Seongbuk-gu apartment prices surge 13% this year, leading Seoul gains

Apartment prices in Seoul's Seongbuk-gu have surged more than 13% this year, the highest rate of increase among the capital's major districts. Analysts say real end-user demand has flowed into mid-to-low-priced complexes where loan financing remains accessible, with Seongbuk-gu's strong connections to the city center making it a standout destination.

According to the Korea Real Estate Board's weekly apartment price survey for the fifth week of August 2026 (based on Monday), Seongbuk-gu posted the highest weekly price gain in Seoul at 0.54%, following 0.55% the previous week. The district's cumulative increase for the year reached 13.05 percent.

Record-high transactions have followed in quick succession. Data from the Ministry of Land, Infrastructure and Transport's actual transaction price disclosure system show that an 84-square-meter unit at Raemian Jangwi First High in Jangwi-dong changed hands on Aug. 7 for 1.527 billion won ($1.12 million), setting a new high for the complex.

Multiple unit sizes at Gileum New Town 6th Complex Raemian in Gileum-dong also hit record prices. A 113-square-meter unit sold for 1.685 billion won on Aug. 18. That same unit type had traded at 1.59 billion won on June 5 and 1.67 billion won on July 16 before breaking its record last month. An 84-square-meter unit at the same complex sold for 1.545 billion won on Aug. 13 — a notable climb from the 1.3 billion won range it was fetching as recently as January.

The pace of gains accelerated in the second half of the year. A 101-square-meter unit at Raemian Jangwi Fore County in Jangwi-dong sold for 1.5 billion won on July 1, up 190 million won from its previous transaction of 1.31 billion won on Jan. 5. A 101-square-meter unit at Raemian Jangwi First High also sold for 1.58 billion won on July 25.

Raemian Gileum Centerpiece, widely regarded as the flagship complex in Gileum-dong, recorded a new high when an 84-square-meter unit sold for 2 billion won on July 20. The head of a real estate agency in Gileum-dong said the asking price for 84-square-meter units at the complex has already climbed to 2.1 billion won, even though no deal has been struck at that level yet, and added that some buyers are moving into Seongbuk-gu from higher-priced districts.

Apartment prices across Seongbuk-gu and other outer districts of Seoul have risen across the board. The trend reflects concentrated real demand in mid-to-low-priced complexes that carry relatively lighter loan restrictions and tax burdens. Korea Real Estate Board data show that average apartment sale prices in northern Seoul rose sharply from January to July: Seongbuk-gu from 829.56 million won to 907.71 million won, Nowon-gu from 644.58 million won to 686.47 million won, Dobong-gu from 581.14 million won to 611.4 million won, Gangbuk-gu from 601.16 million won to 643.13 million won, and Jungnang-gu from 624.19 million won to 661.29 million won.

Rising jeonse prices are also stoking demand to buy. As of Monday, jeonse prices in Seongbuk-gu rose 0.38 percent in a single week. In outer districts where the gap between sale prices and jeonse deposits is relatively narrow, agents on the ground say a growing number of end-users are topping up their jeonse deposits with loans to make a purchase.

Large-scale redevelopment is also lifting prices. Renovation projects covering roughly 39,300 households are underway centered on the Jangwi and Gileum new towns, with follow-on redevelopment in Jangwi District 15 and Jangwi District 13 also picking up pace. Jangwi Prugio Mark One, a new apartment development built on the redeveloped Jangwi District 10 site that launched pre-sales in June, has a top pre-sale price of 1.766 billion won for its 84-square-meter units — a benchmark that observers say is raising price expectations for new-build apartments in the area.

Expectations around expanded transport links are also growing. The Seoul Metropolitan Government's third urban rail network plan, announced in June, reinstated the Gangbuk Cross Line, which had failed to clear a preliminary feasibility review in 2024. The proposed 25.79-kilometer route would connect Mokdong Station and Cheongnyangni Station, and Seoul is working through the necessary procedures with a goal of securing Ministry of Land, Infrastructure and Transport approval in the second half of this year.

Experts say the gains reflect the combined effect of loan regulations and transport conditions. Son Jae-young, a real estate professor at Konkuk University, said demand has concentrated in Seongbuk-gu because it offers a good living environment and strong access to the city center among the outer districts where mortgage borrowing is still feasible. He added that transport infrastructure is so critical that improvements in that area can have a meaningful impact on home prices.