Seoul Apartments See Surge in High-Cost Monthly Rents
Luxury apartments in Seoul are experiencing a surge in high-cost monthly rental contracts, bucking trends as rental agreements outpace traditional charter contracts.
Luxury Apartment Hotspots
Of the 75 apartment contracts signed in Seoul so far this year, data indicates that nine were for units in ‘Acro Seoul Forest’ in Seongsu-dong, Seongdong-gu—approximately 12% of the total.
Record-Breaking Rent
The highest rent recorded was for a 200m2 unit within the same complex, commanding a deposit of ₩500 million (approximately $380,000 USD) and a monthly rent of ₩30 million (around $22,800 USD).
Areas with Ultra-High Rent Contracts
Several districts are seeing clusters of properties commanding rents above ₩10 million per month: Yongsan-gu (24 cases), Seongdong-gu (22), Gangnam-gu (13), Seocho-gu (13), and Yeongdeungpo-gu (2).
Yongsan-gu Leads in High Rents
Within Yongsan-gu, the highest rents were observed for apartments measuring 206.9㎡ (₩25 million), Central Park 237.9㎡ (₩25 million), and Hannam The Hill 208.5㎡ (₩21 million).
Rental Contracts on the Rise
This year, monthly rent contracts are outpacing charter contracts; according to the Korea Real Estate Board, Seoul’s Jeonse Price Index, a key indicator of charter prices, has seen a steady increase in recent months (Korea Real Estate Board).
National Trends
Data from the court’s registered information plaza shows a total of 74,373 national housing rent contracts were registered (as of the 16th of last month), a 23.9% increase compared to the same period last year. Charter contracts only grew by 7.4%, with 47,165 cases.
