Seoul Apartment Prices Soar Past 2.1 Billion Won, Hitting Record Highs Amid Luxury Development Boom

The cost of housing in Seoul has reached new heights, with the average sale price for a 'national standard' private apartment (84 square meters) exceeding 2.1 billion won in May 2026. This figure represents a significant 32% jump compared to the same period last year, and a substantial 11.49% increase from April, adding over 220 million won in just one month.

This dramatic rise is primarily driven by the introduction of ultra-luxury developments. Complexes such as 'Summit The Hill' and 'Acro River Sky' in Dongjak-gu, with 84 sqm units priced around 2.9 billion and 2.7 billion won respectively, have significantly skewed the city's average. These high-priced offerings, reflected in May's statistics, have pushed the average price per square meter in Seoul to a record 24.22 million won.

The trend of escalating prices is not confined to larger units. Even smaller apartments are seeing substantial increases, with the average sale price for 59 sqm units in Seoul breaching the 1.5 billion won mark for the first time. This represents a 25.61% increase from the previous year.

Nationwide, the housing market is also experiencing record-breaking price hikes. The average sale price for an 84 sqm apartment across South Korea reached 727.02 million won in May, surpassing the previous record set in March. The price per square meter nationwide also hit a new high. In Incheon, the average price per square meter exceeded 8.8 million won, largely due to the supply of large-scale complexes in Songdo International City. Despite a significant decrease in new apartment supply nationwide in May, the upward pressure on prices is expected to continue due to accumulated costs for materials and labor.

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The decrease in supply in May was significantly influenced by the June 3 local elections, so postponed sales are expected to resume from June. However, with accumulated burdens of material and labor costs, the influence of high-priced units in core locations is likely to continue the upward pressure on sales prices.