Seoul's Average Residence Period Rises from 6.2 to 7.3 Years... Homeownership Transition Rate Up in Gangnam, Down in Gangbuk [Real Estate AtoZ]

2024 Seoul Housing Survey Results Released
Both Housing and Environmental Satisfaction Up from Three Years Ago
Rate of Tenant-to-Homeowner Transition Drops in Gangbuk
Nowon District Records Longest Average Residence Period at 9.3 Years

Over the past four years, the average residence period for Seoul citizens has increased from 6.2 years to 7.3 years. The homeownership rate stands at 47.7%, a slight decrease from 48% three years ago. The rate of tenants who transitioned to homeownership rose in the Gangnam area (30.5%) but fell by 1 percentage point in the Gangbuk area (32.6%).

On December 28, the Seoul Metropolitan Government announced the results of the "2024 Seoul Housing Survey," which expanded its sample size to 15,000 households. This survey combined the Ministry of Land, Infrastructure and Transport's Seoul sample (about 7,000 households) with Seoul's own sample (about 8,000 households). For the first time, the city also released 11 types of housing indicators by district.

On the 27th, apartment prices in Mapo and Seongdong districts of Seoul were announced to have risen at the largest rate since related statistics began to be published in 2013. The expectation that Seoul apartment prices will continue to rise is projected to sustain the upward trend for the time being. The photo shows a panoramic view of apartment complexes in downtown Seoul as seen from Namsan, Seoul. 2025.06.27 Photo by Dongju Yoon

The average residence period in Seoul increased from 6.2 years in 2021 to 6.0 years in 2022, and then to 7.3 years in 2024, indicating a growing proportion of households settling long-term. The homeownership rate rose from 48% in 2021 to 48.8% in 2022, but declined to 47.7% in 2024. The proportion of households living on monthly rent slightly decreased from 28.4% in 2021 to 28.0% in 2024, and the proportion of households living on jeonse (lump-sum deposit lease) also fell from 25.7% to 25.4%. The average residence period for homeowners increased from 9.7 years to 11.6 years, while that for tenants rose from 3.1 years to 3.7 years.

The proportion of households living in semi-basement or rooftop units decreased from 4.7% in 2021 to 2.5% in 2024. The proportion of households living in homes over 30 years old increased from 18.5% to 26.9%.

Both housing satisfaction (3.01 points) and residential environment satisfaction (3.06 points) improved. In 2021, these scores were 2.99 and 3.02, respectively. The proportion of households falling below the minimum housing standards declined from 6.2% to 5.3%. The minimum housing standards are as follows: by area - 14 square meters for 1 person, 26 square meters for 2 people, 36 square meters for 3 people, 43 square meters for 4 people, 46 square meters for 5 people, and 55 square meters for 6 people; by number of rooms - 1 room for 1 or 2 people, 2 rooms for 3 people, 3 rooms for 4 or 5 people, and 4 rooms for 6 people. Meanwhile, the average housing area per household decreased from 60.9 square meters to 58.5 square meters.

Among households planning to move within the next five years, the proportion planning to move within Seoul increased from 84.8% in 2021 to 87.5% in 2024. The demand for residential mobility within Seoul continues to grow. In terms of actual moves, the proportion of moves within Seoul was the highest at 90.6%, while moves from Gyeonggi and Incheon to Seoul accounted for 6.4%. The main reasons for moving from Gyeonggi and Incheon to Seoul were proximity to work (62.1%) and transportation or living convenience (43.9%).

On the 27th, villa prices in Seoul are rising rapidly as apartment prices have recently increased significantly. Housing prices, including apartments and villas in Seoul, are expected to continue rising for the time being due to optimistic expectations. The photo shows a villa neighborhood in downtown Seoul as seen from Namsan, Seoul. 2025.06.27 Photo by Dongju Yoon

The rate of tenants transitioning to homeownership fell in Gangbuk but slightly increased in Gangnam. In Gangbuk, the rate dropped from 33.6% in 2021 to 32.6% last year, although it remains higher than the Seoul average (31.5%). In Gangnam, the rate increased from 28.7% in 2021 to 30.5% in 2024.

In terms of satisfaction with living conditions, Gangbuk saw improvements: satisfaction with access to cultural facilities rose from 2.74 to 2.84 points over the past three years, access to public transportation increased from 3.06 to 3.12 points, and satisfaction with access to parks and green spaces rose from 2.98 to 3.11 points. Gangbuk maintained or exceeded the Seoul average in some categories. In contrast, Gangnam experienced declines in satisfaction with access to cultural facilities, parks and green spaces, and educational environment compared to three years ago.

This survey also released key housing statistics by district. The average residence period was highest in Nowon-gu (9.3 years), followed by Guro-gu (8.7 years) and Dobong-gu (8.3 years), all above the overall Seoul average of 7.3 years.

Looking at the distribution by demographic group, young households were concentrated in Gwanak-gu (45.2%) and Gwangjin-gu (33.2%), newlywed couples in Gangdong-gu (10.6%) and Seongdong-gu (9.8%), and elderly households were relatively more prevalent in Dobong-gu and other areas.

The city will also make the microdata from the "2024 Seoul Housing Survey" available to the public so that citizens can directly review Seoul's housing conditions and utilize the data for housing research and new policy development. Detailed survey data will be accessible on the Seoul Housing Information Portal starting from the 31st.

Choi Jinseok, Director of Housing at the Seoul Metropolitan Government, stated, "Over the past four years, living conditions and residential satisfaction for Seoul citizens have continued to improve. By expanding the sample size and adding Seoul-specific questions, this housing survey has established a more precise research foundation by region. We plan to actively use these results to develop customized housing policies that reflect the characteristics and needs of each district."