Seoul land prices climb as Myeong-dong plot retains crown as costliest property in Korea

Apartment complexes in Seoul / Yonhap

By Lee Kyung-min

• Published Apr 30, 2026 3:45 PM KST

Land values across Seoul rose again this year, with nearly every parcel gaining ground and a prime commercial site in Myeong-dong holding its title as the city’s most expensive property for the 23rd consecutive year, Seoul city government officials said Thursday.

The Seoul Metropolitan Government said it finalized and disclosed individual land prices for 857,493 parcels as of Jan. 1, showing an average increase of 4.9 percent from a year earlier.

The increase follows a 4.02 percent rise in 2025, reflecting what officials said is the influence of higher benchmark land prices set earlier this year by the Ministry of Land, Infrastructure and Transport.

Among the city’s districts, Yongsan posted the steepest increase at 9.20 percent, followed by Seongdong at 6.52 percent, Gangnam at 6.30 percent and Seocho at 5.82 percent. Mapo, Gwangjin and Yeongdeungpo also recorded gains above the citywide average.

Of the total parcels, 98.6 percent saw prices rise, while just 0.3 percent declined. About 1.0 percent remained unchanged, and newly assessed plots accounted for 0.1 percent.

The most expensive site is a commercial lot in Myeong-dong, Jung District, priced at 188.4 million won per square meter ($126,000). The location has ranked No. 1 every year since 2004, the city said.

By contrast, the lowest-priced land is a forested plot in Dobong District, valued at 6,940 won per square meter.

Officials said residents can check individual land prices through the Seoul Real Estate Information Plaza or the national property price portal.

Property owners who dispute their assessments can file objections through May 29 online or at local district offices. Adjustments will be reviewed and finalized by June 26, following appraisal and committee deliberation.

Ahn Dae-hee, head of the Seoul Metropolitan Government's Urban Space Division, said land prices remain a critical benchmark.

“Individual land prices affect taxes and welfare programs, making them closely tied to daily life,” Ahn said.

This article was published with the assistance of generative AI and edited by The Korea Times.