Authored by the expert who managed and guided the team behind the South Korea Property Pack
Everything you need to know before buying real estate is included in our South Korea Property Pack
If you're thinking about buying an apartment in Incheon, South Korea, you're probably wondering what prices actually look like on the ground in 2026.
This guide breaks down real numbers for studios, one-bedroom, two-bedroom, and three-bedroom apartments, plus all the extra costs you need to budget for.
We constantly update this blog post to reflect the latest market conditions and official data.
And if you're planning to buy a property in this place, you may want to download our pack covering the real estate market in Incheon.
Insights
- Incheon apartments average around ₩5.8 million per square meter in early 2026, which is roughly 30% to 40% cheaper than comparable units in Seoul.
- Monthly management fees (관리비) in Incheon apartments typically run ₩150,000 to ₩320,000, and these fees are legally disclosed through Korea's K-apt system so you can verify them before buying.
- New-build apartments in Incheon command a 10% to 20% premium over resale units, with Songdo and Cheongna driving most of that gap due to their "new-town" appeal.
- Foreign buyers in Incheon should plan for a 40% to 60% down payment since Korean banks tend to be more conservative with overseas income documentation.
- Winter gas bills in Incheon apartments can jump to ₩80,000 to ₩200,000 monthly due to heating, compared to just ₩15,000 to ₩40,000 in warmer months.
- Buyer closing costs in Incheon typically run 2.5% to 4.5% of the purchase price, with acquisition tax and brokerage fees being the two largest items.
- Budget-friendly neighborhoods like Juan-dong and Ganseok-dong offer apartments at ₩4.2 to ₩6 million per square meter, while premium areas like Songdo can reach ₩11 million per square meter.
- The standard Korean apartment size called "국민평형" is 84 square meters, and this is the most common three-bedroom layout you'll find across Incheon.
How much do apartments really cost in Incheon in 2026?
What's the average and median apartment price in Incheon in 2026?
As of January 2026, the median apartment price in Incheon is approximately ₩470 million (around $324,000 USD or €303,000 EUR), while the average sits slightly higher at ₩520 million ($359,000 USD or €335,000 EUR) because larger and premium units pull the number up.
When you look at price per square meter, Incheon apartments average around ₩5.8 million per square meter ($4,000 USD or €3,740 EUR per square meter), which translates to roughly $372 USD or €347 EUR per square foot.
Most standard apartments in Incheon fall within a price range of ₩4.2 million to ₩8.5 million per square meter ($2,900 to $5,860 USD or €2,710 to €5,480 EUR per square meter), depending on building age, subway access, and whether you're in a newer planned community like Songdo or an older established district.
How much is a studio apartment in Incheon in 2026?
As of January 2026, a typical studio apartment in Incheon costs around ₩145 million ($100,000 USD or €94,000 EUR), though prices vary significantly based on location and building condition.
Entry-level to mid-range studios in Incheon generally fall between ₩110 million and ₩180 million ($76,000 to $124,000 USD or €71,000 to €116,000 EUR), while high-end or luxury studios near Songdo International Business District can reach ₩200 million to ₩230 million ($138,000 to $159,000 USD or €129,000 to €148,000 EUR).
Studio apartments in Incheon typically measure around 25 square meters (269 square feet), which is standard for Korea's apartment market and distinct from the even smaller officetel-style units you might also encounter.
How much is a one-bedroom apartment in Incheon in 2026?
As of January 2026, a typical one-bedroom apartment in Incheon costs around ₩232 million ($160,000 USD or €150,000 EUR), making it a popular entry point for first-time buyers and young professionals.
Entry-level to mid-range one-bedroom apartments in Incheon generally range from ₩170 million to ₩280 million ($117,000 to $193,000 USD or €110,000 to €181,000 EUR), while high-end or luxury one-bedroom units in premium locations like Cheongna or central Songdo can reach ₩320 million to ₩360 million ($221,000 to $248,000 USD or €206,000 to €232,000 EUR).
One-bedroom apartments in Incheon typically measure around 40 square meters (430 square feet), which provides enough space for a separate bedroom, living area, and small kitchen.
How much is a two-bedroom apartment in Incheon in 2026?
