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
This article covers the current housing prices in South Korea as of January 2026, with all the key figures you need to understand the market.
We constantly update this blog post to reflect the latest data and market trends.
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 South Korea.
Insights
- Seoul apartment prices in 2026 are roughly 2.6 times the national average, making the capital one of the most concentrated property markets in Asia.
- A typical South Korea home sells for about 3% below its listing price, but in hot Seoul districts like Gangnam, buyers sometimes pay at or above the asking price.
- Small units like studios and officetels in South Korea have the highest price per square meter because buyers pay a premium for location access over space.
- Over the past 10 years, Seoul apartment prices have risen about 80% in nominal terms, compared to just 45% for the national average.
- New construction homes in South Korea command a 15% to 25% premium over older properties, depending on the neighborhood and building amenities.
- About 70% of the South Korea housing market consists of high-rise apartments, making them the dominant property type by far.
- Gangnam district prices range from 25 million to 45 million won per square meter, while budget areas like Nowon average just 8 to 13 million won per square meter.
- With a budget of $500,000 in South Korea, you can afford a 59 square meter apartment in a value district like Nowon or Gwanak in Seoul.
- Acquisition taxes in South Korea typically range from 1% to 3% of the purchase price, depending on the property value and whether you already own other homes.
What is the average housing price in South Korea in 2026?
The median housing price is more telling than the average because it represents the actual middle point of the market, unaffected by the ultra-expensive Seoul apartments that pull the average upward.
We are writing this as of January 2026 using the latest data collected from authoritative sources like the Korea Real Estate Board and KB Kookmin Bank, which we manually double-checked.
The median housing price in South Korea in 2026 is approximately 500 million won ($338,000 or €293,000), while the average housing price sits around 540 million won ($366,000 or €316,000). For Seoul specifically, the median apartment price is about 1.35 billion won ($914,000 or €791,000) and the average reaches 1.5 billion won ($1,015,000 or €879,000).
About 80% of residential properties in South Korea in 2026 fall within a price range of 250 million won to 900 million won ($169,000 to $609,000 or €146,000 to €527,000).
A realistic entry range for the South Korea housing market in 2026 is 180 to 280 million won ($122,000 to $190,000 or €105,000 to €164,000), which typically gets you a small officetel or compact apartment of 20 to 35 square meters in outer Gyeonggi or Incheon.
A typical luxury property in South Korea in 2026 falls in the 3 to 10 billion won range ($2 million to $6.8 million or €1.8 million to €5.9 million), and this would include a prime high-rise apartment of 120 to 200 square meters in Gangnam or Seocho district.
By the way, you will find much more detailed price ranges in our property pack covering the real estate market in South Korea.
Are South Korea property listing prices close to the actual sale price in 2026?
Nationwide in South Korea, closed sale prices are typically about 3% lower than listing prices on average as of January 2026.
This gap exists because asking prices on real estate portals reflect seller expectations, while the MOLIT transaction disclosure system shows what buyers actually paid after negotiation. In hot Seoul districts like Gangnam or Seocho, the gap shrinks to 0% to 5%, and in bidding situations with tight supply, buyers sometimes pay at or above the listing price.
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What is the price per sq m or per sq ft for properties in South Korea in 2026?
As of January 2026, the median housing price per square meter in South Korea is about 7.5 million won ($5,080 or €4,390), while the average is around 8.2 million won ($5,550 or €4,800). Per square foot, that translates to roughly 697,000 won median and 762,000 won average.
Small units like studios and officetels have the highest price per square meter in South Korea in 2026 because buyers pay a premium for location access, while large family apartments in non-prime areas have the lowest price per square meter due to thinner demand and higher total costs.
The highest price per square meter in South Korea in 2026 is found in Seoul's Gangnam and Seocho districts, ranging from 25 million to 45 million won per square meter. The lowest ranges are in value districts like Nowon and Eunpyeong, where prices typically fall between 8 million and 14 million won per square meter.
