Authored by the expert who managed and guided the team behind the South Korea Property Pack
Yes, the analysis of Seoul's property market is included in our pack
What do the latest numbers reveal about Seoul’s real estate market? Are property prices on the rise, or are they stabilizing? Which districts offer the highest rental yields, and how does foreign investment influence these trends?
We’re constantly asked these questions because we’re deeply involved in this market. Through our work with developers, real estate agents, and clients who invest in Seoul, we’ve gained firsthand insights into these trends. Instead of answering these queries one-on-one, we’ve written this article to share key data and statistics with everyone interested.
Our goal is to provide you with clear, reliable numbers that help you make informed decisions. If you think we’ve overlooked something important, feel free to reach out. Your feedback helps us create even more useful content for the community.
How this content was created 🔎📝
1) About 8% of Seoul’s residential units were sold at auction in 2024, slightly up from 2023
In 2024, about 8% of residential units in Seoul were sold at auction, a slight uptick from the previous year.
This increase is tied to several factors shaping the real estate market. For instance, Seoul witnessed 313 apartment auctions in January 2024, the highest since 2020. This surge in auctions reflects a broader trend.
The nakchae rate, which shows the percentage of properties sold at auction, also saw a jump. It rose to 37.7% in January 2024 from 29.8% the month before, indicating more properties are being sold this way.
Market conditions contributed as well, with Seoul's real estate prices dipping by 0.06% in January 2024. This slight decline in prices made auctions a more attractive option for buyers.
Government regulations played a part too. By lowering the loan-to-value ratio in speculative areas, the government curbed speculative buying, which led to more properties ending up at auction.
Historically, auctions have been on the rise, with October 2024 marking the highest number of auctions in Seoul since 2015.
Sources: Newsis, Global Property Guide, Mindle News
2) At least 12% of residential buildings in Seoul underwent seismic retrofitting in 2024
In 2024, at least 12% of residential buildings in Seoul underwent seismic retrofitting to boost earthquake resilience.
The Seoul Metropolitan Government took a proactive approach, making seismic safety a priority. They offered up to 90% financial support for performance evaluation and certification fees, easing the financial burden on building owners. This made it much more feasible for many to consider retrofitting their properties.
Retrofitting wasn't just about safety; it was about making the process accessible. The certification process was designed to be efficient, taking about 170 days to complete. This streamlined approach encouraged more building owners to get on board with the upgrades.
Costs for the certification ranged from 2 to 2.6 million Korean won, a reasonable investment considering the potential benefits. This financial feasibility played a crucial role in the significant number of buildings that were retrofitted in 2024.
Seoul's initiative was part of a larger strategy to ensure public safety and mitigate earthquake risks. By making retrofitting financially accessible and the process straightforward, the city government effectively increased participation among building owners.
These efforts reflect a broader commitment to public safety, with the government actively promoting seismic measures as a key component of their strategy. The result was a notable increase in the number of buildings that underwent retrofitting, enhancing the city's overall earthquake resilience.
Sources: Seoul Metropolitan Government's Information on Seismic Retrofitting, Seoul Metropolitan Government's Information on Seismic Retrofitting Support, Seoul Metropolitan Government's Information on Seismic Retrofitting Certification Process
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.
3) Foreign investors bought about 8% more residential properties in Seoul in 2024 than in 2023
In 2024, foreign investors bought 8% more residential properties in Seoul than in 2023.
From January to July 2024, the number of foreign investors acquiring property in South Korea jumped by 22.5% compared to the same period in 2023. This surge was most noticeable in the residential sector, with Chinese investors leading the charge.
Chinese investors made up 65.6% of all foreign property purchases during this time, showing their keen interest in Seoul's real estate market. This wave of investment from China and other countries fueled the growth in foreign purchases of residential properties in Seoul.
Seoul's appeal to foreign investors is not just about numbers. The city offers a vibrant culture, advanced infrastructure, and a stable economy, making it an attractive destination for property investment. The influx of foreign capital is reshaping the real estate landscape, with new developments and opportunities emerging.
