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.

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.

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.

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.

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

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.

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.

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.

Korea Median Housing Price: Apartments: Seoul data was reported at 75,385.127 KRW tt in Jun 2018. This records an increase from the previous number of 75,144.113 KRW tt for May 2018. Korea Median Housing Price: Apartments: Seoul data is updated monthly, averaging 50,069.349 KRW tt from Dec 2008 (Median) to Jun 2018, with 115 observations. The data reached an all-time high of 75,385.127 KRW tt in Jun 2018 and a record low of 46,442.776 KRW tt in Mar 2013. Korea Median Housing Price: Apartments: Seoul 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 September 2024, the average purchase price for apartments over *** square meters in South Korea amounted to around *** million South Korean won per square meter. This was a decrease of almost *** 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 **** million won per square meter. The most expensive area to live in Seoul was Gangnam, with an average apartment selling price of around *** 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 ** billion won, setting it apart from the second-most expensive apartment by more than ***** 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 ** percent of apartments in Seoul with more than *** kitchen and room were valued at over *** 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.

House price index in South Korea, March, 2025 The most recent value is 142.34 index points as of Q1 2025, a decline compared to the previous value of 142.7 index points. Historically, the average for South Korea from Q1 1990 to Q1 2025 is 94.16 index points. The minimum of 57.48 index points was recorded in Q4 1998, while the maximum of 154.12 index points was reached in Q2 2022. | TheGlobalEconomy.com

As of December 2024, the mean jeonse price of housing in Seoul, South Korea, amounted to around *** million South Korean won. Jeonse is a unique housing leasing system in South Korea. A large sum is paid to the landlord for the rental period, which is usually two years. The deposit is returned to the tenants at the end of the two-year contract.

Korea Housing Price Index: Seoul data was reported at 140.400 Dec1995=100 in Jun 2003. This records an increase from the previous number of 139.500 Dec1995=100 for May 2003. Korea Housing Price Index: Seoul data is updated monthly, averaging 100.300 Dec1995=100 from Jan 1986 (Median) to Jun 2003, with 210 observations. The data reached an all-time high of 140.400 Dec1995=100 in Jun 2003 and a record low of 67.900 Dec1995=100 in Jul 1987. Korea Housing Price Index: Seoul data remains active status in CEIC and is reported by Kookmin Bank. The data is categorized under Global Database’s Korea – Table KR.EB008: Housing Price Index: Kookmin Bank: Dec 1995=100.

The South Korean luxury real estate market, valued at $43.56 billion in 2025, is experiencing robust growth, projected to maintain a Compound Annual Growth Rate (CAGR) of 10% through 2033. This expansion is fueled by several key factors. Firstly, a burgeoning high-net-worth individual (HNWI) population in South Korea, coupled with increasing disposable income, fuels demand for upscale properties. Secondly, Seoul's status as a global financial hub and a desirable location for international investors contributes significantly to market strength. The preference for prime locations within Seoul, particularly apartments and condominiums offering modern amenities and sophisticated designs, is driving segment growth. While villas and landed houses cater to a more exclusive clientele, their share remains comparatively smaller. Lastly, government initiatives aimed at boosting the economy and infrastructure development indirectly contribute to increased investor confidence, further stimulating market expansion. The presence of established construction giants like Samsung C&T Corporation and Daewoo Engineering & Construction underscores the market's maturity and professionalization. However, potential headwinds exist. Interest rate fluctuations and broader economic uncertainties could temper growth in the short term. Furthermore, stringent regulations surrounding foreign investment in real estate might act as a restraint, especially impacting international participation. Despite these challenges, the long-term outlook remains positive, driven by the underlying strength of the South Korean economy and the persistent appeal of luxury properties as a status symbol and investment vehicle. The market segmentation by city clearly illustrates Seoul's dominance; however, Busan and other emerging cities offer opportunities for diversification and future growth, promising a vibrant and dynamic market landscape in the coming years. 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 June 2024, the mean purchasing price for apartments larger than *** square meters in South Korea amounted to around **** billion South Korean won. According to the source, the average price for apartments of the same size in Seoul was more than twice as high at that time.

Korea Median Housing Price: Total: Seoul Metropolitan Area data was reported at 42,196.693 KRW tt in Jun 2018. This records an increase from the previous number of 42,114.065 KRW tt for May 2018. Korea Median Housing Price: Total: Seoul Metropolitan Area data is updated monthly, averaging 32,842.959 KRW tt from Dec 2008 (Median) to Jun 2018, with 115 observations. The data reached an all-time high of 42,196.693 KRW tt in Jun 2018 and a record low of 30,967.970 KRW tt in Sep 2013. Korea Median Housing Price: Total: 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.

As of January 2025, the mean jeonse price for housing in South Korea amounted to around *** million South Korean won. Figures were highest in Seoul, at around *** million South Korean won. Jeonse is a unique housing leasing system in South Korea. A large sum is paid to the landlord for the rental period, usually for two years. The deposit is returned to the tenants at the end of the two-year contract.

Korea Median Housing Price: Total: Seoul: Northern data was reported at 45,849.060 KRW tt in Jun 2018. This records an increase from the previous number of 45,602.604 KRW tt for May 2018. Korea Median Housing Price: Total: Seoul: Northern data is updated monthly, averaging 35,874.193 KRW tt from Dec 2008 (Median) to Jun 2018, with 115 observations. The data reached an all-time high of 45,849.060 KRW tt in Jun 2018 and a record low of 34,194.713 KRW tt in Jan 2014. Korea Median Housing Price: Total: Seoul: Northern 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.