Seoul apartment prices and jeonse rents surge to multi‑year highs

South Korea's capital recorded a 1.33% month‑over‑month rise in the May apartment sale price index, climbing 13.47% from a year earlier. The downtown area led with a 2.52% increase. Jeonse (lease‑deposit) prices also rose, up 1.04% from April and 10.88% year‑over‑year, with the northeastern district posting the steepest gain at 2.25%.

In June, apartment‑sale transactions fell 48% compared with May, while the share of monthly‑rent contracts overtook jeonse for the first time, reaching 54.1% versus 45.9% for jeonse. Nine outer‑city districts posted average jeonse prices that surpassed the peaks recorded during the Moon administration, with Gangseo District breaking the 500 million KRW mark for the first time since 2011. Supply of jeonse units has sharply contracted, driving further price pressure and prompting calls for regulatory easing.

The data reflect mounting housing‑affordability challenges in Seoul as both purchase and lease‑deposit costs continue to climb across the city.