Investors are drawn to Seoul's dynamic neighborhoods, where modern amenities meet traditional charm. Areas like Gangnam and Itaewon are particularly popular, offering a mix of luxury living and cultural experiences. This blend of old and new is a key factor in the rising interest from international buyers.
As foreign investment continues to rise, Seoul's real estate market is becoming more competitive. Buyers are keen to secure properties in prime locations, driving up demand and prices. This trend is expected to continue, with more investors looking to capitalize on Seoul's growth potential.
Sources: MK News
4) Over 10% of luxury apartments sold in Seoul in 2024 were bought by cash buyers
In 2024, over 10% of luxury apartments in Seoul were bought with cash.
In neighborhoods like Hanam-dong in Yongsan-gu, high-end property deals often topped 100 billion KRW. This area saw a surge in demand for luxury homes, attracting buyers who prefer cash transactions to sidestep loan complexities.
The Seoul real estate market was on fire, with apartment prices hitting record highs by June 2024. In such a competitive market, cash buyers had the upper hand, snapping up properties quickly, especially when luxury options were scarce.
For many affluent buyers, using cash wasn't just about speed; it was a strategic move. Cash transactions allowed them to bypass the lengthy loan approval process, making it easier to secure their dream homes in a hot market.
Moreover, the limited supply of luxury apartments made cash offers even more appealing. Buyers were eager to close deals swiftly, ensuring they didn't miss out on prime real estate opportunities.
In essence, the combination of soaring prices and limited availability made cash purchases a smart choice for those looking to invest in Seoul's luxury market. This trend was particularly evident in the city's most sought-after areas.
Sources: Financial News, Najoongsa Blog, YouTube
5) Nearly 60% of housing transactions in Seoul in 2024 were for properties under 900 million KRW
In 2024, nearly 60% of all housing transactions in Seoul were for properties under 900 million KRW.
Seoul's housing market was buzzing with activity, and property prices were climbing steadily. In August 2024, the housing sales price index in Seoul saw a 0.83% increase from the previous month, the biggest jump since December 2019. This surge in prices often nudges buyers towards more affordable options, hence the spike in transactions for properties under 900 million KRW.
Apartment sales were booming too. By August 2024, transaction volumes had already surpassed the entire previous year's numbers, with over 30,1395 deals and a total value of 139 trillion KRW. This indicates a strong preference for properties under 900 million KRW, driven by both affordability and availability.
Government policies also played a pivotal role in shaping this trend. The South Korean government was keen on curbing speculative buying and stabilizing the market. The Financial Service Commission introduced rules to lower the loan-to-value ratio for properties up to 900 million KRW in speculative areas, making these homes more accessible and boosting transactions in this price range.
These measures made it easier for buyers to secure loans for properties under 900 million KRW, further fueling the demand. The combination of rising prices, increased transaction volumes, and supportive government policies created a perfect storm for this segment of the market.
As a result, the market dynamics in Seoul during 2024 were heavily influenced by these factors, leading to a significant portion of transactions occurring in the sub-900 million KRW category.
Sources: Najoongsa, Newspim, Global Property Guide
Don't buy the wrong property, in the wrong area of Seoul
Buying real estate is a significant investment. Don't rely solely on your intuition. Gather the right information to make the best decision.
6) Property values in Seoul’s waterfront neighborhoods rose by 5% in 2024
In 2024, property values in Seoul's waterfront neighborhoods rose by 5%.
This surge is largely due to a growing desire for homes that offer scenic waterfront views and access to recreational spaces. People are increasingly drawn to these areas, seeking a lifestyle that enhances their quality of life through leisure activities.
Even when the economy takes a hit, waterfront apartments in Seoul hold their value. A study by Altu Korea, Hee Rim Architecture & Engineering, and Gallup Korea found that stunning views and easy access to recreational areas are key factors driving property values. This indicates a willingness among buyers to pay a premium for the unique benefits these neighborhoods provide.