As of January 2026, a typical two-bedroom apartment in Incheon costs around ₩342 million ($236,000 USD or €221,000 EUR), which represents the most common apartment type for families in the city.
Entry-level to mid-range two-bedroom apartments in Incheon generally fall between ₩250 million and ₩400 million ($172,000 to $276,000 USD or €161,000 to €258,000 EUR), while high-end or luxury two-bedroom units in top school districts or near major subway stations can reach ₩450 million to ₩520 million ($310,000 to $359,000 USD or €290,000 to €335,000 EUR).
By the way, you will find much more detailed price ranges for apartments in our property pack covering the property market in Incheon.
How much is a three-bedroom apartment in Incheon in 2026?
As of January 2026, a typical three-bedroom apartment in Incheon costs around ₩487 million ($336,000 USD or €314,000 EUR), based on the standard Korean "국민평형" size of 84 square meters.
Entry-level to mid-range three-bedroom apartments in Incheon generally range from ₩360 million to ₩550 million ($248,000 to $379,000 USD or €232,000 to €355,000 EUR), while high-end or luxury three-bedroom units in premium new-town districts can reach ₩650 million to ₩760 million ($448,000 to $524,000 USD or €419,000 to €490,000 EUR).
Three-bedroom apartments in Incheon typically measure around 84 square meters (904 square feet), which is the most popular family apartment size across South Korea and offers space for a master bedroom, two additional rooms, and a full living and dining area.
What's the price gap between new and resale apartments in Incheon in 2026?
As of January 2026, new-build apartments in Incheon typically cost 10% to 20% more than comparable resale units, with a planning midpoint premium of around 12%.
New-build apartments in Incheon average around ₩6.5 million per square meter ($4,480 USD or €4,190 EUR per square meter), reflecting the premium buyers pay for modern amenities, updated parking ratios, and the prestige of a newly delivered complex.
Resale apartments in Incheon average around ₩5.8 million per square meter ($4,000 USD or €3,740 EUR per square meter), and this lower price point often comes with the trade-off of older finishes, smaller parking allocations, and potentially higher maintenance needs.
Make a profitable investment in Incheon
Better information leads to better decisions. Save time and money. Download our guide.
Can I afford to buy in Incheon in 2026?
What's the typical total budget (all-in) to buy an apartment in Incheon in 2026?
As of January 2026, the typical all-in budget for a standard two-bedroom (59 square meter) apartment in Incheon is approximately ₩357 million to ₩365 million ($246,000 to $252,000 USD or €230,000 to €235,000 EUR), which includes the purchase price plus all closing costs and a small move-in buffer.
Beyond the purchase price, your all-in budget in Incheon should include acquisition taxes, brokerage fees, registration and administrative fees, any bank-related costs if you're getting a mortgage, and a move-in setup buffer of ₩3 million to ₩8 million ($2,070 to $5,520 USD or €1,940 to €5,160 EUR) for basic furnishing, first management fee payments, and minor repairs.
We go deeper and try to understand what costs can be avoided or minimized (and how) in our Incheon property pack.
You can also read our dedicated blog article to understand what you can at different budget levels in Incheon.
What down payment is typical to buy in Incheon in 2026?
As of January 2026, the typical down payment for a foreign buyer purchasing an apartment in Incheon ranges from 40% to 60% of the purchase price, which for a ₩342 million two-bedroom apartment means approximately ₩137 million to ₩205 million ($94,000 to $141,000 USD or €88,000 to €132,000 EUR).
Most Korean banks require a minimum down payment of 30% to 40% for buyers with strong Korea-based income and credit history, but foreign buyers often face stricter requirements due to documentation complexity.
To secure favorable mortgage terms in Incheon, a down payment of around 50% is recommended as the "stress-free" default for foreign buyers, since this reduces underwriting friction and often results in better interest rates in Korea's current cautious lending environment.
You can also read our latest update about mortgage and interest rates in South Korea.
We made this infographic to show you how property prices in South Korea compare to other big cities across the region. It breaks down the average price per square meter in city centers, so you can see how cities stack up. It’s an easy way to spot where you might get the best value for your money. We hope you like it.
Which neighborhoods are cheapest or priciest in Incheon in 2026?
How much does the price per m² for apartments vary by neighborhood in Incheon in 2026?