How have property prices evolved in South Korea?
Compared to one year ago (January 2025), South Korea housing prices nationwide have remained roughly flat at about +1%, while Seoul prices have risen by around 4%. This difference comes from Seoul's chronic supply shortage in areas where people most want to live, which supports prices even when the broader market is quiet.
Looking back 10 years to January 2016, nationwide South Korea housing prices have increased about 45% in nominal terms, while Seoul apartment prices have jumped roughly 80%. The main drivers are Seoul's concentration of jobs, top schools, and transit, combined with policy constraints on redevelopment that limit new supply in desirable neighborhoods.
By the way, we've written a blog article detailing the latest updates on property price variations in South Korea.
Finally, if you want to know whether now is a good time to buy a property there, you can check our pack covering everything there is to know about the housing market in South Korea.
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.
How do prices vary by housing type in South Korea in 2026?
In South Korea in 2026, about 70% of the residential market consists of high-rise apartments, followed by villas and multi-family low-rises at 15%, officetels at 10%, detached houses at 4%, and townhouses at 1%, because apartment living is deeply ingrained in Korean urban culture and offers the best access to transit and amenities.
As of January 2026, the average price for each property type in South Korea is approximately: apartments at 650 million won ($440,000 or €381,000), villas at 350 million won ($237,000 or €205,000), officetels at 300 million won ($203,000 or €176,000), detached houses at 450 million won ($305,000 or €264,000), townhouses at 500 million won ($338,000 or €293,000), and luxury prime apartments at 4 billion won ($2.7 million or €2.3 million).
If you want to know more, you should read our dedicated analyses:
- How much do properties cost in South Korea?
- How much should you pay for a house in South Korea?
- How much should you pay for lands in South Korea?
How do property prices compare between existing and new homes in South Korea in 2026?
New construction homes in South Korea in 2026 typically command a premium of about 15% nationwide, and up to 25% in prime Seoul districts like Gangnam or Seocho.
This premium exists because new buildings offer modern amenities, better energy efficiency, more parking, and brand-name appeal, plus in redevelopment-heavy areas, fresh supply is scarce and carries status value.
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How do property prices vary by neighborhood in South Korea in 2026?
In Yongsan district (including Itaewon, Hannam, and Ichon areas), you will find a mix of apartments and some villas, with average prices around 2.2 billion won ($1.5 million or €1.3 million). This area is popular among expats due to international schools, central location, and riverside access in some pockets.
In Seocho district (including Banpo and the Seorae Village area), high-quality family apartments dominate, with average prices around 3.2 billion won ($2.2 million or €1.9 million). Families are drawn here for the excellent schools, strong amenities, and safe neighborhood feel.
In Gangnam district (including Samseong, Daechi, and Cheongdam), you will find premium apartments with average prices around 3.5 billion won ($2.4 million or €2.1 million). This is the main business hub with top schools and the strongest long-term resale value in Seoul.
