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What is the average apartment price per square meter in Seoul?

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Authored by the expert who managed and guided the team behind the South Korea Property Pack

property investment Seoul

Yes, the analysis of Seoul's property market is included in our pack

As of June 2025, Seoul's apartment market presents both opportunities and challenges for buyers and investors.

The average price per square meter in Seoul reaches approximately KRW 13.4 million (USD 9,272), with significant variations between central districts like Gangnam (KRW 25-40 million per ㎡) and outer areas like Nowon (KRW 9 million per ㎡). Transaction costs typically add 5-8% to the purchase price, while mortgage rates range from 3.65% to 7% depending on buyer status and bank type.

If you want to go deeper, you can check our pack of documents related to the real estate market in South Korea, based on reliable facts and data, not opinions or rumors.

How this content was created 🔎📝

At BambooRoutes, we explore the South Korean real estate market every day. Our team doesn't just analyze data from a distance—we're actively engaging with local realtors, investors, and property managers in cities like Seoul, Busan, and Incheon. This hands-on approach allows us to gain a deep understanding of the market from the inside out.

These observations are originally based on what we've learned through these conversations and our observations. But it was not enough. To back them up, we also needed to rely on trusted resources

We prioritize accuracy and authority. Trends lacking solid data or expert validation were excluded.

Trustworthiness is central to our work. Every source and citation is clearly listed, ensuring transparency. A writing AI-powered tool was used solely to refine readability and engagement.

To make the information accessible, our team designed custom infographics that clarify key points. We hope you will like them! All illustrations and media were created in-house and added manually.

What's the current average price per square meter for apartments in Seoul?

The average apartment price per square meter in Seoul stands at approximately KRW 13.4 million as of June 2025.

Recent transaction data from the Seoul metropolitan area shows subscription prices averaging KRW 45.68 million per 3.3㎡ (pyeong), which converts to roughly KRW 13.85 million per square meter.

This pricing represents a significant increase from previous years, with the market showing strong momentum throughout 2024 and into 2025. The figure reflects a citywide average that encompasses both premium central districts and more affordable outer areas.

For international buyers, this translates to approximately USD 9,272 per square meter based on current exchange rates.

It's something we develop in our South Korea property pack.

How do apartment prices differ between central districts like Gangnam and outer districts like Nowon or Geumcheon?

Central districts command significantly higher prices than outer areas, with Gangnam representing the premium end of Seoul's market.

Gangnam district prices range from KRW 25-40 million per square meter, making it one of Seoul's most expensive residential areas. Other central districts like Seocho and Yongsan follow similar pricing patterns.

In contrast, outer districts offer much more affordable options. Nowon district averages around KRW 9 million per square meter, while Geumcheon maintains similar pricing at KRW 9-10 million per square meter.

This represents a price gap of more than double between central and outer districts, reflecting differences in prestige, amenities, transportation access, and development quality.

The disparity continues to widen as central areas benefit from ongoing development and investment, while outer districts experience slower appreciation rates.

How do prices vary by apartment size—for example, studios versus three-bedroom units?

Apartment Size Typical Price Range (KRW) Typical Location Features/Notes
Studio/1-bed (30-50㎡) 500M-1B Outer districts (Guro, Dongdaemun, Nowon) Older buildings, basic amenities
2-3 bed (60-80㎡) 1B-2B Mid-tier areas Modern facilities, family apartments
3-4 bed (80-120㎡) 2B-3B Desirable neighborhoods Premium finishes, newer construction
4+ bed (120-150㎡+) 3B+ Gangnam, Yongsan Luxury high-rise, smart home features
Penthouse (150㎡+) 4B+ Prime central locations Ultra-luxury, panoramic views
Micro studio (20-30㎡) 300M-600M University areas, transit hubs Minimal space, young professionals
Large family (120-200㎡) 2.5B-5B Gangnam, Seocho premium towers Executive-level amenities

What are the total costs of buying an apartment in Seoul, including taxes, legal fees, and agent commissions?

Total acquisition costs typically range from 5-8% of the property purchase price for most single-home buyers.

The acquisition and registration tax component ranges from 1-12% depending on the property value and buyer status, with higher rates applied to multiple property owners. First-time buyers generally face lower tax rates.

Legal fees typically account for 0.5-1% of the property value, covering contract review, title verification, and registration procedures. Agent commissions are regulated and range from 0.4-0.7% of the property value, varying by price bracket.

New properties incur an additional 10% VAT, which significantly increases the total cost for buyers of newly constructed apartments.