As of January 2026, apartment prices per square meter in Incheon range from approximately ₩3.5 million to ₩11 million ($2,410 to $7,590 USD or €2,260 to €7,100 EUR per square meter), depending heavily on the neighborhood and building type.
The most affordable neighborhoods in Incheon for apartments include Juan-dong in Michuhol-gu, parts of Ganseok-dong in Namdong-gu, and older sections of Dong-gu, where prices typically run ₩3.5 million to ₩5.5 million per square meter ($2,410 to $3,790 USD or €2,260 to €3,550 EUR per square meter).
The most expensive neighborhoods in Incheon for apartments are Songdo-dong in Yeonsu-gu and parts of Cheongna-dong in Seo-gu, where prices reach ₩8 million to ₩11 million per square meter ($5,520 to $7,590 USD or €5,160 to €7,100 EUR per square meter) due to their "new-town" international business district appeal.
By the way, we've written a blog article detailing what are the current best areas to invest in property in Incheon.
What neighborhoods are best for first-time buyers on a budget in Incheon in 2026?
As of January 2026, the top three neighborhoods best suited for first-time buyers on a budget in Incheon are Juan-dong (Michuhol-gu), Ganseok-dong (Namdong-gu), and Sipjeong-dong (Bupyeong-gu), all of which offer older but livable apartment stock near working transit lines.
Typical apartment prices in these budget-friendly Incheon neighborhoods range from ₩180 million to ₩350 million ($124,000 to $241,000 USD or €116,000 to €226,000 EUR), which is significantly lower than comparable units in premium areas like Songdo.
These neighborhoods offer first-time buyers in Incheon good subway connectivity, established local shops and markets, and the practical advantage of lower monthly management fees compared to amenity-heavy newer complexes.
The main trade-off of buying in these budget-friendly Incheon neighborhoods is that building ages tend to be older, which can mean less efficient layouts, higher utility bills in winter, and potentially larger long-term repair assessments.
Which neighborhoods have the fastest-rising apartment prices in Incheon in 2026?
As of January 2026, the top three neighborhoods with the fastest-rising apartment prices in Incheon are Songdo (Yeonsu-gu), Cheongna (Seo-gu), and the Geomdan New Town area (Seo-gu), all of which benefit from ongoing infrastructure development and strong buyer demand.
Year-over-year price increases in these fast-appreciating Incheon neighborhoods have been running approximately 5% to 10% above the citywide average, driven by new supply narratives and improved transportation links.
The main driver behind rapid price growth in these Incheon neighborhoods is the "future convenience" premium, where buyers are paying for planned subway extensions, new schools, modern community facilities, and proximity to Seoul without Seoul prices.
You can also read our latest update about property price forecasts in Incheon.
Don't lose money on your property in Incheon
100% of people who have lost money there have spent less than 1 hour researching the market. We have reviewed everything there is to know. Grab our guide now.
What extra costs will I pay on top of the apartment price in Incheon in 2026?
What are all the buyer closing costs when you buy an apartment in Incheon?
Total buyer closing costs for a typical apartment purchase in Incheon run approximately ₩8.5 million to ₩18 million ($5,860 to $12,410 USD or €5,480 to €11,610 EUR), depending on the purchase price and how much you use your brokerage fee cap.
The main categories of closing costs buyers must pay in Incheon include acquisition-related taxes, brokerage (agent) fees, registration and administrative fees, bank fees if you're getting a mortgage, and potentially prepaid management fees or sinking fund timing adjustments.
The largest closing cost expense for buyers in Incheon is typically the acquisition tax, which is calculated as a percentage of the purchase price and can range from 1% to 3% for most single-home purchases by individuals.
The most negotiable closing cost in Incheon is the brokerage fee, which is capped by law but you can negotiate below that cap, and the exact amount depends on the price bracket of your apartment and how much your agent is willing to discount.
On average, how much are buyer closing costs as a percentage of the purchase price for an apartment in Incheon?
Buyers in Incheon should typically budget 2.5% to 4.5% of the purchase price for closing costs, with 3.5% being a reasonable single-number planning estimate for most standard transactions.
The realistic low-to-high range that covers most standard apartment transactions in Incheon runs from about 2.5% (for lower-priced apartments with modest broker fees) to about 4.5% (for higher price brackets where tax and brokerage caps scale up).
