Seoul apartment sale prices up 15.5% in a year to August, highest since November 2021
In short
Seoul apartment sale prices in August were 15.50% higher than a year earlier and 0.72% higher than in July, the Seoul city government said on 22 October, citing Korea Real Estate Board data. The year-on-year rise is the highest since November 2021. Sales volume in September fell 18.3% from August to 2,923 deals.
Read the full story 2 min read
Seoul apartment sale prices in August were 15.50% higher than a year earlier and 0.72% higher than in July, according to Korea Real Estate Board data released by the Seoul city government on 22 October. Newsis and Yonhap reported that the annual rise is the highest since November 2021, when it stood at 17.92%. [ 2 , 3 ]
Prices rose in every part of Seoul except the southeast, which fell 0.29%. The northeast rose 1.54% from the previous month and the city centre 1.06%. Yonhap added the northwest at 0.40% and the southwest at 0.29%. Compared with January, Seoul apartment prices overall were up 8.3%, with the northeast up 11.5% and the southwest up 8.4%. A city official quoted by Asia Economy said the rise was especially visible in outer areas such as the northeast and southwest. [ 1 , 2 , 3 ]
Prices rose in all size categories. Apartments of more than 85 and up to 135 square metres posted the largest gain, 1.32% from the previous month. [ 1 , 2 , 3 ]
Jeonse transaction prices for August rose 0.30% from the previous month, which Yonhap described as a 16th straight monthly rise. The southwest rose 1.30% and the northwest 0.17%, while Yonhap reported falls in the city centre (0.35%), northeast (0.10%) and southeast (0.08%). Apartments larger than 135 square metres rose 2.41%, and the 85 to 135 square metre group rose 1.50%. [ 1 , 2 , 3 ]
Transactions fell. September apartment sales in Seoul totalled 2,923, down 18.3% from 3,578 in August, Yonhap reported. Newsis said volume has been falling since the reinstatement of heavy capital gains tax on owners of multiple homes in May, and a Seoul city official quoted by Asia Economy made the same link. Newsis reported Nowon district had the most deals, 332. [ 1 , 2 , 3 ]
Jeonse volume fell 17.9% to 6,454 and monthly-rent volume fell 6.4% to 7,750. Yonhap said total rental volume was 14,204, down 12.0% from August, and that jeonse and monthly-rent volumes were down 46.9% and 19.8% from a year earlier. [ 2 , 3 ]
On the outlook, a city official quoted by Asia Economy said volume could rise further because contracts signed in September can be reported until the end of October. Yonhap quoted the city as expecting the year-on-year decline to continue even with that reporting deadline taken into account. [ 1 , 3 ]
Why it matters
Prices are rising while transactions are falling, and a Seoul city official linked the drop in volume to the reinstated heavy capital gains tax on owners of several homes. Outlets differ on whether volume will recover once late reports are counted.
Key facts
- Seoul apartment sale prices in August rose 0.72% from the previous month and 15.50% from a year earlier. [ 2 , 3 ]
- The year-on-year rise is the highest since November 2021, when it was 17.92%. [ 2 , 3 ]
- Prices rose in every area of Seoul except the southeast; the northeast rose 1.54% and the city centre 1.06% from the previous month. [ 1 , 2 , 3 ]
- Apartments of 85 to 135 square metres rose 1.32% from the previous month, the largest gain by size. [ 1 , 2 , 3 ]
- Jeonse (lump-sum deposit rental) transaction prices in August rose 0.30% from the previous month. [ 1 , 2 , 3 ]
- September apartment sales in Seoul fell 18.3% from the previous month to 2,923. [ 1 , 2 , 3 ]
- September jeonse volume fell 17.9% to 6,454 and monthly-rent volume fell 6.4% to 7,750. [ 2 , 3 ]
Confirmed by several sources
- Seoul apartment sale prices in August were up 0.72% on the month and 15.50% on the year, the highest annual rise since November 2021. [ 2 , 3 , 4 ]
- September sales volume in Seoul fell 18.3% from August to 2,923. [ 1 , 2 , 3 ]
- Volume has been falling since the reinstatement in May of heavy capital gains tax on owners of multiple homes, according to Newsis and a Seoul city official quoted by Asia Economy. [ 1 , 2 ]
- Both jeonse and monthly-rent volumes fell in September, by 17.9% and 6.4% respectively. [ 1 , 2 , 3 ]
Still unclear
- Whether September volume will rise once late reports are filed. A Seoul city official quoted by Asia Economy said volume could increase because September contracts can be reported until the end of October; Yonhap quoted the city as expecting the year-on-year decline to continue even allowing for that deadline.
- Whether this is the largest widening of the year-on-year rise so far in 2026. Only Asia Economy states this; the other outlets give only the comparison with November 2021.