Seoul housing rents, sales and lease prices hit record highs

June 2024 data from the Korean Real Estate Board show a triple surge in Seoul’s housing market. The overall sales‑price index rose 1.03 % month‑on‑month, taking the year‑to‑date gain to 5.07 %. The lease‑price (전세) index climbed 1.08 % and the apartment lease rate jumped 1.37 %, the strongest since September 2011. Monthly rent (월세) prices increased 0.96 % overall and 1.15 % for apartments – the highest rise recorded since the index began in June 2015.

The steepest gains were recorded in districts such as Seongdong, Nowon, Songpa, Seongbuk and Gangdong, where large complexes and transit‑rich areas attracted strong tenant demand. In Gyeonggi Province, Hwaseong’s Dongtan district posted a 6.81 % rise in lease prices, leading the region.

The board attributes the price spikes to continued demand for well‑located, high‑quality housing despite some cautious sentiment in peripheral or older complexes. Average monthly rent in Seoul now stands at about 1.28 million KRW, while average sale and lease prices remain among the nation’s highest.