Official Multi-Family Home Prices Rise 9.13%... Seongdong-gu in Seoul Tops at 29% (Comprehensive)

This year, the officially announced prices for multi-family housing (apartments, row houses, and multiplex housing) increased by an average of 9.13% nationwide, with Seoul recording an approximate 18% rise-the only double-digit increase among the 17 major cities and provinces. The number of opinion submissions regarding the preliminary announcement of the official prices surged to 3.5 times last year's figure, yet the acceptance rate was the lowest in the past five years. Nearly half of the opinions came from the three Gangnam districts (Gangnam, Seocho, and Songpa), where the burden of property holding taxes has grown, and most of them requested a reduction in the officially announced prices.

Seongdong District Residential Area. Photo by Cho Yongjun

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The Ministry of Land, Infrastructure and Transport announced on the 29th that it had collected feedback from owners, stakeholders, and local governments on the preliminary official prices for 20 days, from March 18 to April 6, and would confirm and announce the final prices on the 30th. This year's official prices were calculated by applying the same realization rate (actual price reflection rate) of 69% as last year.

During the review period, a total of 14,561 opinions were submitted, a 252% increase compared to the previous year's 4,132 submissions. After declining since 49,601 submissions in 2021, this year saw a sharp rebound. However, only 13.1% of the opinions were accepted, about half of last year's 26.1%, marking the lowest acceptance rate in the last five years.

Requests to lower prices due to reasons such as falling housing prices accounted for 11,606 cases (79.7%), making up the majority, while requests for an increase totaled 2,955 cases (20.3%). After a feasibility review, the government adjusted the official prices for 1,903 cases (13.1%). As a result, the final change rate for officially announced prices nationwide slightly decreased from 9.16% to 9.13%.

Among the 17 major cities and provinces nationwide, Seoul was adjusted downward by 0.07 percentage points, Jeju by 0.05 percentage points, and both Daegu and Gwangju by 0.02 percentage points each, while Gyeonggi and Busan were each lowered by 0.01 percentage points. Daejeon was the only city to be adjusted upward by 0.01 percentage points.

Accordingly, the officially announced price for multi-family housing in Seoul this year rose by 18.60% compared to last year. Gyeonggi rose by 6.37%, Sejong by 6.28%, and Ulsan by 5.22%. In contrast, Jeju (-1.81%), Gwangju (-1.27%), Daejeon (-1.11%), and Daegu (-0.78%) saw decreases.

Seoul Autonomous Districts Officially Announced Price Change Rates. Unit: %. Ministry of Land, Infrastructure and Transport

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Among the 25 autonomous districts in Seoul, Seongdong-gu recorded the highest increase in officially announced prices at 28.98%. It was followed by Gangnam-gu (25.83%), Songpa-gu (25.46%), Yangcheon-gu (24.01%), Yongsan-gu (23.62%), Dongjak-gu (22.71%), Gangdong-gu (22.51%), Gwangjin-gu (22.20%), Seocho-gu (22.05%), and Mapo-gu (21.24%), with the top ten districts all showing increases in the 20% range. The so-called 'Hangang Belt' districts saw the most pronounced upward trend.

On the other hand, Dobong-gu saw only a 2.01% increase. Other outlying districts such as Geumcheon-gu (2.81%), Gangbuk-gu (2.87%), Jungnang-gu (3.30%), Nowon-gu (4.36%), and Eunpyeong-gu (4.43%) posted single-digit increases. The gap in increase rates between Seongdong-gu and Dobong-gu reached 26.97 percentage points, highlighting the polarization of officially announced prices even within Seoul.

A total of 10,166 opinions were submitted in Seoul, accounting for 69.8% of the national total (14,561). By district, Gangnam-gu had the most submissions (2,797), followed by Songpa-gu (1,189), Seocho-gu (887), Yangcheon-gu (777), Mapo-gu (509), Dongjak-gu (498), and Yongsan-gu (482). The three Gangnam districts (Gangnam, Seocho, and Songpa) alone accounted for 4,873 submissions, about 48% of Seoul’s total, with 4,749 of these (97%) requesting a downward adjustment. In Gyeonggi Province, Gwacheon City recorded 1,124 submissions and Bundang-gu in Seongnam City had 603.

