Seoul Home Prices Surge 8.7% Annually, Largest in 19 Years... Songpa Leads Nationwide at 21% [Real Estate AtoZ]

Annual Increase of 8.71%... Largest Rise in 19 Years Since 2006
Songpa District Surges 20.92%... Ranks First Nationwide, Surpassing Gwacheon
10 Out of 11 'Hangang Belt' Districts Record Double-Digit Growth
Outlying Areas Like Nowon, Dobong, and Gangbuk See Only 1-2% Increases, Marking a Stark Contrast
Rental Market Also Unstable... Seocho District Jumps 0.43% Weekly

Last year, the annual increase in apartment prices in Seoul reached the highest level ever recorded since the Korea Real Estate Board began compiling its own statistics. It also marked the largest annual increase in 19 years since the housing price surge in 2006. Despite the government's comprehensive regulatory measures, Seoul's housing prices ended the year with record-breaking figures.

Yonhap News

Seoul Soars 8.71% Annually... Surpasses Moon Administration's Peak

According to the "Weekly Apartment Price Trends for the 5th Week of December" released by the Korea Real Estate Board on January 1, the cumulative annual increase in Seoul apartment sales prices last year was 8.71%. This is the highest figure since the Board began compiling its own statistics in 2013. It surpasses the 8.03% recorded in 2018 and the 8.02% in 2021 during the Moon Jae-in administration, both periods noted for surging housing prices.

The national housing price trend survey was transferred from KB Kookmin Bank to the Korea Real Estate Board (formerly the Korea Appraisal Board) in 2013. This move aimed to enhance the objectivity and reliability of the statistics by shifting from private bank data to a public institution. Looking back at the period when KB Kookmin Bank managed the statistics, this is the largest increase in 19 years since 2006 (23.46%) during the Roh Moo-hyun administration.

In the final survey of the year, Seoul apartment prices continued to rise for the 47th consecutive week, maintaining a weekly increase of 0.21%. This matched the previous week's rate, which was the highest in eight weeks since the fourth week of October (0.23%). The Korea Real Estate Board explained, "Overall transaction volume decreased, but localized price increases in major complexes with favorable residential conditions continued to drive the upward trend."

Songpa District Tops Nationwide with 20.92%... All 'Hangang Belt' Districts Record Double Digits

Weekly Apartment Price Trends for the 5th Week of December. Korea Real Estate Board.

Among the 178 cities, counties, and districts nationwide tracked by the Board, Songpa District in Seoul recorded the highest price increase this year at 20.92%. After a close contest with Gwacheon City (20.46%), Songpa claimed the title of "region with the largest apartment price increase" last year. Songpa also reclaimed the top spot in two years, having ranked first nationwide in 2023 with a 3.84% increase. In 2024, Sangju City in North Gyeongsang Province led with 12.93%.

Following Songpa and Gwacheon were Seongdong District in Seoul (19.12%), Bundang District in Seongnam City (19.10%), Mapo District in Seoul (14.26%), Seocho District (14.11%), Gangnam District (13.59%), Yongsan District (13.21%), and Yangcheon District (13.14%). Of the 11 Seoul districts bordering the Han River, 10 recorded double-digit increases, with Gangseo District (5.12%) as the only exception. In sharp contrast to the strong performance of the Han River Belt, outlying districts such as Nowon (2.04%), Dobong (0.89%), and Gangbuk (0.99%) posted significantly lower increases than the Seoul average of 8.71%.

Meanwhile, in the final weekly survey, Seoul's rental market also remained unstable through the end of the year, not just sales prices. The city's weekly rental price rose by 0.14%, with Seocho District in particular reflecting a shortage of listings as major complexes in Jamwon and Banpo-dong saw a 0.43% increase. Outside Seoul, Sejong City also recorded a high weekly rental price increase of 0.40%, likewise due to a shortage of available properties.