You will find a much more detailed analysis by areas in our property pack about South Korea. Meanwhile, here is a quick summary table we have made so you can understand how prices change across areas:
| Neighborhood | Type | Avg price range | Avg per sqm | Avg per sqft |
|---|---|---|---|---|
| Gangnam-gu | Premium / schools | ₩2.5bn - ₩6bn ($1.7m - $4.1m) | ₩25m - ₩45m ($17k - $30k) | ₩2.3m - ₩4.2m ($1.6k - $2.8k) |
| Seocho-gu | Family / premium | ₩2.3bn - ₩5.5bn ($1.6m - $3.7m) | ₩22m - ₩40m ($15k - $27k) | ₩2m - ₩3.7m ($1.4k - $2.5k) |
| Songpa-gu | Family / parks | ₩1.6bn - ₩3.5bn ($1.1m - $2.4m) | ₩18m - ₩32m ($12k - $22k) | ₩1.7m - ₩3m ($1.1k - $2k) |
| Yongsan-gu | Expat / central | ₩1.8bn - ₩4.5bn ($1.2m - $3m) | ₩18m - ₩35m ($12k - $24k) | ₩1.7m - ₩3.3m ($1.1k - $2.2k) |
| Mapo-gu | Trendy / commute | ₩1.2bn - ₩2.5bn ($810k - $1.7m) | ₩15m - ₩25m ($10k - $17k) | ₩1.4m - ₩2.3m ($950 - $1.6k) |
| Seongdong-gu | Trendy / riverside | ₩1.2bn - ₩2.6bn ($810k - $1.8m) | ₩14m - ₩24m ($9.5k - $16k) | ₩1.3m - ₩2.2m ($880 - $1.5k) |
| Jongno-gu | Heritage / central | ₩1bn - ₩2.2bn ($680k - $1.5m) | ₩14m - ₩22m ($9.5k - $15k) | ₩1.3m - ₩2m ($880 - $1.4k) |
| Jung-gu | Central / commute | ₩900m - ₩2bn ($610k - $1.4m) | ₩13m - ₩21m ($8.8k - $14k) | ₩1.2m - ₩2m ($820 - $1.3k) |
| Yeongdeungpo-gu | Commute / value | ₩900m - ₩1.8bn ($610k - $1.2m) | ₩12m - ₩20m ($8.1k - $14k) | ₩1.1m - ₩1.9m ($760 - $1.3k) |
| Dongjak-gu | Commute / value | ₩800m - ₩1.7bn ($540k - $1.2m) | ₩12m - ₩20m ($8.1k - $14k) | ₩1.1m - ₩1.9m ($760 - $1.3k) |
| Gwanak-gu | Entry / student | ₩600m - ₩1.2bn ($410k - $810k) | ₩9m - ₩15m ($6.1k - $10k) | ₩840k - ₩1.4m ($570 - $950) |
| Nowon-gu | Budget / family | ₩550m - ₩1bn ($370k - $680k) | ₩8m - ₩13m ($5.4k - $8.8k) | ₩740k - ₩1.2m ($500 - $820) |
How much more do you pay for properties in South Korea when you include renovation work, taxes, and fees?
When you include all additional costs in South Korea in 2026, expect to pay about 6% to 15% on top of the purchase price, with newer homes on the lower end and older properties requiring more renovation on the higher end.
If you buy a property around $200,000 (about 295 million won) in South Korea, you should budget roughly 10% in additional costs, which means about $20,000 (30 million won) for taxes, fees, and basic updates. Your total all-in cost would be around $220,000 (325 million won).
For a property around $500,000 (about 740 million won), your additional costs at roughly 8% would be about $40,000 (60 million won). This brings your total to around $540,000 (800 million won) including acquisition tax, brokerage fees, and minor renovation.
For a property around $1,000,000 (about 1.48 billion won), your additional costs at roughly 7% would be about $70,000 (100 million won). Your all-in total would reach approximately $1,070,000 (1.58 billion won).
By the way, we keep updated a blog article detailing the property taxes and fees to factor in the total buying cost in South Korea.
Meanwhile, here is a detailed table of the additional expenses you may have to pay when buying a new property in South Korea
| Expense | Type | Estimated cost range |
|---|---|---|
| Acquisition tax and local surtaxes | Tax | About 1% to 3% of the purchase price. For a 1 billion won property, this means 10 to 30 million won ($6,800 to $20,300). The exact rate depends on property value and whether you already own other homes in South Korea. |
| Brokerage commission | Fee | Typically 0.4% to 0.9% of the purchase price, depending on the transaction value. On a 500 million won property, expect 2 to 4.5 million won ($1,350 to $3,050). This is paid to the licensed real estate agent who facilitated the deal. |
| Registration and administrative fees | Fee | Usually 500,000 to 2 million won ($340 to $1,350). This covers the property registration with the local government and document processing. It is a relatively small fixed cost regardless of property price. |
| Basic renovation (paint, floors, fixtures) | Renovation | Around 10 to 40 million won ($6,800 to $27,100) for cosmetic updates. This is common when buying existing apartments that need refreshing. Scope includes painting, flooring replacement, and updating lighting or bathroom fixtures. |
| Full renovation (older properties) | Renovation | Between 40 and 120 million won ($27,100 to $81,200) for comprehensive updates. This applies to older stock requiring kitchen and bathroom overhauls, electrical work, and structural improvements. The higher end includes premium finishes and layout changes. |
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.