Additional costs include property inspection fees, mortgage arrangement fees, and various administrative charges that can add another 1-2% to the total acquisition cost.

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What are the current mortgage interest rates and average down payment requirements for buying an apartment in Seoul?

Mortgage interest rates in Seoul vary significantly based on the lender type and borrower status as of June 2025.

Government-backed loans offer the most competitive rates at 3.65-4.05%, while commercial banks typically charge 4.0-4.5% for domestic borrowers. Foreign buyers face higher rates ranging from 5.0-7.0% due to additional risk premiums.

Down payment requirements follow the Loan-to-Value (LTV) ratio regulations, which range from 40-70% depending on the property location and buyer profile. Speculative areas like Gangnam require higher down payments, while locals generally qualify for more favorable terms.

Foreign buyers typically need to provide 50-70% down payment, significantly higher than domestic buyers who may qualify for 30-40% down payment options.

It's something we develop in our South Korea property pack.

How much have apartment prices in Seoul changed compared to 1 year ago and 5 years ago?

Seoul apartment prices have experienced substantial growth over both short and medium-term periods.

Year-over-year data shows an impressive 18% increase in apartment prices as of May 2025, reflecting strong market momentum and continued demand pressure. This growth rate significantly exceeds inflation and most other asset classes.

Over the five-year period since 2020, prices have increased more than 30%, though this growth occurred unevenly with sharp rises in 2020-2021, a correction period in 2022, and strong rebounds in 2024-2025.

Central districts have shown even stronger performance, with areas like Gangnam and Seocho experiencing 3-4% growth in just the past year alone. Meanwhile, some outer districts have seen slight declines, highlighting the market's divergent performance across different areas.

These increases have outpaced income growth, making affordability a growing concern for many potential buyers in the Seoul market.

What's the forecast for apartment prices in Seoul over the next 1 year, 5 years, and 10 years?

Seoul apartment price forecasts show continued growth but at moderating rates over the coming decade.

For 2025-2026, analysts expect annual growth of 2-5% in Seoul overall, with premium districts likely to outperform the broader market. This represents a normalization from the exceptional growth rates seen in recent years.

The five-year outlook (2025-2030) projects a compound annual growth rate (CAGR) of 2-13% depending on the market segment. Luxury real estate in prime locations may exceed 10% CAGR, while standard apartments in outer districts will likely see more modest appreciation.

Long-term projections for 2030-2035 anticipate slower growth of 1-3% annually due to demographic headwinds including an aging population and declining birth rates. Only top-tier districts with unique advantages are expected to maintain robust appreciation during this period.

Economic factors, government policy changes, and international investment flows will significantly influence these projections.

Which neighborhoods are considered the most expensive, the most affordable, and the most up-and-coming right now?

Seoul's neighborhood hierarchy reflects distinct price tiers and investment opportunities across the city.

Most Expensive Neighborhoods:

  1. Gangnam-gu - Premium business and residential district with prices of KRW 20-40 million per ㎡
  2. Seocho-gu - High-end residential area popular with executives and professionals
  3. Yongsan-gu - International district with luxury high-rises and diplomatic presence
  4. Jung-gu - Historic city center with premium commercial and residential properties
  5. Songpa-gu - Affluent area with modern developments and excellent amenities

Most Affordable Neighborhoods:

  1. Dobong-gu - Budget-friendly option at KRW 8-9 million per ㎡
  2. Nowon-gu - Family-oriented district with good value at KRW 8-10 million per ㎡
  3. Geumcheon-gu - Industrial area transitioning to residential with competitive pricing
  4. Gangseo-gu - Airport proximity offering affordability with growth potential
  5. Eunpyeong-gu - Northern district providing entry-level investment opportunities

Up-and-Coming Neighborhoods:

  1. Seongsu-dong - Creative district experiencing rapid gentrification and cultural development
  2. Yeonnam-dong - Trendy area near Hongik University with growing commercial appeal
  3. Mangwon-dong - Riverside location benefiting from urban redevelopment projects
  4. Itaewon - International zone with ongoing infrastructure improvements
  5. Hongdae - University area expanding beyond nightlife into residential development
infographics rental yields citiesSeoul

We did some research and made this infographic to help you quickly compare rental yields of the major cities in South Korea versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you're planning to invest there.

What are some examples of recent apartment purchase prices for different areas and property types in Seoul?

Recent transaction data provides concrete examples of Seoul apartment pricing across different market segments.

