As of December 2024, the mean purchase price of housing in Seoul, South Korea, amounted to around *** million South Korean won. The average price of detached houses amounted to around **** billion won while the price of apartments 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.

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

Graph and download economic data for Real Residential Property Prices for Republic of Korea (QKRR628BIS) from Q1 1975 to Q1 2025 about Korea, residential, HPI, housing, real, price index, indexes, and price.

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.

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.

South Korea Residential Real Estate Market is Segmented by Property Type (Apartments & Condominiums and Villas & Landed Houses), Price Band (Affordable, Mid-Market and Luxury), Mode of Sale (Primary and Secondary), Business Model (Sales and Rental) and Region (Seoul, Gyeonggi Province, Incheon, Busan, Other Metropolitan & Provincial Cities). The Market Forecasts are Provided in Terms of Value (USD).

Residential Property Prices in South Korea decreased 0.11 percent in December of 2024 over the same month in the previous year. This dataset includes a chart with historical data for South Korea Residential Property Prices.

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.

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.

South Korea Luxury Residential Real Estate Market Report 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 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.

In 2023, the South Korea Real Estate Market reached a value of USD 306.2 million, and it is projected to surge to USD 552.7 million by 2030.

This dataset was generated for analyzing the economic impacts of subway networks on housing prices in metropolitan areas. The provision of transit networks and accompanying improvement in accessibility induce various impacts and we focused on the economic impacts realized through housing prices. As a proxy of housing price, we consider the price of condominiums, the dominant housing type in South Korea. Although our focus is transit accessibility and housing prices, the presented dataset is applicable to other studies. In particular, it provides a wide range of variables closely related to housing price, including housing properties, local amenities, local demographic characteristics, and control variables for the seasonality. Many of these variables were scientifically generated by our research team. Various distance variables were constructed in a geographic information system environment based on public data and they are useful not only for exploring environmental impacts on housing prices, but also for other statistical analyses in regard to real estate and social science research. The four metropolitan areas covered by the data—Busan, Daegu, Daejeon, and Gwangju—are independent of the transit systems of Greater Seoul, providing accurate information on the metropolitan structure separate from the capital city.

Korea Median Housing Price: Apartments: 6 Large Cities: Busan data was reported at 26,759.791 KRW tt in Nov 2018. This records a decrease from the previous number of 26,982.284 KRW tt for Oct 2018. Korea Median Housing Price: Apartments: 6 Large Cities: Busan data is updated monthly, averaging 23,800.613 KRW tt from Apr 2013 (Median) to Nov 2018, with 68 observations. The data reached an all-time high of 28,056.103 KRW tt in Sep 2017 and a record low of 19,604.641 KRW tt in Aug 2013. Korea Median Housing Price: Apartments: 6 Large Cities: Busan 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.

House Price Index MoM in South Korea remained unchanged at -0.02 percent in May. This dataset includes a chart with historical data for South Korea House Price Index MoM.

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.

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.

Housing Price Index: Row Houses: 6 Large Cities: Busan data was reported at 83.764 Sep2003=100 in Dec 2007. This records a decrease from the previous number of 83.777 Sep2003=100 for Nov 2007. Housing Price Index: Row Houses: 6 Large Cities: Busan data is updated monthly, averaging 97.086 Sep2003=100 from Jan 1986 (Median) to Dec 2007, with 264 observations. The data reached an all-time high of 134.105 Sep2003=100 in May 1991 and a record low of 59.957 Sep2003=100 in Jan 1987. Housing Price Index: Row Houses: 6 Large Cities: Busan data remains active status in CEIC and is reported by Kookmin Bank. The data is categorized under Global Database’s Korea – Table KR.EB006: Housing Price Index: Kookmin Bank: Sep 2003=100.

South Korea Price to Income Ratio: sa data was reported at 83.566 2015=100 in 2024. This records a decrease from the previous number of 84.915 2015=100 for 2023. South Korea Price to Income Ratio: sa data is updated yearly, averaging 118.198 2015=100 from Dec 1986 (Median) to 2024, with 39 observations. The data reached an all-time high of 409.198 2015=100 in 1986 and a record low of 83.566 2015=100 in 2024. South Korea Price to Income Ratio: sa data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s South Korea – Table KR.OECD.AHPI: House Price Index: Seasonally Adjusted: OECD Member: Annual. Nominal house prices divided by nominal disposable income per head. Net household disposable income is used. The population data come from the OECD national accounts database.