Seoul’s real estate market has always been a barometer for the country’s economic mood, but in recent months, the city’s apartment sector has taken a wild ride—marked by dramatic price swings, a severe shortage of rental properties, and a growing sense of unease among both buyers and renters. The latest figures, as of April 24, 2026, paint a picture of a market at a crossroads, with some neighborhoods witnessing eye-popping gains while others experience sharp corrections.
At the heart of this volatility is a severe crunch in the jeonse (long-term lease) market, particularly in districts like Seongbuk-gu. According to Newsis, a survey of seven major apartment complexes near Gireum Station revealed a startling fact: out of 5,669 households, only four jeonse listings were available. Some large complexes, such as Raemian Crisciel (1,168 households), Jongam I-Park 1st (513 households), and Jongam I-Park 2nd (782 households), had no jeonse or even monthly rent listings at all. Raemian Serenity (955 households) had just a single monthly rent listing, and not a single jeonse offer.
This scarcity is not just anecdotal. The Korea Real Estate Board reported that Seoul’s jeonse supply-demand index hit 108.4 in the third week of April—the highest figure in nearly five years. In the city’s northeastern region, which includes Seongbuk-gu, the index soared to 111.3, signaling that demand for jeonse far outstrips supply. A local real estate agent told Newsis, "There’s such a shortage of both jeonse and monthly rent that prices are rising across the board. Landlords can raise prices and tenants just have to accept it."
Why is this happening? Experts point to a cocktail of government regulations and market dynamics. Last year’s tightening of mortgage rules made it harder for buyers to take out loans unless they planned to live in the property themselves. The expansion of designated land transaction permit zones has also made speculative investments—known locally as gap investments—nearly impossible. Add to that the upcoming reinstatement of heavier capital gains taxes for owners of multiple homes (effective May 9), and there’s little incentive for landlords to keep their properties on the rental market. Instead, many are opting to sell, shrinking the pool of available rentals even further.
The result? As of April 23, Seoul’s apartment jeonse listings had plummeted by 33.7% compared to the start of the year. And with supply so tight, prices are shooting up. The citywide jeonse price index rose 0.22% in a single week—its fastest pace in over six years. In Seongbuk-gu, the jump was even steeper at 0.39%, the highest since October 2015. This shortage is so acute that it’s not just renters who are affected; the sales market is feeling the squeeze too. With tenants unable to find new places to move, they’re refusing to vacate, which in turn prevents sales transactions from closing. One Jongam-dong realtor lamented, "There are no properties for tenants to move into, so they can’t leave. That means sellers can’t hand over their homes, and deals just fall through."
The jeonse drought is forcing would-be renters further afield. According to Newsis, there’s a noticeable spillover effect, with demand pouring into adjacent Gyeonggi Province. There, the sales supply-demand index climbed to 102.4, its highest since late 2021, and jeonse prices have risen for three consecutive weeks. Hotspots like Gwangmyeong (up 0.48%) and Yongin Giheung-gu (up 0.30%) are seeing especially brisk increases. Yet, even in these outlying areas, available listings are scarce, leaving many house-hunters frustrated.
Meanwhile, the sales market itself is a study in contrasts. Some apartment complexes are enjoying historic price jumps, while others are seeing steep declines. Data from real estate platform Hogangnono, reported by Etoday and Newspim, shows that the Top Village 3rd Complex Towerville in Seongnam-si, Gyeonggi Province, saw its transaction price soar by 555 million KRW (45%) to 1.77 billion KRW, the largest gain nationwide. In Seoul, Munjeong Raemian in Songpa-gu posted a 500 million KRW (29%) increase, selling for 2.18 billion KRW. Incheon’s Songdo The Sharp Harborview 13th Complex also made headlines with a 435 million KRW (37%) jump to 1.6 billion KRW. Other notable gains were seen in Siheung, Anyang, and various parts of Seoul and Gyeonggi.
But it’s not all rosy. The same data revealed that high-end districts like Gangnam and Seocho are experiencing significant price corrections. The Hanyang 1st complex in Gangnam saw its price drop by 700 million KRW (11%) to 5.4 billion KRW, marking the largest decrease in Seoul. Songpa’s Hyundai complex fell by 6.56 billion KRW (a whopping 42%), and Seocho’s Raemian One Bailey dropped by 6.3 billion KRW. Even outside the city’s elite neighborhoods, places like Eunpyeong-gu and Dobong-gu are seeing declines of 4 to 5 billion KRW in some complexes.
This divergence is creating a sense of whiplash for buyers and sellers alike. Middle and lower-priced apartments in districts such as Songpa and Yangcheon are leading the price gains, while luxury properties in Gangnam and Seocho adjust downward. According to Newspim, the gap between rising and falling prices is wider than ever, underscoring the market’s unpredictability.
Zooming in on specific complexes, the Raemian Oksu Riverzen in Seoul—completed in late 2012 and home to 1,511 households across 15 buildings—offers a microcosm of the broader market. Over the past six months, this complex saw an average of 1.8 sales per month. The most active segment was the 59㎡ unit, which recently traded for about 2.275 billion KRW. Average prices for other sizes over the same period were: 2.28 billion KRW for 59㎡, 2.45 billion KRW for 84㎡, 2.9 billion KRW for 113㎡, and 3.36 billion KRW for 134㎡ units.
So, what’s the way forward? Experts like Professor Kwon Dae-jung of Hansung University’s economics and real estate department argue that the underlying problem is a chronic lack of new supply. He notes, "This year, the expected number of new apartment move-ins in Seoul is about 27,000 households—far short of what’s needed." He advocates for revitalizing non-apartment housing and easing regulations to restore balance to the market.
As Seoul’s real estate market lurches between soaring prices, sudden drops, and a vanishing rental supply, both policymakers and ordinary citizens are left searching for answers. For now, the only certainty is more uncertainty ahead.