What properties can you buy in South Korea in 2026 with different budgets?
With $100,000 (about 148 million won), the market in South Korea is quite limited, but you could find a small officetel of 18 to 25 square meters in a provincial city, a very small apartment of 20 to 30 square meters in an outer metro area, or an older villa unit of 30 to 40 square meters in a non-prime district.
With $200,000 (about 295 million won), you could buy an officetel of 20 to 35 square meters in Incheon or outer Gyeonggi, a compact apartment of 35 to 45 square meters in a non-Seoul metro city, or a villa unit of 40 to 55 square meters in an entry-level district.
With $300,000 (about 443 million won), you could get an officetel of 25 to 40 square meters in areas like Mapo or Guro in Seoul, an apartment of 50 to 60 square meters in Incheon or outer Gyeonggi, or an apartment of 60 to 75 square meters in a provincial metro city.
With $500,000 (about 739 million won), you could purchase a 59 square meter apartment in a value district like Nowon or Gwanak in Seoul, a 70 to 84 square meter apartment in Incheon or Gyeonggi province, or an 84 square meter apartment in a good area of a provincial metro city like Busan.
With $1,000,000 (about 1.48 billion won), you could afford an 84 square meter apartment in trendy Seoul districts like Mapo or Seongdong, an 84 square meter apartment in Songpa (older building or less prime pocket), or a 99 square meter apartment in a non-trophy pocket of Yongsan.
With $2,000,000 (about 2.95 billion won), there is definitely a market, and you could buy an 84 to 99 square meter apartment in Seocho's Banpo area (older building), a 99 to 120 square meter apartment in Gangnam (non-trophy pocket), or a 120 square meter apartment in Yongsan near Hannam or Ichon, though the very top trophy units would still be above this budget.
If you need a more detailed analysis, we have a blog article detailing what you can buy at different budget levels in South Korea.
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 South Korea, 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 (KREB) | It is the government-affiliated market monitor that publishes official house price trend statistics for South Korea. | We used KREB data to anchor the direction and pace of price changes across regions. We also relied on their index-style outputs to inform our 1-year and 10-year change estimates. |
| MOLIT Real Transaction Disclosure System | It is the official registry where completed home transactions in South Korea are reported and disclosed to the public. | We used this as the reference for actual closed prices (what buyers really paid). We also used it to explain why listing prices can differ from transaction prices in the Korean market. |
| Korea Herald | It is a major English-language Korean newspaper that regularly cites KB Kookmin Bank housing data. | We used their reporting on KB market data to verify average apartment price levels in Seoul. We cross-referenced these figures with other sources to ensure accuracy. |
| Maeil Business Newspaper (MK) | It is a long-running national business newspaper that directly attributes price data to KB Kookmin Bank's market series. | We used the cited KB figure to anchor Seoul's average apartment price around the mid-1.4 billion won range. We then adjusted this forward into January 2026 using official trend context. |
| Korea JoongAng Daily | It is a major national newspaper that explicitly references KB Kookmin Bank time-series data in its reporting. | We used their analysis to understand the Seoul versus national price gap (Seoul about 2.6 times national). We applied this ratio to keep our estimates internally consistent. |
| FRED (US Federal Reserve H.10) | It is a public, citable time series sourced from the US Federal Reserve's official foreign exchange release. | We used the late December 2025 USD/KRW rate as our working rate for January 2026 conversions. We applied this rate consistently to every KRW to USD figure in our analysis. |
| European Central Bank (ECB) | It publishes the official euro reference exchange rate used by financial institutions across Europe. | We used the December 2025 EUR/KRW reference rate for our euro conversions. We applied this rate consistently to every KRW to EUR figure in our analysis. |
| KB Kookmin Bank / KB Real Estate | KB is one of the most widely tracked private housing datasets in South Korea, used as the industry benchmark. | We used KB-reported average apartment price levels for Seoul and nationwide figures. We treated these as our primary anchors for median and average price estimates. |
