Apartment prices have rebounded unevenly across Seoul, leaving vast gaps between districts.

In the affluent districts of Gangnam, Seocho and Yongsan, prices have recovered to more than 90 percent of the peak during the bubble, but north of the Han River they recovered to just over 80 percent.

That means people in some areas who borrowed heavily in the last frenzy for fear of never being able to afford homes are now finding themselves with negative equity on their hands.

Property information service Real Estate 114 compared the prices of apartments from the second half of 2022 until the first half of this year based on area and value and found that the biggest drop was 19.1 percent, while home values overall recovered to 87 percent of previous peak levels.

Thus the price of an apartment that peaked at W1.23 billion fell to W991.58 million in the second half of last year and recovered to W1.07 billion in the first half of this year (US$1=W1,266).

One apartment in Gangnam was recently sold for W2.33 billion, which is 93 percent of the previous peak of two years ago. In Seocho prices returned to 90 percent of previous peak levels and in Yongsan to 94 percent.

But in Nowon, Dobong and Gangbuk, prices recovered to only 83 percent of previous peak levels, Dongdaemun to 84 percent and in Jungnang to 85 percent.