Seoul: Officially announced prices of apartments in Seoul jumped 18.67 percent in 2026 at the fastest pace in five years, driven by sharp gains in home values in the capital's upscale districts and areas along the Han River, the transport ministry said Tuesday.
According to Yonhap News Agency, the increase is the highest since 2021, when prices rose 19.91 percent, and the third largest since the apartment price disclosure system was introduced in 2005. The surge reflects strong gains last year in high-end apartment complexes in southeastern Seoul-districts of Gangnam, Seocho, and Songpa-as well as in areas along the so-called Han River belt, the Ministry of Land, Infrastructure and Transport said in a press release.
Publicly assessed prices of apartments in the "Gangnam trio" rose by an average of 24.7 percent, with gains of 26.05 percent in Gangnam, 25.49 percent in Songpa, and 22.07 percent in Seocho. Eight districts along the Han River-Seongdong, Yangcheon, Yongsan, Dongjak, Gangdong, Gwangjin, Mapo, and Yeongdeungpo-rose an average of 23.13 percent last year.
By contrast, the remaining 14 districts reported an average increase of 6.93 percent, highlighting widening disparities within the capital. Outside Seoul, official apartment prices rose an average of 3.37 percent. The officially announced land prices serve as a basis for property taxation.
As a result, owners of apartments in the Gangnam districts and the Han River belt are expected to see their property tax burden rise by 40 to 50 percent this year. Apartments with posted prices exceeding 1.2 billion won (US$804,000)-the threshold for owners of a single home-jumped 53.3 percent on-year to 487,362 units nationwide this year. About 85 percent of these homes are located in Seoul. These properties are subject to the comprehensive real estate holding tax, an additional levy imposed on owners of high-value homes.
The official prices for the country's 15.85 million apartments rose 9.16 percent this year. This year's prices reflect market trends over the past year, while the posted price realization rate-a measure of how closely assessed values align with market prices-remained unchanged at 69 percent, the ministry said. The government will finalize and publish the posted prices on April 30 after gathering public feedback and receiving the Central Real Estate Price Disclosure Committee's review, it said.