Trends in South Korea's Average Apartment Transaction Prices, 2006 to April 2024

This chart illustrates the trends in South Korea's average apartment transaction prices from 2006 to April 2024. During this period, apartment prices have shown an overall upward trend. Notably, major cities like Seoul, Busan, and Incheon have seen significant increases, reflecting growth in the real estate market. Despite regional variations in the rate of increase, apartment prices have risen nationwide.

The most significant increase was in Seoul, where the average price in January 2006 was approximately $215,325.93 (290,690,000 KRW). By April 2024, it soared to $784,185.19 (1,058,650,000 KRW), marking a 364.19% increase. This sharp rise reflects the continually high demand for housing in the capital city.

Ulsan also experienced a significant increase. Its average price climbed from $65,596.30 (88,550,000 KRW) in January 2006 to $223,655.56 (301,940,000 KRW) in April 2024, a 340.97% surge. Other major cities, such as Incheon, Busan, and Gwangju, also saw notable increases, each surpassing 300% growth.

In the provinces, Jeju Special Self-Governing Province, Jeollanam-do, and Jeonbuk Special Self-Governing Province all achieved over 300% growth. Jeju's average apartment price increased from $75,622.22 (102,140,000 KRW) in January 2006 to $245,044.44 (331,810,000 KRW) in April 2024, a 324.85% rise.

Conversely, Chungcheongnam-do (217.89%) and Daejeon (212.88%) showed relatively lower growth rates but still demonstrated substantial price increases.

Overall, this price rise reflects urbanization, population concentration, and sustained demand for apartments in South Korea. It also highlights regional differences in the real estate market and changes in the country's housing culture.

Note: The conversion rate used was 1 USD = 1,350 KRW.

The average apartment transaction price is the average price of apartments traded within a specific region over a certain period. It's a key indicator for understanding overall real estate market trends.

January 2006

  1. Seoul : $215,326
  2. Gyeonggi Province : $118,918
  3. Daejeon : $109,163
  4. Daegu : $94,118
  5. Busan : $87,052
  6. Incheon : $85,748
  7. Jeju Province : $75,659
  8. Gwangju : $67,178
  9. Ulsan : $65,593
  10. South Chungcheong Province : $65,037

January 2015

  1. Seoul : $335,992
  2. Gyeonggi Province : $198,429
  3. Daegu : $184,622
  4. Busan : $173,992
  5. Incheon : $169,281
  6. Ulsan : $157,133
  7. Daejeon : $147,978
  8. Jeju Province : $137,326
  9. South Gyeongsang Province : $134,822
  10. Gwangju : $123,770

January 2022

  1. Seoul : $712,347
  2. Gyeonggi Province : $341,852
  3. Incheon : $240,666
  4. Busan : $232,822
  5. Daegu : $218,244
  6. Daejeon : $215,555
  7. Jeju Province : $206,666
  8. Ulsan : $196,059
  9. Gwangju : $183,126
  10. South Gyeongsang Province : $154,770

April 2024

  1. Seoul : $784,184
  2. Gyeonggi Province : $357,303
  3. Incheon : $280,681
  4. Busan : $279,022
  5. Jeju Province : $245,785
  6. Daegu : $243,578
  7. Daejeon : $232,392
  8. Ulsan : $223,659
  9. Gwangju : $212,518
  10. South Gyeongsang Province : $172,355

전체
National Rankings
Asia & Oceania
Europe
South America
North America
Africa
Southeast Asia
Sports
Soccer
Economy
GDP
stock
Society
Population Pyramid
Real Estate
Culture
Movies
Travel
Games
Science & Technology
Continent Rankings
politics
Trends in South Korea's Average Apartment Transaction Prices, 2006 to April 2024

Trends in South Korea's Average Apartment Transaction Prices, 2006 to April 2024

This chart illustrates the trends in South Korea's average apartment transaction prices from 2006 to April 2024. During this period, apartment prices have shown an overall upward trend. Notably, major cities like Seoul, Busan, and Incheon have seen significant increases, reflecting growth in the real estate market. Despite regional variations in the rate of increase, apartment prices have risen nationwide.<NEWLINE><NEWLINE>The most significant increase was in Seoul, where the average price in January 2006 was approximately $215,325.93 (290,690,000 KRW). By April 2024, it soared to $784,185.19 (1,058,650,000 KRW), marking a 364.19% increase. This sharp rise reflects the continually high demand for housing in the capital city.<NEWLINE><NEWLINE>Ulsan also experienced a significant increase. Its average price climbed from $65,596.30 (88,550,000 KRW) in January 2006 to $223,655.56 (301,940,000 KRW) in April 2024, a 340.97% surge. Other major cities, such as Incheon, Busan, and Gwangju, also saw notable increases, each surpassing 300% growth.<NEWLINE><NEWLINE>In the provinces, Jeju Special Self-Governing Province, Jeollanam-do, and Jeonbuk Special Self-Governing Province all achieved over 300% growth. Jeju's average apartment price increased from $75,622.22 (102,140,000 KRW) in January 2006 to $245,044.44 (331,810,000 KRW) in April 2024, a 324.85% rise.<NEWLINE><NEWLINE>Conversely, Chungcheongnam-do (217.89%) and Daejeon (212.88%) showed relatively lower growth rates but still demonstrated substantial price increases.<NEWLINE><NEWLINE>Overall, this price rise reflects urbanization, population concentration, and sustained demand for apartments in South Korea. It also highlights regional differences in the real estate market and changes in the country's housing culture.<NEWLINE><NEWLINE>*Note: The conversion rate used was 1 USD = 1,350 KRW.*