About 16 percent of apartments bought and sold in Seoul during the first quarter of the year were expensive real estate.

Out of the 24,606 Seoul apartments traded between January and March, 3,921 units were worth over 900 million won ($841,000), according to statistics released by the Ministry of Land, Infrastructure and Transport Monday.

It posted a rapid on-year increase. During the same period last year, only 11.5 percent of apartments bought and sold were worth over 900 million won. 

Meanwhile, the number of mid-priced apartments sold and bought decreased last quarter compared to the same period in 2017. Out of the total number of apartments bought and sold last quarter, some 48.7 percent were mid-priced apartments worth over 300 million won but less than 600 million won.

During the same period in 2017, some 52.6 percent of apartments sold and bought were in that price range.

One reason behind the increased exchange of expensive apartments can be found in last year’s real estate price hike, reports say.

Apartment prices rose 8.11 percent in March compared to last March, according to the Korea Appraisal Board.

By Rumy Doo (doo@heraldcorp.com)