In 2026, a single apartment in Seoul's Gangnam district costs at minimum 2 billion won (~$1.5 million). But when these apartments were first built? They cost just a few million won — the price of a used car.

Today we'll trace the history of Seoul apartment prices era by era, and answer the question everyone has wondered: "What if I had bought back then?"

1970s: The Birth of Gangnam

In the 1970s, Gangnam was mostly rice paddies and orchards. The government's construction of the Gyeongbu Expressway kicked off Gangnam's development, and in 1976, the Hyundai Apartments were built in Apgujeong-dong.

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

Sounds unreal? Keep in mind that a college graduate's starting monthly salary was about 50,000 won then. Still, by today's standards, those prices were a dream.

1997 IMF Crisis — Real Estate's First Trial

Through the 1990s, Seoul apartment prices climbed steadily. Gangnam apartments had reached 300–500 million won. Then the 1997 IMF financial crisis struck, and everything changed.

Property prices crashed 30–40%. A 500-million-won apartment dropped to 300 million. Forced sales flooded the market, and many people swore off real estate entirely.

But those brave enough to buy during the crisis? Over the next decade, prices tripled or quadrupled. They achieved life-changing returns.

2008 Global Financial Crisis and Recovery

In the early 2000s, Seoul apartment prices surged again. Gangnam reconstruction apartments began exceeding 1 billion won ($750K). The government imposed regulations, but couldn't stop the tide.

When the Lehman Brothers collapse triggered the 2008 global financial crisis, Seoul real estate corrected by about 10–15%. Less severe than the IMF crisis, but a transaction freeze led many to declare "the real estate era is over."

The result? Prices recovered within 2–3 years and broke through previous highs.

2017–2022: The Era of Explosive Growth

The price surge starting in 2017 was historic:

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%

Prices nearly doubled in just 5 years. The term "younggul" ("borrowing to the soul") was coined during this period.

"What If You Bought Back Then?" — Return Calculations

If you bought a Gangnam apartment in 1976 for 15 million won? Today it's worth about 3 billion won. That's a 200x return — roughly 11% annually over 50 years.

Bought right after the IMF crisis in 1998 for 300 million? By 2026: about 10x return (3 billion won). Approximately 9% annually.

These are best-case scenarios for the best locations at the best times. Not every apartment saw these returns.

Seoul vs. New York vs. Tokyo — Price Comparison

How expensive is Seoul real estate on the global stage?

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

Relative to income, Seoul is the most expensive. Seoul's price-to-income ratio (PIR) is about 25x, far exceeding New York (12x) and Tokyo (13x).

Think you have a feel for property prices? Try guessing real estate prices from actual listing photos!