Seoul Apartments Have Been Rising for 83 Straight Weeks

83 weeks. That's one year and eight months — and Seoul apartment prices haven't dropped once during that stretch. Not when interest rates climbed. Not when the economy wobbled. Every time it seemed like prices were finally going to cool off, they didn't. It kept going.

Why Won't Seoul Apartment Prices Come Down?

The biggest reason is simple: not enough new apartments are being built. Seoul has almost no undeveloped land left. Redevelopment projects take years, sometimes decades, while demand keeps flowing in. Families want to live near good schools. Workers want to live near their offices. That demand doesn't go away — but the supply of homes barely grows. Think of it this way: every year, new families want to move near Gangnam's schools, but the apartment buildings there were mostly built in the 2000s and haven't changed.

It's Not Just Gangnam — Seongbuk and Gwangmyeong Are Surging Too

Here's where it gets really interesting. Some apartments in Seongbuk-gu rose nearly 99% in a year. Gwangmyeong — a city right on Seoul's border — saw jumps of around 102% in certain areas. This happens because of what you might call a "catch-up effect." When Gangnam gets too expensive, buyers look at Seongbuk. When Seongbuk gets pricey, they look at Gwangmyeong. Demand ripples outward like a wave, pulling prices up across the entire metro area.

Why Monthly Rents Over 3 Million Won Are Spreading

Seoul is seeing a surge in ultra-high monthly rents — places going for over 3 million won (roughly $2,200) a month. The reason traces back to interest rates. Korea has a unique rental system called jeonse, where tenants pay a large lump-sum deposit instead of monthly rent. But when interest rates are high, landlords earn more by collecting monthly payments than by holding a big deposit in the bank. So landlords are switching to monthly rent — and with fewer jeonse options available, tenants are left with less choice and steeper bills.

Rising apartment prices mean completely different things depending on where you stand. If you already own a home, your net worth is growing. If you're still renting, you're watching your monthly rent bill climb higher. Those 83 weeks carry a very different weight depending on which side of that line you're on.