In May 2024, the average price of an apartment purchase in South Korea was around 5.55 million South Korean won per square meter. The apartment price was highest in Seoul with about 12.7 million won per square meter, almost twice as much as following Gyeonggi Province with around 6.4 million won per square meter.
The centrality of Seoul
Boasting a population of over nine million people and accounting for a large part of the country’s GDP, the capital city is both economically attractive and notoriously expensive in terms of housing. Going by mean apartment selling prices, Seoul’s southern and southeastern Gangnam and Seocho rank highest.
Changing trends
For a society which traditionally expected for its younger generations to care for their elders, these norms began to soften up in the country. The first two decades of the century saw the share of one person households more than double. As the principal age groups that reside in such households areyounger people, the country is expected to continue building housing units in the future.