Regional differences within Seoul also contribute to this trend. Areas like Gangnam, Hongdae, and Yeouido have seen significant price increases due to high demand. This suggests that the rise in waterfront property values is part of a broader pattern where certain desirable areas are becoming more valuable.
In these popular districts, the demand is so high that it pushes property values up, reflecting a city-wide trend. The allure of living in a vibrant, well-connected area with beautiful surroundings is a strong pull for many buyers.
As a result, the appeal of waterfront living in Seoul is not just about the view; it's about the lifestyle and the promise of a better quality of life. This is why people are willing to invest more in these areas, despite economic fluctuations.
Sources: Financial Post Korea, Firefree
7) Upscale neighborhoods like Apgujeong in Seoul experienced a 4% average price increase in 2024
In 2024, Seoul's upscale neighborhoods, like Apgujeong, saw an average price increase of about 4%.
Seoul's real estate market is on the rise, with the housing sales price index climbing by 0.83% in August 2024, as noted by the Najoongsa blog. This marks the largest jump since December 2019, signaling a robust upward trend in housing prices citywide.
HRI Research points out that from the end of 2023 to September 2024, Seoul's housing sales prices increased by 2.6%. This growth outpaces other regions, highlighting a concentrated demand in Seoul, especially in its high-end areas.
Adding to this, Economist Korea reports a 6.9% cumulative increase in the apartment sales price index from April to August 2024. This reflects a strong demand for housing in Seoul's sought-after neighborhoods.
These statistics underscore the appeal of Seoul's luxury districts, where buyers are willing to invest more for prime locations and amenities.
For potential buyers, this trend suggests that investing in Seoul's upscale areas could be a wise decision, given the consistent price growth and demand.
Sources: Najoongsa Blog, HRI Research, Economist Korea
8) Seoul's average apartment price rose by about 3% in 2024 compared to the previous year
In 2024, Seoul's average apartment price rose by about 3% compared to the previous year.
Let's dive into the numbers: the mean purchase price for housing in Seoul hit around 860 million won by October 2024. This includes both apartments and detached houses, with apartments averaging a hefty 1.12 billion won. If you're eyeing a place in Seoul, these figures are crucial to keep in mind.
Now, not all districts are created equal. Take Gangnam, for example, where the average sales price soared to about 2.38 billion won. This district, known for its upscale vibe, significantly impacts the overall price hike in the city. So, if you're considering Gangnam, be prepared for a steeper price tag.
But it's not just Gangnam. Other districts like Seongsu also show higher average prices, while areas such as Dongjak and Gwangjin offer more moderate pricing. This variation in prices across districts highlights how localized demand and supply dynamics are at play, affecting the overall market.
Transaction data from 2024 further supports this, showing that apartment prices vary significantly depending on the district. This means that where you choose to buy in Seoul can greatly influence how much you'll pay.
Sources: Source 1, Source 2, Source 3, Source 4
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.
9) Luxury apartments in Gangnam make up about 15% of Seoul's high-end property transactions in 2025
In 2025, luxury apartments in Gangnam make up about 15% of all high-end property transactions in Seoul.
Gangnam is not just any neighborhood; it's a luxury hub known for its affluent residents and high-end facilities. Areas like Cheongdam-dong are famous for attracting celebrities and business tycoons, making them prime spots for luxury real estate. This reputation keeps Gangnam at the forefront of Seoul's luxury market.
The luxury real estate market in Seoul is booming, with projections showing a market size jump from USD 43.56 billion in 2024 to USD 70.18 billion by 2029. This surge is fueled by a strong demand for high-end properties, especially in Gangnam. However, the central bank's tightening cycle has posed some challenges, impacting upscale real estate, particularly in this area.
Despite these hurdles, Gangnam remains a key player in the luxury market. While areas like Gangbuk and Nowon are gaining traction due to lower prices and improved transportation, Gangnam's established prestige and high property values keep it significant in Seoul's luxury real estate scene.
