them convenient to live in,” Real Estate R114 said.

“Skyscrapers with more than 30 floors are favored for their views and natural lighting, resulting in higher prices.”

Apartments in buildings with over 30 floors cost 1.19 billion and 901 million won in Gyeonggi Province and the city of Incheon, respectively, the highest in the region.

H. M. Kang (hmkang@koreabizwire.com)