As of October 2025, the mean purchase price of housing in Seoul, South Korea, amounted to around *** million South Korean won. The average price of apartments amounted to around **** billion won, while the price of detached houses was about **** billion South Korean won. Apartments in South Korea Among all housing types, apartments are the most expensive, costing more than *** billion South Korean won on average. Living in apartments is typical for Seoul, as an increasing number of citizens move towards the city, causing high population density. As of 2022, more than ** percent of all households were living in apartments, excluding alternative housing, such as officetels or goshiwons. Gangnam Style Based on the average selling price of apartments in Seoul, Gangnam is the most expensive area in Seoul to live in, with an average sales price of around **** billion South Korean won. The area became internationally known due to the viral YouTube hit Gangnam Style by South Korean artist PSY. Since Gangnam is known for its wealthy citizens, the song was inspired by their mannerisms.

Korea Median Housing Price: Apartments: 6 Large Cities: Incheon data was reported at 25,185.854 KRW tt in Nov 2018. This records an increase from the previous number of 25,173.692 KRW tt for Oct 2018. Korea Median Housing Price: Apartments: 6 Large Cities: Incheon data is updated monthly, averaging 23,636.681 KRW tt from Apr 2013 (Median) to Nov 2018, with 68 observations. The data reached an all-time high of 25,215.780 KRW tt in Oct 2017 and a record low of 19,888.953 KRW tt in Sep 2013. Korea Median Housing Price: Apartments: 6 Large Cities: Incheon data remains active status in CEIC and is reported by Kookmin Bank. The data is categorized under Global Database’s South Korea – Table KR.EB033: Median Housing Price: Kookmin Bank.

In December 2024, the average price of an apartment purchase in South Korea was around *** million South Korean won per square meter. The apartment price was highest in Seoul with about **** million won per square meter, almost twice as much as following the province of Gyeonggi with around *** million won per square meter.

The centrality of Seoul Boasting a population of over nine million people and accounting for a large part of the country’s GDP, the capital city is both economically attractive and notoriously expensive in terms of housing. Going by mean apartment selling prices, Seoul’s southern and southeastern districts of Gangnam and Seocho rank the highest. Changing trends For a society which traditionally expected for its younger generations to care for their elders, these norms began to soften up in the country. The first two decades of the century saw the share of one-person households more than double. As the principal age groups that reside in such households are younger people, the country is expected to continue building housing units in the future.

Discover the booming South Korean luxury real estate market! This in-depth analysis reveals a $43.56B market with a 10% CAGR, driven by HNWIs and prime Seoul locations. Explore key trends, challenges, and top companies shaping this lucrative sector. Recent developments include: August 2023: A new development project calls for turning the Songdo International City R2 Block of the Incheon Free Economic Zone (IFEZ) into a "K-Contents City," according to local sources. As a shareholder in this development project, HYBE will see the construction of multiple expansive residential complexes throughout the city., September 2023: South Korea's real estate landscape as it comes to light that a mere 30 individuals have managed to acquire a staggering 8,000 homes in the country over the past five and a half years. These eyebrow-raising acquisitions, totaling nearly INR 7,446 crore (USD 0.89 billion), have raised concerns and questions about the state of the housing market and the potential implications for average citizens.. Key drivers for this market are: 4., South Korea's status as a global business hub can attract expatriates and foreign executives seeking high-end accommodation options4.2.1.2 Incorporating advanced technology and smart home features making luxury properties more appealing to tech-savvy buyers. Potential restraints include: 4., South Korea's status as a global business hub can attract expatriates and foreign executives seeking high-end accommodation options4.2.1.2 Incorporating advanced technology and smart home features making luxury properties more appealing to tech-savvy buyers. Notable trends are: Reduction in prices creating demand for low-priced luxury real estate.

As of January 2025, southeastern Seoul had the highest average selling price for apartments out of the general areas in the South Korean capital. Average apartment selling price stood at over *** billion South Korean won in southeastern Seoul that month.

