Credit: Public domain.
According to the Ministry of Land and Transportation 국토교통부, the average sale price for a residential real estate unit in Seoul 서울 was KRW 1.0b (USD 657k) in May 2026, breaking the KRW 1b mark for the first time ever. The average sale price for high-rise condos, by far the most popular type of residence, was KRW 1.3b (USD 844k).
The rising cost of housing was a contributing factor in the ruling Democratic Party 민주당’s surprising loss in the Seoul mayoral race in the June 3 Local Elections 지방선거. Pressure for desirable homes is being increased by South Korea’s red-hot stock market, as well as generous bonus payments from leading semiconductor firms such as SK Hynix SK 하이닉스 and Samsung Electronics 삼성전자. (See previous coverage, “The AI Windfall.”)
