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Seoul Luxury Home Prices Soar 25% in a Year...10 Times Higher Than Global Average

Seoul Luxury Home Prices Soar 25% in a Year...10 Times Higher Than Global Average

While OECD and BIS statistics showed South Korea's housing price increases lower than major countries, the situation was significantly different when looking solely at Seoul's luxury homes. In a Knight Frank survey, Seoul recorded the second-highest rate of increase among major global cities, following Tokyo. This is analyzed as a result of multiple factors including a surge in high-end housing centered on the Gangnam 3 districts and the Han River Belt, the statistical bias caused by underperformance in non-Seoul metropolitan areas, and limitations of sample survey methodologies.

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