The acceptance rate varied significantly by district. Dongdaemun-gu had the highest rate in Seoul, with 94 out of 138 submissions (68.1%) accepted. In Gangnam-gu, 576 of 2,797 submissions (20.6%) were adjusted. Yangcheon-gu (2.7%), Bundang-gu (3.0%), and Gwacheon City (2.6%) all had single-digit acceptance rates. By housing type, apartments received the most feedback (11,887 cases), with 10,928 (91.9%) requesting downward adjustments. For multiplex housing (2,281 cases), upward requests were predominant (1,802 cases, 79%).

2026 Apartment Officially Announced Prices Change Rates by City and Province. Ministry of Land, Infrastructure and Transport

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The most expensive multi-family housing in the country was Eterno Cheongdam (exclusive area 464.11㎡) in Cheongdam-dong, Gangnam-gu, Seoul, with an officially announced price of KRW 32.57 billion. This is the first time that the official price for a multi-family home in Korea has exceeded KRW 30 billion.

The second most expensive was Nine One Hannam (exclusive area 244.72㎡, KRW 24.28 billion) in Hannam-dong, Yongsan-gu, followed by PH129 (exclusive area 407.71㎡, KRW 23.23 billion) in Cheongdam-dong, Gangnam-gu.

For the first time, Warner Cheongdam (exclusive area 341.6㎡, KRW 22.48 billion) in Cheongdam-dong, Gangnam-gu, was included in the official price list and ranked fourth, while Acro Seoul Forest (exclusive area 273.93㎡, KRW 20.71 billion) in Seongsu-dong 1-ga, Seongdong-gu, came in fifth.

DLDJ Hannam The Hill (KRW 16 billion), Coburn House (KRW 14.04 billion), Raemian One Bailey (KRW 13.56 billion), Acro River Park (KRW 13.19 billion), and Park Hannam (KRW 12.82 billion) followed in ranking.

All of the top 10 properties were concentrated in Seoul. There were four in Hannam-dong, three in Cheongdam-dong, two in Banpo-dong, and one in Seongsu-dong.

This year, the number of homes subject to the comprehensive real estate tax for single-home owners-those with an officially announced price exceeding KRW 1.2 billion-reached 486,719 (3.07%), up by 168,721 homes (53.1%) from last year’s 317,998 (2.04%). The number of homes subject to the tax decreased by 909 compared to the 487,628 announced in last month's preliminary announcement.

Homes with officially announced prices exceeding KRW 1.2 billion are concentrated in Seoul. Within Seoul, 289,151 homes exceed KRW 1.5 billion, accounting for 89.7% of the national total (322,371). Virtually all of the 50,381 homes valued at over KRW 3 billion are also located in Seoul. Meanwhile, there are 4,564,512 homes nationwide with an official price below KRW 100 million (28.8%), showing a clear numerical polarization between high- and low-priced properties.

The national average officially announced price was KRW 285.83 million. Seoul had the highest (KRW 664.65 million), followed by Sejong (KRW 303.41 million) and Gyeonggi (KRW 292.74 million). Provinces such as North Gyeongsang (KRW 104.3 million), South Jeolla (KRW 106.59 million), and South Chungcheong (KRW 120.29 million) fell short of half the national average.

The officially announced prices for multi-family housing in 2026 can be checked starting from the 30th through the Real Estate Price Announcement website or at the civil service offices of each city, county, or district office. If there are objections to the official price, appeals may be submitted until May 29. In addition to online submission through the website, appeals can be filed in person at the Ministry of Land, Infrastructure and Transport, city/county/district offices, or the relevant branch of Korea Real Estate Board, as well as by mail or fax.

The Korea Real Estate Board plans to conduct a re-investigation of submitted appeals and will notify applicants of the results by June 26.

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