In Gangnam district, a new 84㎡ apartment typically sells for KRW 2.5-3.5 billion, representing the premium end of Seoul's market. These properties often feature luxury amenities, premium locations, and modern construction standards.

Nowon district offers more affordable options, with a 59㎡ apartment from the 1980s recently selling for KRW 645 million, representing a 25% decrease from its 2022 peak price. This reflects the correction in outer district pricing.

In Dobong district, an 84㎡ apartment sold for KRW 890 million, also showing a 25% decline from the 2021 peak, indicating continued pressure in budget-friendly areas.

Studio apartments in central Seoul range from KRW 500-700 million, catering to young professionals and small investors seeking entry into prime locations.

Mid-tier three-bedroom apartments in areas like Mapo and Gwangjin typically range from KRW 1.2-1.7 billion, offering a balance between location and affordability.

Is it smarter to buy an apartment in Seoul to live in, rent out (short or long term), or resell for profit later?

The optimal strategy depends on your financial situation, timeline, and risk tolerance in Seoul's current market environment.

Buying to live in provides long-term stability and protection against rent increases, but requires substantial upfront capital and patience for appreciation. This strategy works best for buyers planning to stay 5+ years and who can afford the high down payment requirements.

Rental investment offers gross yields of 2-4.3%, with lower yields typically found in luxury areas. The traditional Jeonse system provides stable, low-risk rental returns through large deposits rather than monthly payments, making it attractive for conservative investors.

Short-term reselling for profit carries significant risks due to high transaction costs (5-8%) and capital gains taxes. The break-even period typically extends 3-5 years, making quick flipping financially challenging.

Long-term holding strategies generally prove more successful, allowing investors to benefit from both appreciation and rental income while amortizing transaction costs over extended periods.

It's something we develop in our South Korea property pack.

How do Seoul apartment prices compare with those in other similar large cities like Tokyo, Shanghai, or Singapore?

City Average Price per ㎡ (USD) Notable Trends Market Characteristics
Seoul $9,000-$13,000 High district price gaps Strong growth, complex regulations
Tokyo $8,000-$15,000 Central wards rival Gangnam Stable market, foreigner-friendly
Shanghai $8,000-$14,000 Rapid growth, now stabilizing Government cooling measures active
Singapore $13,000-$20,000 Among Asia's highest prices Tight supply, strict foreign buyer rules
Hong Kong $15,000-$25,000 World's most expensive Extreme space constraints
Bangkok $3,000-$8,000 Emerging market growth Foreign ownership allowed
Taipei $7,000-$12,000 Steady appreciation Regulated foreign investment

What are the most strategic apartment investment options in Seoul as of today, based on value and potential growth?

Strategic investment opportunities in Seoul focus on emerging neighborhoods offering the best balance of current value and future appreciation potential.

Up-and-coming areas like Seongsu-dong, Yeonnam-dong, Mangwon-dong, Itaewon, and Hongdae represent the highest growth potential with more accessible entry prices compared to established premium districts. These areas benefit from ongoing urban redevelopment, cultural development, and improved transportation infrastructure.

For stable returns with lower risk, premium districts like Gangnam, Seocho, and Yongsan offer consistent demand and stable pricing, though with higher entry costs and lower rental yields. These areas appeal to conservative investors seeking capital preservation.

Outer districts with excellent transport connections, such as Dobong and Nowon, provide superior rental yields and lower entry costs, making them attractive for income-focused investors willing to accept slower appreciation.

Redevelopment zones and areas slated for new infrastructure projects offer the potential for significant appreciation as government investment drives area improvement and gentrification.

The most strategic approach combines location analysis, transportation development plans, and demographic trends to identify neighborhoods poised for transformation while maintaining reasonable current pricing.

Conclusion

This article is for informational purposes only and should not be considered financial advice. Readers are advised to consult with a qualified professional before making any investment decisions. We do not assume any liability for actions taken based on the information provided.

Sources

  1. Global Property Guide - South Korea Price History
  2. BambooRoutes - Seoul Property Analysis
  3. BambooRoutes - South Korea Price Forecasts
  4. Chosun Business - Seoul Real Estate Market Update
  5. BambooRoutes - Seoul Average Apartment Prices
  6. Maeil Business - Seoul Property Market Trends
  7. BambooRoutes - How to Buy Property in South Korea
  8. Global Property Guide - South Korea Buying Guide
  9. Seoul Metropolitan Government - Real Estate Brokerage Fees
  10. Korea JoongAng Daily - Seoul Mortgage Rates