As of December 2024, the mean purchase price of housing in Seoul, South Korea, amounted to around 866 million South Korean won. The average price of detached houses amounted to around 1.14 billion won while the price of apartments was about 1.13 billion South Korean won. Apartments in South Korea Among all housing types, apartments are the most expensive, costing more than one 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 40 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 2.38 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.

In December 2024, the mean purchase price of housing in South Korea amounted to around 400 million South Korean won. The mean purchase price of housing in Seoul was higher than any other city or province, standing at around 866 million South Korean won.

Key information about House Prices Growth

• South Korea house prices dropped 0.2% YoY in Feb 2025, following a decrease of 0.2% YoY in the previous month.
• YoY growth data is updated monthly, available from Jan 1987 to Feb 2025, with an average growth rate of 2.1%.
• House price data reached an all-time high of 21.9% in Aug 1988 and a record low of -13.1% in Nov 1998.

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.

Housing Index in South Korea remained unchanged at 93 points in April. This dataset provides - South Korea House Price Index - actual values, historical data, forecast, chart, statistics, economic calendar and news.

In 2022, the average living space per person in South Korea was about 35 square meters. This was the first increase in two years and a continuation of a slow general increase in living space per person.

Housing prices in South Korea Almost half of the country’s population lives in the metropolitan Seoul Capital Area, comprising the cities of Seoul and Incheon, as well as Gyeonggi Province. Accordingly, purchased apartment prices are especially high in and around Seoul. Within the capital, the popular Gangnam district ranks among the areas with the highest selling prices for apartments. South Korean home ownership Although all age groups favor home ownership, the rate of actual ownership increases with age. With increasing difficulty to finance housing in the city, as well as the country’s problem with a low fertility rate, the government responded by offering favorable loans to millennials. The goal is to incentivize younger generations to afford housing closer to their workplaces and with sufficient space to found families.

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 1.9 billion South Korean won in southeastern Seoul that month.

Korea Median Housing Price: Apartments: 6 Large Cities data was reported at 23,991.237 KRW tt in Nov 2018. This records a decrease from the previous number of 24,009.867 KRW tt for Oct 2018. Korea Median Housing Price: Apartments: 6 Large Cities data is updated monthly, averaging 18,283.086 KRW tt from Dec 2008 (Median) to Nov 2018, with 120 observations. The data reached an all-time high of 24,168.057 KRW tt in Sep 2017 and a record low of 12,743.770 KRW tt in Apr 2009. Korea Median Housing Price: Apartments: 6 Large Cities 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 5.7 million South Korean won per square meter. The apartment price was highest in Seoul with about 13.5 million won per square meter, almost twice as much as following the province of Gyeonggi with around 6.6 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.

Korea Median Housing Price: Apartments: Seoul Metropolitan Area data was reported at 46,353.002 KRW tt in Jun 2018. This records an increase from the previous number of 46,248.752 KRW tt for May 2018. Korea Median Housing Price: Apartments: Seoul Metropolitan Area data is updated monthly, averaging 34,501.214 KRW tt from Dec 2008 (Median) to Jun 2018, with 115 observations. The data reached an all-time high of 46,353.002 KRW tt in Jun 2018 and a record low of 32,223.738 KRW tt in Sep 2013. Korea Median Housing Price: Apartments: Seoul Metropolitan Area 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.

Korea Median Housing Price: Total: 6 Large Cities: Daegu data was reported at 23,192.626 KRW tt in Jun 2018. This records an increase from the previous number of 23,160.785 KRW tt for May 2018. Korea Median Housing Price: Total: 6 Large Cities: Daegu data is updated monthly, averaging 22,210.310 KRW tt from Apr 2013 (Median) to Jun 2018, with 63 observations. The data reached an all-time high of 23,518.126 KRW tt in Jan 2016 and a record low of 15,455.327 KRW tt in Apr 2013. Korea Median Housing Price: Total: 6 Large Cities: Daegu 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.

Median Housing Price: Apartments: 6 Large Cities: Ulsan data was reported at 22,076.336 KRW tt in Nov 2018. This records a decrease from the previous number of 22,112.643 KRW tt for Oct 2018. Median Housing Price: Apartments: 6 Large Cities: Ulsan data is updated monthly, averaging 22,094.489 KRW tt from Apr 2013 (Median) to Nov 2018, with 68 observations. The data reached an all-time high of 24,315.732 KRW tt in Apr 2017 and a record low of 18,087.260 KRW tt in Jul 2013. Median Housing Price: Apartments: 6 Large Cities: Ulsan 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.

