Business · Markets · 18 hrs ago
Seoul Home Prices Rise for 90 Weeks as Bubble Concerns Grow
Seoul home prices have risen for a record 90 straight weeks, according to figures through October 26.
A Bank of Korea survey found expectations of rising home prices were unusually high in September, especially in Seoul.
The current upswing began in Seocho district last year and has spread unevenly, with recent gains concentrated in Nowon, Jungnang and Gangbuk in northern Seoul.
The analysis compares this pattern with the 2021 peak, when price gains in outer northern districts marked the late stage of an earlier boom.
Nowon prices remain well below Gangnam’s, but the author says a rise toward 40% of Gangnam’s price level could signal that the current cycle is ending.
Jungnang and Gangbuk are also being watched because their recent gains have been strong despite fewer stated development drivers.
Higher mortgage rates could put pressure on northern Seoul, where buyers rely more on borrowing, and the analysis says the pace of those districts’ price gains will be important to watch.
Seoul home prices have risen for 90 consecutive weeks, setting a new record, according to Korea Real Estate Board data as of October 26.
A Donga Ilbo analysis says housing-price expectations are exceptionally high, especially in Seoul, raising concerns about a possible bubble.
The article says recent price gains have been concentrated in parts of northern Seoul, including Nowon, Jungnang and Gangbuk districts.
It warns that higher global interest rates could put pressure on northern Seoul, where households rely more on borrowing than in southern Seoul.
The analysis says Nowon’s average price per pyeong is 28% of Gangnam’s, below the 40% ratio recorded at the 2021 market peak.
- Who
- Seoul home buyers and the housing market, as discussed in a Donga Ilbo analysis by Jo Young-gwang.
- What
- Seoul home prices have risen for 90 consecutive weeks, prompting concern about a possible bubble.
- When
- The 90-week rise was reported in an article published on November 7, 2026; the price data cited are as of October 26.
- Where
- Seoul, South Korea, with particular attention to Nowon, Jungnang and Gangbuk districts.
- Why
- Housing-price expectations are elevated, while gains in some northern districts and rising global interest rates may signal risks.
This story does not have two clearly opposing sides.
Price increases began in Seoul’s Gangnam and Songpa districts, and spread to most districts by the third quarter.
At the previous bubble-cycle peak, Dobong and Jungnang were the only Seoul districts with price gains above 5%.
Seoul home prices began falling as global interest rates rose.
The current price-rise cycle began in Seocho district, according to the analysis.
Nowon, Jungnang and Gangbuk recorded gains above 3%, while other parts of Seoul were around flat.
Korea Real Estate Board data showed that Seoul home prices had risen for 90 consecutive weeks.
- Consecutive weekly rises
- 90 weeks
- Seoul housing-price outlook CSI
- 133 points in September
- Nowon average price per pyeong
- 2.789 million won
- Gangnam average price per pyeong
- 9.85 million won
- Fixed-rate mortgage rate
- 4.8% in August
- Floating-rate mortgage rate
- 4.5% in August
What people are saying
There is no business that can beat interest rates.
Seoul home prices will not fall, and their gains will be substantial.