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 Jan 2025, following a decrease of 0.2% YoY in the previous month.
• YoY growth data is updated monthly, available from Jan 1987 to Jan 2025, with an average growth rate of 2.2%.
• House price data reached an all-time high of 21.9% in Aug 1988 and a record low of -13.1% in Nov 1998.

The report covers South Korea Top Residential Real Estate Companies and the market is segmented by Type (Apartments and Condominiums and Landed Houses and Villas) and Geography (Seoul and Other Locations). The market size and forecasts are provided in terms of value (USD) for all the above segments.

South Korea Luxury Residential Real Estate Market is Segmented by Type (apartments and Condominiums, Villas, and Landed Houses) and Cities (Seoul, Busan, and Other Cities). The Report Offers the Market Size and Forecasts in Value (USD Billion) for all the Above Segments.

In 2024, the residential property price index in Seoul, the capital of South Korea, increased to around three 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 90 percent, rebounding from a decline in 2022. Similarly, the success rate of apartment auction bids showed dynamic trends, dropping to 14.2 percent in late 2022 before recovering to over 40 percent. Seoul boasted the highest mean purchase price for housing among all provinces of South Korea, with a gap of over 300 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.

The housing purchase price index in South Korea amounted to approximately 96 index points as of December 2024, similar to that of the same month in the previous year. The purchase price index for apartments stood at around 93 in the same period.

In 2024, residential housing prices in South Korea increased by around 0.13 percent year-on-year. This was a tentative sign of recovery from the significant drops seen in the two years prior.

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: Total: 6 Large Cities: Incheon data was reported at 21,320.232 KRW tt in Sep 2018. This records an increase from the previous number of 21,262.911 KRW tt for Aug 2018. Korea Median Housing Price: Total: 6 Large Cities: Incheon data is updated monthly, averaging 19,100.706 KRW tt from Apr 2013 (Median) to Sep 2018, with 66 observations. The data reached an all-time high of 21,331.862 KRW tt in Jan 2018 and a record low of 17,046.938 KRW tt in Sep 2013. Korea Median Housing Price: Total: 6 Large Cities: Incheon 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.

MHP: Jeonse: Row House: Jeju data was reported at 109,000.000 KRW th in Oct 2018. This records a decrease from the previous number of 109,500.000 KRW th for Sep 2018. MHP: Jeonse: Row House: Jeju data is updated monthly, averaging 61,750.000 KRW th from Jan 2012 (Median) to Oct 2018, with 82 observations. The data reached an all-time high of 110,000.000 KRW th in Aug 2018 and a record low of 58,000.000 KRW th in Jan 2012. MHP: Jeonse: Row House: Jeju 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.

South Korea real estate market size is projected to exhibit a growth rate (CAGR) of 2.00% during 2025-2033. The increasing technological advancements and smart city initiatives that can enhance the attractiveness of certain areas for both businesses and residents, are driving the market.

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country and regional levels for 2025-2033. Our report has categorized the market based on property, business, and mode.

Home Ownership Rate in South Korea increased to 56.40 percent in 2023 from 56.20 percent in 2022. This dataset provides the latest reported value for - South Korea Home Ownership Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

According to a survey conducted in South Korea in January 2025, around 36 percent of respondents stated that housing prices would fall over the next year. According to the source, most respondents in the previous year's survey had an overall negative opinion on the government's policies on real estate.

South Korea Office Real Estate Market is Segmented by Sector (Information Technology (IT and ITES), Manufacturing, BFSI (Banking, Financial Services, and Insurance), Consulting, and Other Services), and Key City (Seoul, Busan, Incheon, and Other Key Cities). The report offers market size and forecast in value (USD billion) for all the above segments.

Korea Median Housing Price: Apartments data was reported at 35,565.903 KRW tt in Nov 2018. This records an increase from the previous number of 35,501.883 KRW tt for Oct 2018. Korea Median Housing Price: Apartments data is updated monthly, averaging 25,009.771 KRW tt from Dec 2008 (Median) to Nov 2018, with 120 observations. The data reached an all-time high of 35,565.903 KRW tt in Nov 2018 and a record low of 22,312.315 KRW tt in Mar 2009. Korea Median Housing Price: Apartments 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.

Korea Housing Price Index: Total: Gyeonggi data was reported at 96.721 Jun2011=100 in Mar 2013. This records a decrease from the previous number of 96.936 Jun2011=100 for Feb 2013. Korea Housing Price Index: Total: Gyeonggi data is updated monthly, averaging 98.540 Jun2011=100 from Sep 2003 (Median) to Mar 2013, with 115 observations. The data reached an all-time high of 103.423 Jun2011=100 in Sep 2008 and a record low of 71.662 Jun2011=100 in Jan 2005. Korea Housing Price Index: Total: Gyeonggi data remains active status in CEIC and is reported by Kookmin Bank. The data is categorized under Global Database’s South Korea – Table KR.EB003: Housing Price Index: Kookmin Bank: Jun 2011=100.

According to the latest research report, the South Korea residential real estate market is projected to grow at a CAGR of 13.5% during 2024-2032. The report provides a comprehensive analysis of key trends across market segments, with detailed forecasts at regional and country levels for the period 2024-2032. It categorizes the market based on type.

The price index for row house purchases was around 104 index points in December 2024, an increase compared to the same time the year before. Figures increased by over six points since 2015.

Korea Median Housing Price: Total: Gyeongbuk data was reported at 13,216.417 KRW tt in Jun 2018. This records a decrease from the previous number of 13,225.982 KRW tt for May 2018. Korea Median Housing Price: Total: Gyeongbuk data is updated monthly, averaging 13,387.702 KRW tt from Apr 2013 (Median) to Jun 2018, with 63 observations. The data reached an all-time high of 14,714.347 KRW tt in Jan 2016 and a record low of 11,082.177 KRW tt in Apr 2013. Korea Median Housing Price: Total: Gyeongbuk 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.