The aggregate market value of apartments in South Korea has topped 2,000 trillion won for the first time, driven by more construction and rising housing prices, industry data showed Thursday.

According to Real Estate 114, a real estate information provider, about 6.83 million apartments nationwide were estimated to be worth 2,127 trillion won ($1.81 trillion) as of end-December based on their market value.

This is up 166 trillion won from a year earlier and marks the largest-ever value since related data started to be compiled.

The hike is attributed to an increase in the number of newly-built apartments and the overall upward trend of housing prices in Seoul and major cities.

The market value of apartments located in Seoul and its surrounding area jumped by 105.7 trillion won to 1,446.6 trillion won this year, the data showed.

In provincial areas, the value of apartments also grew 60.1 trillion won to 680.2 trillion won. (Yonhap)