In 2026, getting into a single Gangnam apartment in Seoul takes at least 2 billion won (~$1.5 million). But these same apartments, when they first went on sale? A few million won. Not a typo. The price of a used car.

So what happened in between? Here's the history of Seoul apartment prices, era by era — starting back when Gangnam was farmland.

When Gangnam Was an Orchard

Hard to picture now, but in the 1970s Gangnam was mostly rice paddies and orchards. Building the Gyeongbu Expressway kicked off the development, and in 1976 the Hyundai Apartments went up in Apgujeong-dong.

The sale price ran about 300,000–500,000 won per pyeong. For a 109㎡ unit, that's roughly 10–15 million won (~$20,000–$30,000 at the time). The price of a mid-range car today.

"That cheap, really?" Keep in mind a college grad's starting salary was around 50,000 won a month back then. In absolute terms it was no small sum. It only looks like a dream when you stand it next to today's prices.

1997: The First Crack in "Real Estate Never Loses"

Through the 1990s, Seoul apartment prices kept climbing. Gangnam had already hit 300–500 million won. Then the 1997 IMF financial crisis flipped the table.

Property prices crashed 30–40%. A 500-million-won apartment slumped to 300 million. Forced sales flooded the market, and a lot of people quietly gave up the belief that real estate couldn't fail.

And yet the ones who gritted their teeth and held through the bottom saw their assets triple or quadruple over the next decade, on the record. The ones who bought at the prior peak waited years just to break even. Same market, two completely different outcomes.

2008: "The Real Estate Era Is Over"

In the early 2000s Seoul apartments roared back. Gangnam reconstruction units started clearing 1 billion won ($750K). The government tightened regulations, but the prices wouldn't stop.

Then the Lehman Brothers collapse set off the 2008 global financial crisis, and Seoul real estate corrected about 10–15%. Milder than the IMF crash, but transactions froze, and "the real estate era is over" became a common refrain.

The result? Recovery within 2–3 years, and a clean break above the old highs.

2017–2022: The Word "Younggul" Is Born

The run that started in 2017 ranks among the steepest on record. Here it is by the numbers:

2017 — Key Gangnam apartments: 1.5–1.8 billion won
2019 — Broke 2 billion won
2020–2021 — Post-COVID liquidity explosion. The 3-billion-won era began
2022 — Rate hikes triggered corrections. Some complexes dropped 10–20%

Nearly doubled in five years. The slang term "younggul" ("borrowing to the soul") was coined right here.

200x in 50 Years — But Read the Fine Print

Start the clock at that 1976 Gangnam sale price of 15 million won. The same apartment in 2026 runs roughly 3 billion won — a 200x move on the record. Spread over 50 years, that's about 11% annualized.

Even if you start from the post-IMF bottom of about 300 million won in 1998, the 2026 reading maps to roughly 10x (3 billion won), or about 9% annualized.

Here's where everyone gets fooled. These are best-case figures — best location, best timing. Not every apartment rode this elevator. Pull out the flashiest number and it looks like anyone could've gotten rich, but in reality every neighborhood, every complex took its own path.

Seoul, New York, or Tokyo — Which Is Priciest?

On the global stage, is Seoul real estate actually expensive?

Seoul Gangnam (109㎡) — ~$1.8M–$2.5M
NYC Manhattan (109㎡) — ~$2.0M–$3.5M
Tokyo Minato-ku (109㎡) — ~$1.0M–$1.7M

On sticker price alone, Manhattan wins. But weigh it against income and the story flips. Seoul's price-to-income ratio (PIR) is about 25x — nearly double New York's (12x) and Tokyo's (13x). Translation: relative to what people actually earn, Seoul is the hardest place to breathe.

Curious how sharp your sense of property prices really is? Try guessing the price from actual listing photos.