Real residential property prices Y-on-Y, percent change in South Korea, June, 2025 The most recent value is -1.9 percent as of Q2 2025, an increase compared to the previous value of -2.2 percent. Historically, the average for South Korea from Q1 1990 to Q2 2025 is -0.48 percent. The minimum of -17.7 percent was recorded in Q3 1998, while the maximum of 14.39 percent was reached in Q2 2002. | TheGlobalEconomy.com

In 2024, the residential property price index in Seoul, the capital of South Korea, increased to around ***** percent year-on-year. 2022 had seen a significant drop in residential property prices in Seoul. How much is a house in Seoul? Housing prices in Seoul have experienced significant fluctuations in recent years. Auction bid price rate for apartments surged to reach over ** percent, rebounding from a decline in 2022. Similarly, the success rate of apartment auction bids showed dynamic trends, dropping to **** percent in late 2022 before recovering to over ** percent. Seoul boasted the highest mean purchase price for housing among all provinces of South Korea, with a gap of over *** million South Korean won between Seoul and Gyeonggi. Property prices in South Korea South Korea's real estate market demonstrates dynamic trends shaped by numerous factors. Economic growth, urbanization, government policies, interest rates, and foreign investment all contribute significantly to fluctuations in housing prices. Notably, the mean purchase price for apartments sharply declined in 2022 and 2023 following years of exponential growth before. While the housing transaction volume in Korea saw a significant decrease in 2022, it recovered slightly in 2024. Given the high housing prices, many citizens believe that property prices will continue to fall in the coming year.

Korea Median Housing Price: Total: Gyeonggi data was reported at 31,812.121 KRW tt in Jun 2018. This records an increase from the previous number of 31,768.540 KRW tt for May 2018. Korea Median Housing Price: Total: Gyeonggi data is updated monthly, averaging 25,912.151 KRW tt from Dec 2008 (Median) to Jun 2018, with 115 observations. The data reached an all-time high of 31,897.226 KRW tt in Apr 2018 and a record low of 24,913.636 KRW tt in Mar 2013. Korea Median Housing Price: Total: Gyeonggi data remains active status in CEIC and is reported by Kookmin Bank. The data is categorized under Global Database’s Korea – Table KR.EB033: Median Housing Price: Kookmin Bank.

Mortgage credit interest rate, percent in South Korea, September, 2025 The most recent value is 3.96 percent as of September 2025, no change compared to the previous value of 3.96 percent. Historically, the average for South Korea from September 2001 to September 2025 is 4.53 percent. The minimum of 2.39 percent was recorded in August 2020, while the maximum of 7.58 percent was reached in October 2008. | TheGlobalEconomy.com

As of the third quarter of 2024, the housing affordability index in South Korea stood at around ** points. The third quarter of 2022 saw the first drop in figures since 2020. The lower the index value, the more affordable a home is for a median-income household. Apartments in South Korea Average apartment prices in South Korea had risen for almost a decade before 2022. The country's popularity worldwide helped it become an economic powerhouse, attracting young workers from the countryside to large cities in hopes of taking part in or benefiting from this growth. As such, apartments are an attractive option for cities, optimizing space as they become more crowded. In terms of financing a new home, the leasehold deposit system exists as an alternative to traditional monthly rentals in Korea. Jeonse and leasehold deposits Jeonse is a leasehold deposit system in Korea where, instead of paying rent monthly, people pay a large deposit equivalent to a share of a property's value. In exchange, the person receives the right to reside in the property as a tenant for a limited amount of time. Granted, the up-front cost is high, and it is common to receive loans from banks to pay for the leasehold deposit. It had traditionally been a popular method as you could live in a housing unit without worrying about rent for *** or two years. However, this system is slowly being phased out as interest rates, the large up-front cost, and cases of jeonse fraud have turned people away.

