Seoul Apartment Prices Jump 2.5% in June, Highest Rise in 5 Years

Apartment prices in Seoul experienced their most significant monthly surge in five years during June, with a 2.50% increase. This marks the largest jump since June 2021, a period characterized by a housing market boom fueled by prolonged low interest rates and concerns over supply shortages during the COVID-19 pandemic.

The latest data, analyzed by the Korea Real Estate Board, is based solely on completed transaction records, excluding asking prices or market estimates. The substantial rise indicates a renewed acceleration in the capital's property market.

Price increases were observed across nearly all of Seoul's five major residential zones. The northeastern region saw the highest rise at 2.74%, closely followed by the northwestern region at 2.73% and the southeastern region at 2.52%. The southwestern region also recorded a notable increase of 2.41%. In contrast, the central business district, encompassing areas like Jongno, Jung, and Yongsan districts, saw a much smaller increase of 0.57%.

Furthermore, the upward trend in prices was consistent across various apartment sizes, with the exception of units exceeding 135 square meters (large-sized apartments). This broad-based appreciation suggests a widespread demand across different market segments, excluding the very largest properties.