This is apartment sale price-average sale price data among monthly trends in a nationwide housing price trend survey provided by the Korea Real Estate Agency (formerly the Korea Appraisal Board). - Date of publication (monthly): The 15th of the following month (the next day if the publication date is a holiday) - Unit: KRW 1,000

MHP: Jeonse: Row House: Seoul: Southern data was reported at 172,931.852 KRW th in Oct 2018. This stayed constant from the previous number of 172,931.852 KRW th for Sep 2018. MHP: Jeonse: Row House: Seoul: Southern data is updated monthly, averaging 133,898.962 KRW th from Jan 2012 (Median) to Oct 2018, with 82 observations. The data reached an all-time high of 172,931.852 KRW th in Oct 2018 and a record low of 124,798.086 KRW th in Aug 2012. MHP: Jeonse: Row House: Seoul: Southern data remains active status in CEIC and is reported by Korea Appraisal Board. The data is categorized under Global Database’s South Korea – Table KR.EB035: Median Housing Price: Korea Appraisal Board: Jeonse.

In December 2024, the average price of row houses under 60 square meters amounted to around 4.92 million South Korean won per square meter, higher than that of row houses over 60 square meters. The average purchase price of row houses in South Korea was about 4.45 million South Korean won per square meter.

MHP: Jeonse: Row House: Busan data was reported at 62,137.219 KRW th in Jun 2018. This stayed constant from the previous number of 62,137.219 KRW th for May 2018. MHP: Jeonse: Row House: Busan data is updated monthly, averaging 64,771.890 KRW th from Jan 2012 (Median) to Jun 2018, with 78 observations. The data reached an all-time high of 65,201.037 KRW th in Oct 2012 and a record low of 62,137.219 KRW th in Jun 2018. MHP: Jeonse: Row House: Busan data remains active status in CEIC and is reported by Korea Appraisal Board. The data is categorized under Global Database’s Korea – Table KR.EB035: Median Housing Price: Korea Appraisal Board: Jeonse.

Average apartment purchase prices in South Korea stood at approximately 464 million South Korean won in December 2024. Up to 2021, the mean selling price for apartments in the country had risen continuously, reaching a peak of 514.58 million South Korean won before declining.

In September 2024, the average purchase price for apartments over 135 square meters in South Korea amounted to around 7.6 million South Korean won per square meter. This was a decrease of almost two million won per square meter from the previous month for apartments of this size.

Apartment price trends In recent years, apartment prices in Korea have experienced a steady rise, driven by factors such as urbanization and economic growth. Seoul, the capital city, documented the highest average apartment price at about 13.4 million won per square meter. The most expensive area to live in Seoul was Gangnam, with an average apartment selling price of around 2.4 billion won. As of 2024, The Penthouse Cheongdam apartment located in Gangnam was considered the most expensive apartment in South Korea. Its transaction value exceeded 16 billion won, setting it apart from the second-most expensive apartment by more than three billion won. Living in luxury Exclusive districts like Gangnam showcase high-end residences with panoramic city views, luxurious designs, and premium facilities. Over the past five years, there has been a notable increase in the share of luxury apartments in Seoul. More than 60 percent of apartments in Seoul with more than one kitchen and room were valued at over 900 million won. According to a survey, Hyundai's "Hillstate" merged as the most preferred brand for apartments, followed by Samsung C&T’s "Raemian" as the second-most popular choice.

MHP: Jeonse: Row House: Seoul Metropolitan Area data was reported at 117,531.120 KRW th in Oct 2018. This records an increase from the previous number of 117,522.576 KRW th for Sep 2018. MHP: Jeonse: Row House: Seoul Metropolitan Area data is updated monthly, averaging 92,357.081 KRW th from Jan 2012 (Median) to Oct 2018, with 82 observations. The data reached an all-time high of 117,531.120 KRW th in Oct 2018 and a record low of 86,477.077 KRW th in Aug 2012. MHP: Jeonse: Row House: Seoul Metropolitan Area data remains active status in CEIC and is reported by Korea Appraisal Board. The data is categorized under Global Database’s South Korea – Table KR.EB035: Median Housing Price: Korea Appraisal Board: Jeonse.

Median Housing Price: Apartments: 6 Large Cities: Gwangju data was reported at 18,270.274 KRW tt in Nov 2018. This records an increase from the previous number of 18,174.950 KRW tt for Oct 2018. Median Housing Price: Apartments: 6 Large Cities: Gwangju data is updated monthly, averaging 16,028.350 KRW tt from Apr 2013 (Median) to Nov 2018, with 68 observations. The data reached an all-time high of 18,270.274 KRW tt in Nov 2018 and a record low of 12,602.957 KRW tt in May 2013. Median Housing Price: Apartments: 6 Large Cities: Gwangju 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.