We have recently conducted a housing survey for Seoul in Korea. Please note that our numbers are just standard ranges and there are actually some houses which are out of the range we provided. Please refer to our result from housing survey for Seoul below. 

Housing Survey

CITY: Seoul                                                                          

LOCAL CURRENCY: Korean Won                         

 MONTHLY RENTAL COSTS IN LOCAL CURRENCY (Korean Won)

Type of Property

Low-Level

Price Range

Mid-Level

Price Range

High-Level

Price Range

*1 Bedroom Apt / Studio 1.5 – 3 Million 2 – 4 Million 3 – 4.5 Million
2 Bedrooms Apt 2 – 3.5 Million 3 – 4.5 Million 3.5 – 5 Million
3. Bedrooms Apt 4 – 5.5 Million 4.5 – 6 Million 5 – 7 Million
4 Bedrooms Apt 5 – 7 Million 6 – 8 Million 9 – 11 Million
3 Bedrooms House N/A N/A N/A
4 Bedrooms House 8 – 9 Million 10 – 11 Million 12 – 13 Million
5 Bedrooms House 9 – 10 Million 11 – 12 Million 12 – 14 Million

* 1 Bedroom Apt/Studio: One Bedroom can include studio type. Key money or deposits are typically required for these types of properties.

* Apt should include “Villa”.

SIZE AND UTILITIES COST

Type of Property

Size

Utilities Cost (Gas and Electricity)Per Month

Square Meters

Square Feet

1 Bedroom Apt 66 – 82 710 – 890 KRW 150,000 – 200,000
2 Bedrooms Apt 100 – 115 1065 – 1240 KRW 200,000 – 250,000
3 Bedrooms Apt 132 – 148 1420 – 1600 KRW 300,000 – 550,000
4 Bedrooms Apt 230 – 265 2485 – 2840 KRW 400,000 – 850,000
3 Bedrooms House N/A N/A N/A
4 Bedrooms House 265 – 300 2840 – 3200 KRW 900,000 – 1,000,000
5 Bedrooms House 300 – 330 3200 – 3550 KRW 1,000,000 – 1,200,000

*Sizes indicated are for gross space.  Sizes of houses do not include garden here.

*Average monthly utility costs vary with personal usage and seasonal demand. In summer electricity cost is high and in winter gas cost is high.

Areas Surveyed:  Seoul including the areas of Itaewon-dong, Hannam-dong, Bangbae-dong, Seongbuk-dong,  Pyeongchang-dong, Yeonhui-dong, Gangnam-ku & Seocho-ku which are considered to be expat residence areas in Seoul.

Notes

These prices reflect current housing prices for the city of Seoul including the following areas – Itaewon-dong, Hannam-dong (Including the UN Village), Dongbingo-dong, Songbuk-dong, Bangbae-dong and Yeonhui-dong;  Dwelling types are free standing homes with gardens or “Villas” which are complexes similar to condominium listing with 6-16 units in a complex.  Villas will sometimes have a common garden or garden access for those tenants on the first floor.  Villas are typically new with modern construction and interiors.  Recent renovations of older homes have begun to provide the same amenities.  Due to the recent trend in developing new villas on land previously occupied by free standing homes the most prevalent style of housings are the villas.

For more information, please see our other posts here: Moving to Seoul: Housing, Security and School & Housing Market in Seoul Korea: Brand New Apartment.