Seoul housing market sees price rise and government push for more officetels and new apartments

Demand for Seoul officetels is shifting toward mid‑large units, while prices for small and ultra‑small units have slipped. The government plans to convert vacant commercial spaces, office buildings and knowledge‑industry centers into about 15,000 new officetels over the next two years and more than 33,000 by 2030, though experts warn that size and quality limits may reduce the effectiveness of such supply.

KB Kookmin Bank’s July officetel statistics show a modest overall price index dip, with large officetels gaining up to 0.23% and mid‑large units rising 0.10%, while ultra‑small and small units fell. At the same time, the Seoul new‑apartment market remains scarce, driving strong price growth. Ssangyong Construction plans to launch the "Ssangyong The Platinum Seodaemun" project in Hongje‑dong, delivering 177 units of 59 m² and 84 m² apartments with ample parking and storage. Recent transactions for comparable new apartments have topped 13 billion won, reflecting heightened buyer interest amid limited supply.