Gap Between Apartment Prices in Seoul and Other Regions Widens Again
This year, the publicly announced prices of multi-family housing such as apartments, row houses, and multi-unit houses increased by an average of 3.65%. Seoul saw the largest increase nationwide, rising by 7.86%.
The Ministry of Land, Infrastructure and Transport announced on the 13th that it will disclose the publicly announced prices of multi-family housing (approximately 15.58 million households) as of January 1 this year from the 14th to April 2, and collect opinions from owners. The rate of change in multi-family housing prices this year is higher than last year’s (1.52%) but lower than the average annual change rate (4.4%) since the introduction of the multi-family housing price announcement system in 2005.
There were clear regional differences. Among the 17 metropolitan cities and provinces, prices rose in 7 areas and fell in 10. In particular, Seoul recorded the largest increase nationwide with a 7.86% rise. Within Seoul, Seocho-gu (11.63%) saw the highest increase, followed by Gangnam-gu (11.19%) and Seongdong-gu (10.72%). The areas known as 'Mayongseong'?Seongdong (10.72%), Yongsan (10.51%), and Mapo (9.34%)?as well as areas near the lifted land transaction permit zones such as Gwangjin (8.38%) and Gangdong (7.69%) also saw increases. On the other hand, Dobong (1.56%), Gangbuk (1.75%), and Guro (1.85%) showed only modest increases in the 1% range.
Gyeonggi Province rose by 3.16%, and Incheon (2.51%), Jeonbuk (2.24%), and Ulsan (1.07%) also saw increases. Chungbuk (0.18%) and Chungnam (0.01%) showed almost no change.
Sejong (-3.28%), Daegu (-2.90%), Gwangju (-2.06%), Busan (-1.66%), and Gyeongbuk (-1.40%) experienced declines in publicly announced prices. Notably, Sejong, which recorded the highest increase nationwide last year (6.44%), saw the largest drop this year. Daegu, Busan, Gwangju, Jeonnam, Gyeongbuk, Gyeongnam, and Jeju have seen their prices fall for three consecutive years.
The number of houses subject to the comprehensive real estate tax for one household with one house this year is 318,000 households (2.04%), an increase of 41,000 households compared to last year’s 277,000 households (1.56%). The median publicly announced price of multi-family housing is 171 million KRW, up 3 million KRW from last year’s 168 million KRW. By region, Seoul is 374 million KRW, Sejong 281 million KRW, and Gyeonggi 227 million KRW, in that order.
The publicly announced price is the house price surveyed and announced annually by the government and serves as the basis for calculating taxes and health insurance premiums. This year’s publicly announced prices applied a market reflection rate of 69% according to the '2025 Real Estate Price Announcement Realization Plan Amendment' reported at the Cabinet meeting in November last year.
The publicly announced prices can be checked on the 'Real Estate Price Announcement Information' website or at the city, county, or district office where the multi-family housing is located. If there are any opinions regarding the announced prices, they can be submitted online (Real Estate Price Announcement Information) or in writing to the relevant city, county, or district office and each branch of the Korea Real Estate Board by April 2.
After reviewing the opinions, the government plans to announce this year’s multi-family housing prices on April 30 following deliberation by the Central Real Estate Price Announcement Committee. Subsequently, objections will be accepted for one month until May 29, and after re-investigation and review, the adjusted publicly announced prices will be announced on June 26.
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