| Ministry of Land, Infrastructure and Transport | It is the South Korean government ministry responsible for housing policy and real estate regulation. | We used MOLIT policy guidance to understand acquisition tax rates and transaction rules. We also referenced their data to explain the list-versus-closed price gap. |
| National Tax Service of Korea | It is the official government agency responsible for tax collection and publishing tax rate schedules. | We used their published acquisition tax rate bands to estimate buyer tax obligations. We applied these rates to our example calculations for different property price points. |
| Statistics Korea (KOSTAT) | It is the official national statistics agency providing economic and demographic data for South Korea. | We used KOSTAT inflation data to calculate real (inflation-adjusted) price changes over 10 years. We also referenced their housing stock data for market composition estimates. |
| Bank of Korea | It is the central bank of South Korea, providing authoritative economic and financial data. | We used Bank of Korea data on lending rates and credit conditions to explain market trend drivers. We referenced their economic reports for context on price movements. |
| R-ONE (Korea Real Estate Board portal) | It is the public data portal operated by KREB providing detailed regional housing statistics. | We used R-ONE regional data to verify price variations across Seoul districts. We cross-referenced this with KB data to ensure neighborhood-level accuracy. |
| Seoul Metropolitan Government | It is the official government of Seoul, providing localized housing policy and market information. | We used Seoul government district data to understand neighborhood price patterns. We referenced their planning documents for context on supply constraints in premium areas. |
| Korea Research Institute for Human Settlements | It is a government-funded think tank specializing in land, housing, and urban policy research. | We used their research reports to understand long-term price drivers in the Korean market. We referenced their analysis for context on the Seoul premium over national prices. |
| Korea Housing Finance Corporation | It is the government agency that monitors housing finance and mortgage market conditions. | We used their lending data to understand how credit conditions affect buyer purchasing power. We referenced their reports for context on market cooling and heating cycles. |
| Korea Land and Housing Corporation (LH) | It is the major public housing developer and land management agency in South Korea. | We used LH data on new housing supply to understand market inventory patterns. We referenced their project data for context on new construction premiums. |
| Naver Real Estate | It is the largest online real estate portal in South Korea, with comprehensive listing data. | We used Naver listing data to understand current asking prices across neighborhoods. We compared these with MOLIT transaction data to estimate the list-to-close price gap. |
| Hogangnono | It is a popular Korean real estate data platform providing historical price trends and transaction records. | We used their historical price charts to verify long-term appreciation trends. We cross-referenced their data with official KREB statistics for accuracy. |
| Korea Appraisal Board | It is the official appraisal body that sets assessed property values used for taxation in South Korea. | We used their valuation guidelines to understand how official property assessments relate to market prices. We referenced their data for context on tax calculations. |
| International Monetary Fund (IMF) | It is a global financial institution providing economic data and analysis on member countries including South Korea. | We used IMF economic outlooks to understand macroeconomic factors affecting Korean housing. We referenced their data for context on currency exchange rate trends. |
| OECD (Organisation for Economic Co-operation and Development) | It provides comparative housing statistics across developed economies including South Korea. | We used OECD housing affordability metrics to contextualize Korean prices internationally. We referenced their data for comparative analysis with other developed markets. |
| Global Property Guide | It is an international real estate research platform providing cross-country property market comparisons. | We used their South Korea market summaries to verify price-per-square-meter calculations. We cross-referenced their figures with local Korean sources for accuracy. |
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