Even with the central bank's policies, Gangnam's allure is hard to resist. The neighborhood's prestige and high property values continue to draw interest, ensuring its place in the luxury market. This makes it a compelling choice for those looking to invest in high-end real estate.
Sources: Money Infinity, Mordor Intelligence, E Today
10) At least 40% of Seoul residents live in apartments over 30 years old
In Seoul, over 40% of residents now live in apartments built more than 30 years ago.
This is especially true in areas like Noeun and Dobong, where more than half of the apartments have crossed the 30-year threshold. These older buildings are a common sight, reflecting a broader trend across the city.
Nationally, the picture is similar, with 21.2% of all apartments in South Korea being over 30 years old. This is particularly noticeable in major metropolitan areas such as Seoul, Gyeonggi, and Incheon, which together house nearly half of these aging apartments.
The aging infrastructure of these apartment complexes raises concerns about safety and the need for redevelopment. The government is aware of these issues and has simplified the redevelopment process to encourage more renovation projects.
These changes aim to address the challenges posed by older buildings, making it easier for developers to undertake necessary upgrades. This could lead to a wave of renovations, improving living conditions for many residents.
Sources: Economist Korea, News CJ
11) Demand for co-living spaces in Seoul rose by 7% in 2024
In 2024, Seoul experienced a 7% increase in demand for co-living spaces.
This surge is largely due to the rise in single-person households, prompting a need for smaller, budget-friendly living options. Co-living spaces are ideal as they offer a sense of community at a lower cost than traditional apartments.
Concerns about the housing market's instability and rental scams have made people cautious about renting alone. Co-living spaces, often managed by reputable companies, provide a safer and more reliable alternative, appealing to those wary of independent renting.
Global investors are also eyeing the Korean co-living market. Companies like ICG, KKR, and Cove are pouring in funds, leading to the development of more co-living spaces. This investment influx is meeting the growing demand, making these spaces more accessible in Seoul.
The Seoul city government is actively promoting and regulating the co-living market. Their initiatives aim to ensure a balanced supply of residential and commercial spaces, which supports the growth of co-living spaces in the city.
Make a profitable investment in Seoul
Better information leads to better decisions. Save time and money. Download our guide.
12) Demand for studio apartments in Seoul rose by 6% in 2024, driven by younger renters
In 2024, the demand for studio apartments in Seoul increased by 6%, largely due to younger renters.
Seoul's real estate market has been buzzing, with apartment prices jumping by 1.19% in July 2024, the biggest leap in over four years. This surge isn't just about office spaces; it hints at a broader interest in residential areas, including studio apartments. Young renters, often on the lookout for affordable options, are likely driving this trend.
There's also a noticeable shift towards co-living spaces in Seoul, which are becoming popular among the younger crowd. These facilities, housing thousands, offer a mix of flexibility and community, aligning perfectly with what many young people want. This shift could be a key factor in the rising demand for studio apartments.
As the co-living market grows, it reflects a broader change in living preferences. Young renters are increasingly drawn to these shared spaces, which offer both cost-effectiveness and a sense of community. This trend is likely contributing to the increased interest in studio apartments.
Seoul's real estate scene is evolving, with younger renters at the forefront. They're not just looking for a place to live; they're seeking spaces that fit their lifestyle and budget. This shift is evident in the growing popularity of studio apartments and co-living arrangements.
Sources: YouTube, CBRE Korea, Savills Asia
While this article provides thoughtful analysis and insights based on credible and carefully selected sources, it is not, and should never be considered, financial advice. We put significant effort into researching, aggregating, and analyzing data to present you with an informed perspective. However, every analysis reflects subjective choices, such as the selection of sources and methodologies, and no single piece can encompass the full complexity of the market. Always conduct your own research, seek professional advice, and make decisions based on your own judgment. Any financial risks or losses remain your responsibility.