We actually cover all these costs and strategies to minimize them in our pack about the real estate market in Incheon.
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 the ongoing monthly and yearly costs of an apartment in Incheon in 2026?
What are typical HOA fees in Incheon right now?
HOA-style management fees (called 관리비 in Korean) are standard for all apartments in Incheon, with typical monthly fees ranging from ₩150,000 to ₩320,000 ($103 to $221 USD or €97 to €206 EUR) depending on apartment size and building amenities.
For smaller apartments (25 to 40 square meters) in Incheon, management fees typically run ₩80,000 to ₩160,000 ($55 to $110 USD or €52 to €103 EUR) monthly, while standard family apartments (59 to 84 square meters) pay ₩150,000 to ₩320,000 ($103 to $221 USD or €97 to €206 EUR) monthly, and luxury buildings with extensive amenities can run even higher.
What utilities should I budget monthly in Incheon right now?
Total monthly utility costs for a typical apartment in Incheon run approximately ₩150,000 to ₩300,000 ($103 to $207 USD or €97 to €194 EUR) in warmer months, but can jump to ₩250,000 to ₩450,000 ($172 to $310 USD or €161 to €290 EUR) in winter when heating kicks in.
The realistic range of monthly utility costs in Incheon depends heavily on apartment size, heating system type, and personal usage habits, with smaller units and newer buildings generally running more efficiently.
Typical monthly utilities in Incheon include electricity (₩40,000 to ₩90,000), water and sewage (₩20,000 to ₩45,000), and gas for cooking and potentially heating (₩15,000 to ₩200,000 depending on season).
Gas heating is typically the most expensive utility for apartment owners in Incheon, with winter bills often jumping to ₩80,000 to ₩200,000 ($55 to $138 USD or €52 to €129 EUR) monthly due to Korea's cold winters and the widespread use of ondol (floor heating) systems.
How much is property tax on apartments in Incheon?
Annual property tax for a typical apartment in Incheon runs approximately ₩600,000 to ₩1,200,000 ($414 to $828 USD or €387 to €774 EUR) for a mid-market family unit, though this can vary based on assessed value.
Property tax in Incheon is calculated based on the apartment's assessed tax base (which is typically lower than market value), with effective rates running approximately 0.15% to 0.25% of that assessed value for most owner-occupied apartments.
The realistic range of annual property tax in Incheon runs from around ₩400,000 for smaller or lower-value apartments to ₩2,000,000 or more for high-value properties, and ultra-luxury or multiple-property owners can face additional holding tax layers.
If you want to go into more details, we also have a blog article detailing all the property taxes and fees in Incheon.
What's the yearly building maintenance cost in Incheon?
Yearly building maintenance costs for apartment owners in Incheon typically run ₩240,000 to ₩600,000 ($166 to $414 USD or €155 to €387 EUR), though most of this is already collected through your monthly management fees rather than as a separate annual bill.
The realistic range of yearly maintenance costs depends on building age and type, with newer complexes generally having lower unexpected costs but higher monthly reserve contributions, while older buildings may face occasional special assessments.
Building maintenance costs in Incheon typically include routine repairs, elevator and utility room upkeep, and long-term repair reserve contributions (장기수선충당금) that are legally mandated for Korean apartment complexes.
In Incheon, building maintenance costs are largely included within your monthly management fees (관리비) through the reserve fund component, so you generally won't receive a separate large annual maintenance bill unless there's a major special assessment in older complexes.
How much does home insurance cost in Incheon?
Annual home insurance for an apartment in Incheon typically costs ₩100,000 to ₩250,000 ($69 to $172 USD or €65 to €161 EUR) for standard fire and property coverage.
The realistic range of annual home insurance costs in Incheon runs from around ₩100,000 for basic coverage on a smaller apartment to ₩300,000 or more for comprehensive policies with higher coverage limits and optional liability riders on larger or higher-value units.
Home insurance is not strictly mandatory for apartment owners in Incheon, but it's strongly recommended and some mortgage lenders may require it as a condition of your loan.
Get fresh and reliable information about the market in Incheon
Don't base significant investment decisions on outdated data. Get updated and accurate information with our guide.
