The Bank of Korea has raised concerns over the widening disparity in housing prices between Seoul and the rest of the country, warning that the gap is far more pronounced than in other major economies.

In a report released Wednesday, the central bank said that from 2013 to 2024, home prices in Seoul rose 69-point-four percentage points more than the national average.

This far exceeds gaps of 49-point-eight points for Beijing, 28-point-one for Tokyo and 24-point-five for Toronto, Ontario.

The BOK attributed the trend to structural issues such as regional economic imbalances, youth migration to the capital, and past housing stimulus policies.

It warned that rising prices in the capital area are amplifying household debt risks, while falling prices elsewhere are increasing the likelihood of loan defaults.

The bank called for short-term measures to curb excessive lending in the capital region and long-term structural reforms to reinvigorate housing demand outside the metropolitan area.