Seoul private apartment pre-sale prices top 2.1 billion won for first time

The cost of new private apartments in Seoul has reached a new milestone, with the average pre-sale price for standard-sized units surpassing 2.1 billion won (approximately $1.5 million USD) in May.

This marks the first time the average price for a standard-sized apartment, typically defined as 84 square meters (approximately 904 square feet) in floor area, has crossed this significant threshold in the South Korean capital. The surge in prices reflects ongoing demand and market conditions in one of Asia's most dynamic real estate markets.

Nationwide, the average pre-sale price for private apartments also hit a record high. According to an analysis of subscription home data by Real House, a specialist in pre-sale evaluations, the 12-month moving average for the pre-sale price of 84-square-meter apartments across the country reached 727.02 million won (approximately $520,000 USD) in May. This figure surpasses the previous record set in March.

The data, derived from the official subscription home platform, indicates a sustained upward trend in housing costs. The continuous rise in pre-sale prices suggests potential challenges for prospective homebuyers, particularly younger generations and those with moderate incomes, in accessing the property market.