Rising Jeonse Price of Apartments in Seoul
- Eunyo Hwang
- Apr 19
- 2 min read
Apr 19, 2026
Eunyo Hwang
In Seoul, South Korea, the average price of apartments for rent has surpassed 600 million won in 3 years and 4 months, according to public statistics. Due to economic inflation in diverse sectors—which include the skyrocketing price of oil—rent prices are increasing as well, gaining concern among Korean citizens. The rate is getting closer to the peak price of the ‘Jeonse crisis,’ and the price is anticipated to escalate substantially, considering the trend of inflation in the nation.
According to the Korea Real Estate Board (REB), the mean price of apartments in Seoul was identified as nearly 614.9 million won as of March in 2026; the price has risen approximately 3.25 million won compared to February. Seocho, one of the most prominent districts both for residents and tourists, was confirmed to have apartments with an average price of 1.1 billion won, which already exceeded the mean price by a considerable amount. The district has the highest rate among all the others in Seoul, followed by Gangnam, with 683 million won, and Gangbuk, with 516 million won.
Speculating based on the data in Seocho, experts mentioned that the price of apartments in other districts in Seoul could easily surpass 700 million won. With Seocho, which has already exceeded 1 billion won, Korean citizens are apprehensive about the potential increase in their apartment prices. Young adults who reside in Seoul are finding it difficult to find housing for themselves, and if the rates continue to surge, they cannot help but move to other provinces in the nation, which could affect their job careers and everyday convenience.
In that sense, rising prices of apartments in Seoul do not only highlight the economic issue that numerous people are facing in South Korea. It has a tremendous impact on the everyday life of individuals, real estate middlemen, and even foreigners who plan to settle in the nation. As more than half of the Koreans reside in Seoul, the increasing price of housing would affect the population density as well.