Portugal, Canada, and the United States were the countries with the highest house price to income ratio in 2024. In all three countries, the index exceeded 130 index points, while the average for all OECD countries stood at 116.2 index points. The index measures the development of housing affordability and is calculated by dividing nominal house price by nominal disposable income per head, with 2015 set as a base year when the index amounted to 100. An index value of 120, for example, would mean that house price growth has outpaced income growth by 20 percent since 2015. How have house prices worldwide changed since the COVID-19 pandemic? House prices started to rise gradually after the global financial crisis (2007–2008), but this trend accelerated with the pandemic. The countries with advanced economies, which usually have mature housing markets, experienced stronger growth than countries with emerging economies. Real house price growth (accounting for inflation) peaked in 2022 and has since lost some of the gain. Although, many countries experienced a decline in house prices, the global house price index shows that property prices in 2023 were still substantially higher than before COVID-19. Renting vs. buying In the past, house prices have grown faster than rents. However, the home affordability has been declining notably, with a direct impact on rental prices. As people struggle to buy a property of their own, they often turn to rental accommodation. This has resulted in a growing demand for rental apartments and soaring rental prices.

The most expensive area in Seoul, South Korea as of December 2024 was ********** with an average apartment selling price of around *** billion South Korean won. The Gangnam area, which includes Gangnam-gu, Seocho-gu, Yongsan-gu, and Songpa-gu, is one of the richest neighborhoods in South Korea. What is Gangnam Style?Gangnam has developed greatly since the 1960s with intensive government investment. It literally means 'south of the Han River' and is one of the busiest entertainment districts including Hongdae and Itaewon. Gangnam is also known as a place where people with a high level of education or wealth live. These backgrounds motivated Psy, the well-known Korean singer, rapper, and songwriter, to write his internationally popular song “Gangnam Style”. Luxury apartments in South KoreaThe average purchasing price of apartments in the country has almost doubled in the last 10 years. Part of the reason for this are the multiple luxury-branded apartment complexes in Seoul. Located in Gangnam-gu in Seoul, The Penthouse Cheongdam was the most expensive, with a transaction amount of around **** billion South Korean won.

Over the last two observations, the household penetration rate is forecast to significantly increase in all segments. This reflects the overall trend throughout the entire forecast period from 2020 to 2028. It is estimated that the indicator is continuously rising in all segments. In this regard, the Comfort & Lighting segment achieves the highest value of ****** percent in 2028. Find other insights concerning similar markets and segments, such as a comparison of average revenue per unit (ARPU) in the Netherlands and a comparison of average revenue per unit (ARPU) in India. The Statista Market Insights cover a broad range of additional markets.

The mortgage rate for new loans in South Korea stood at *** percent in the fourth quarter of 2024, up around *** percentage points from the previous quarter. The mortgage rate for new loans has declined from a peak of **** in the fourth quarter of 2022.

The average house price in the Canadian province of Prince Edward Island stood at ******* Canadian dollars in 2024 and was expected to increase in the next two years. By 2026, the average house price is forecast to reach ******* Canadian dollars. Compared to other provinces in Canada, Prince Edward Island stood below the national average in terms of house prices. Nevertheless, housing was still significantly more expensive than in Newfoundland and New Brunswick. House prices in Canada Prince Edward Island is one of the most affordable Canadian provinces for buying a house, with prices almost half below the national median in 2024. The national figure is somewhat skewed however by the extremely high cost of housing in British Colombia, and, to a lesser extent, Ontario. A better measure of affordability is the provincial house-price-to-income ratio, which shows Prince Edward Island to be the second most affordable province. Global comparison Canada is one of the most expensive countries in the OECD in terms of house-price-to-income ratio. In 2023, Canada scored higher than the United States, the UK, and Korea. That means that the cost of housing has increased at a much higher rate than the average income in the country.

Over the last two observations, the price per unit, at home is forecast to significantly increase in all segments. As part of the positive trend, the price per unit, at home achieves the maximum value across all two different segments by the end of the comparison period. Notably, the segment Tea, out of home stands out with the highest value of ****** U.S. dollars. The Statista Market Insights cover a broad range of additional markets.

According to a survey on living trends in South Korea in October 2022, respondents who underwent remodeling projects during the last year answered that they spent around **** million South Korean won to renovate the entire home. On average, about **** million won was spent on home renovations during the last year.