Seoul apartment prices surge as land costs reach 71% of sale price

(Paragraph 1) Data from the Housing and Urban Guarantee Corporation (HUG) show that in May the proportion of land cost (대지비) in private apartment sale prices hit 71 % in Seoul, the highest share nationwide. The national average was 51 %, the strongest level in 16 months.

(Paragraph 2) The steep rise in land values is driving overall sale prices higher. Seoul’s average price per square metre rose to 19.22 million won, an 8.85 % month‑on‑month increase, pushing the price per 3.3 m² (one pyeong) above 60 million won for the first time. Across the country the average price per square metre reached 6.475 million won, up 4.0 % from the previous month.

(Paragraph 3) Recent projects such as Summit The Hill and Acro Reversky in Dongjak‑gu contributed to the jump, and HUG officials note that land‑cost shares can vary sharply between districts and can spike when supply of units is limited.