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Seoul's apartment market is undergoing significant changes. Seoul's apartment market is undergoing significant changes. The phrase "얼죽신" (meaning "I'd rather freeze to death than live in anything but a new build") encapsulated the recent trend of favoring newly constructed apartments. However, the government's announcement of the Reconstruction and Redevelopment Promotion Act is set to shift this trend. In this post, we’ll explore the current state and future outlook of Seoul’s apartment market in light of these changes. In recent years, Seoul's apartment market has been dominated by a strong preference for newly constructed buildings. Many buyers avoided the uncertainty and high costs associated with reconstruction projects, opting instead for the safety and modernity of new builds. This trend resulted in a widening price gap between newly built and older apartments, even within the same neighborhood. A prime example of this is found in Seoul’s ...

Seoul Apartment Recently, Seoul's apartment market has experienced a simultaneous increase in both transaction volume and prices. This trend extends beyond traditional hotspots like Gangnam, Seocho, and Songpa, affecting areas such as Seongbuk and Seodaemun as well. However, the nature of this rise appears different from past surges. In this post, we'll explore the current state of Seoul's apartment market, how it differs from previous periods, and why these changes are happening. 1. Current State of Seoul's Apartment Market According to the Seoul Real Estate Information Plaza, the average transaction price of apartments in Seoul exceeded 1.2 billion KRW for the first time last month. This figure is higher than the peak prices seen in late 2021 to early 2022. Additionally, the number of transactions has significantly increased, with 6,936 apartment sales recorded last month—the highest since December 2020. 2. Price Increases in Diverse Areas While previous price hikes ...