Seoul apartment prices reach record high, fueling rapid rise in villa sales

A 114 sqm unit in the DMC Remian Classis complex in Seoul’s Seodaemun district sold for 1.25 billion won, setting a new record for the building. The sale represents a 4.2 million‑won increase over the previous high set in 2021 and occurred as the city’s average land‑transaction permit price rose 2.67 % month‑on‑month, the strongest gain since the October 2022 housing measures were introduced.

Across Seoul, apartment prices and jeonse (rental‑deposit) rates have surged, prompting buyers to turn to villas and multi‑family houses as alternatives. From January to May, villa sales prices rose 3.37 % year‑on‑year—about 5.7 times the growth of the prior year—while jeonse prices climbed 1.94 %, also roughly five‑fold higher than the previous period. Non‑apartment rental transactions increased 11.5 % year‑on‑year, and auction results show villas fetching up to 136 % of their appraisal values, exemplified by a 24.4 sqm multi‑family house sold for 3.62 billion won, well above its 2.66 billion‑won appraisal.