Mean purchase price of housing in Seoul South Korea July 2024, by housing type

As of July 2024, the mean purchase price of housing in Seoul, South Korea amounted to around 839 million South Korean won. The average price of detached houses amounted to around 1.13 billion South Korean won while the price of apartments was about one billion South Korean won. 

Apartments in South Korea

Among all housing types, apartments are the most expensive, costing more than one billion South Korean won on average. Living in apartments is typical for Seoul, as an increasing number of citizens move towards the city, causing high population density. As of 2022, more than 40 percent of all households were living in apartments, excluding alternative housing, such as officetels or goshiwons.

Gangnam Style

Based on the average selling price of apartments in Seoul, Gangnam is the most expensive area in Seoul to live in, with an average sales price of around 2.2 billion South Korean won. The area became internationally known due to the viral YouTube hit Gangnam Style by South Korean artist PSY. Since Gangnam is known for its wealthy citizens, the song was inspired by their mannerisms.