By Jane Han
Staff Reporter

Bad news for provincial home owners: Trading up to a unit in Seoul is becoming nearly impossible as the property price gap is widening.

According to Budongsan Bank, a local real estate information provider, selling off six apartments in South Jeolla Province is still not enough to buy a home in Seoul.

November housing data shows that the average apartment in Seoul costs 17.8 million won per 3.3 square meters, while one in South Jeolla Province costs 2.9 million won ― the biggest gap among all regions nationwide.

``We've seen housing prices in the Seoul and non-Seoul areas differ greatly, but the latest data show that the gap is growing even further due to the slump in provincial property markets,'' said Kim Keun-ok, an analyst at Budongsan Bank.

While values in the South Jeolla Province were poles apart from those in Seoul, apartments in Gyeonggi Province and Incheon were the closest in price.

According to the monthly data, the average apartment price in Gyeonggi Province and Incheon recorded 9.6 million won and 7.8 million won, respectively, per 3.3 square meters.

Following these areas near Seoul, Busan came next with 3.3 square meters valued at 5.1 million won. Daejeon trailed behind at 5 million won, followed by Gwangju (3.4 million won), Gangwon Province (3.8 million won) and North Gyeongsang Province (3.4 million won).

Real estate experts say the price gap widened greatly after the global economic downturn hit local real estate markets from the end of last year to the start of this year.

The Seoul market managed to recover quickly by making a jump of 5.6 percent in the average price of apartments since November 2008, market data show. But units outside of Seoul failed to climb out of the downturn.

A five-year price trend also indicates that the rise in value is sluggish in provincial regions.

In Seoul, the average price of an apartment has increased by 5.7 million won per 3.3 square meters since 2004. During the same period, most units in the provinces saw a mere 1-million won jump.

jhan@koreatimes.co.kr