What sources have we used to write this blog article?
Whether it's in our blog articles or the market analyses included in our property pack about Incheon, we always rely on the strongest methodology we can … and we don't throw out numbers at random.
We also aim to be fully transparent, so below we've listed the authoritative sources we used, and explained how we used them and the methods behind our estimates.
| Source | Why it's authoritative | How we used it |
|---|---|---|
| Korea Real Estate Board (REB) | It's the official nationwide housing price survey run under Korea's Housing Act. | We used it to anchor price direction and timing for Incheon apartments. We then converted trends into practical price ranges using transaction-based assumptions. |
| REB R-ONE Statistics Portal | It's REB's public portal for official real estate statistics and verification. | We used it as a reference point for where official housing stats live. We validated the types of metrics Korea publishes rather than relying on single estimates. |
| K-apt Management Information System | It's the national platform where apartment complexes disclose management fees by law. | We used it to ground HOA-style monthly costs in how Korea actually bills owners. We set realistic monthly ranges acknowledging fees differ by heating system, age, and amenities. |
| K-apt System Introduction | It explains what K-apt is and what maintenance data it publishes. | We used it to justify why our maintenance discussion is based on official disclosure. We separated common management fees from utilities in plain language. |
| K-apt Statistics Interface | It's the K-apt interface that defines units and what's included or excluded. | We used it to keep units consistent (KRW per square meter, usable area). We built buyer-friendly budget ranges rather than misleading single numbers. |
| Seoul Metropolitan Government Brokerage Guide | It clearly states the legal cap logic and cites the relevant enforcement decree. | We used it to set realistic brokerage fee expectations with negotiation room. We applied the same bracket logic to Incheon deals with ranges for local variation. |
| Invest KOREA Tax Guide | It's a government-backed portal summarizing Korea's main property tax categories. | We used it to structure what taxes exist on acquisition, holding, and selling. We translated that into an all-in budget checklist for apartment buyers. |
| Invest KOREA Brokerage Commission | It's another official page summarizing brokerage commission tables by price bracket. | We used it as a second cross-check that brokerage fees are regulated and capped. We justified presenting brokerage as a bounded cost, not an open-ended surprise. |
| KEPCO Residential Rate Tables | KEPCO is the national electricity utility and this is its published billing table. | We used it to sanity-check monthly electricity budgets with real billing mechanics. We converted typical consumption into monthly ranges instead of single numbers. |
| Incheon Waterworks 2025 Tariff Notice | It's the city's official notice about water tariff changes. | We used it to ground water costs in local Incheon policy, not a national average. We rolled it into a realistic utilities budget line item. |
| Incheon Waterworks Rate Portal | It's the city waterworks billing portal showing example calculations. | We used it to estimate what households pay based on cubic meters in Incheon's format. We combined this with sewage assumptions to avoid underestimating utilities. |
| Asia Economy (KOGAS Reporting) | It's a major outlet reporting KOGAS's announced wholesale gas prices. | We used it to anchor gas cost sensitivity to national wholesale changes. We translated it into winter versus summer budget ranges for Incheon apartments. |
| Reuters (Bank of Korea Coverage) | It's a globally reputable wire service summarizing rate expectations. | We used it to explain why borrowing costs matter in early 2026. We kept it practical for down payment and monthly payment buffer planning. |
| Chosunbiz (Management Fee Benchmark) | It cites a defined dataset with concrete per-square-meter benchmarks. | We used it as an external sense check so Incheon HOA ranges don't look unrealistically low. We adjusted down for Incheon versus Seoul and explained the drivers. |
| PwC Korea Tax Update | PwC is a major professional services firm summarizing Korea's acquisition tax ranges. | We used it to cross-check the order of magnitude for acquisition tax. We presented typical closing cost percentages with clear caveats for exceptions. |
| Newsis (New-Build Pricing) | It's a major Korean news outlet reporting on new-build versus resale price gaps. | We used it to triangulate the premium new apartments command over resale. We verified this matches what buyers see when comparing complexes in the same district. |
We created this infographic to give you a simple idea of how much it costs to buy property in different parts of South Korea. As you can see, it breaks down price ranges and property types for popular cities in the country. We hope this makes it easier to explore your options and understand the market.
Related blog posts