Average price of apartment purchases South Korea 2024, by size

In August 2024, the average purchase price for apartments over 135 square meters in South Korea amounted to around 9.3 million South Korean won per square meter. The overall average apartment purchase price in South Korea has steadily increased over the years. 

Apartment price trends

In recent years, apartment prices in Korea have experienced a steady rise, driven by factors such as urbanization and economic growth. Seoul, the capital city, documented the highest average apartment price at about 12.6 million won per square meter. The most expensive area to live in Seoul was Gangnam, with an average apartment selling price of around 2.2 billion won. As of 2024, the Penthouse Cheongdam apartment located in Gangnam was considered the most expensive apartment in South Korea. Its transaction value exceeded 16 billion won, setting it apart from the second-most expensive apartment by more than five billion won. 

Living in luxury

Exclusive districts like Gangnam showcase high-end residences with panoramic city views, luxurious designs, and premium facilities. Over the past five years, there has been a notable increase in the share of luxury apartments in Seoul. More than 60 percent of apartments in Seoul with more than one kitchen and room were valued at over 900 million won. According to a survey, Hyundai's Hillstate merged as the most preferred brand for apartments, followed by Samsung C&T’s Raemian as the second-most popular choice.