Seoul ranks 4th in global apartment prices, but just 34th in quality of life

A view of apartment complexes is seen from N Seoul Tower in central Seoul. Newsis

Despite skyrocketing real estate prices, Seoul ranks only mid-tier in terms of quality of life, a new international survey has shown. The city has the fourth-highest apartment prices among major cities worldwide, surpassing both London and New York.

According to Deutsche Bank Research Institute’s “Mapping the World’s Prices,” released on Monday, local time, the average price of an apartment in central Seoul is $22,875 per square meter (about 31.1 million won), making it the fourth most expensive among 69 cities. Hong Kong topped the list with $25,946, followed by Singapore and Zurich. London came in sixth with $20,953, and New York seventh with $18,532.

However, average monthly income in Seoul lags behind property prices. Seoul residents earn an average of $3,278 per month (about 4.44 million won), placing the city 30th globally in income rankings. In Asia, Seoul outpaces Tokyo ($2,592, 38th), Taipei ($1,749, 46th), and Shanghai ($1,502, 49th). The city’s mortgage-to-income ratio stands at 154 percent, ranking 14th worldwide — highlighting the financial strain on homeowners.

Grocery prices in Seoul are also relatively high, reaching 81 percent of those in notoriously expensive New York, placing the city eighth globally. On the other hand, rent in Seoul is comparatively moderate. A three-bedroom apartment in the city costs $2,610 per month (about 3.54 million won), ranking 37th.

Seoul’s overall quality of life ranks 34th. The city received high marks in healthcare (2nd) and public safety (9th), but was dragged down by long commute times (40th), high living expenses (46th), and poor climate ratings (52nd). The city’s housing affordability, ranked 7th worst among the 69 cities in terms of income-to-price ratio, significantly impacted its overall score.

This article from the Hankook Ilbo, the sister publication of The Korea Times, is translated by a generative AI system and edited by The Korea Times.