Seoul, property and the jeonse: the battle for housing
Mortgage caps, regulated zones extended to the whole of Seoul: Lee Jae-myung’s government has made housing its priority, and in late 2026 it reports falling prices in the capital. Sale prices, jeonse, rents, interest rates and household debt: what the national series show.
Citoyen
Scope: South Korea, whole country: yearly changes in sale and jeonse prices (Korea Real Estate Board), OECD quarterly price indices (2015 = 100), rents in the consumer price index, policy rate and household credit (BIS), dwellings authorised (Ministry of Land).
Key points
Fall in real prices since the peak17.1%from Q4 2021 to Q2 2026, prices adjusted for inflation
Prices over a year2.5%Q2 2026, OECD national index
Rent increase over a year1.4%Oct. 2026, against 0.8% a year earlier
Household credit85.1% of GDPQ1 2026, against 99.1% of GDP at the peak (Q3 2021)
- The 2022-2023 shock has not been erased. Adjusted for inflation, house prices remain 17.1% below their Q4 2021 peak, according to the OECD. Relative to disposable income per person, they stand at index 72.9 in Q2 2026, below their 2015 level (100).
- Current prices are rising again. The national index is up 2.5% over a year in Q2 2026. These national series say nothing about Seoul alone, where the government reports a decline.
- The jeonse plunged, then steadied. Jeonse prices fell 5.6% in 2022 and 5.1% in 2023, 10.4% over two years, before changing by 0.9% in 2025.
- Rents are accelerating: 1.4% over a year in Oct. 2026, against 0.8% a year earlier, while the Bank of Korea raised its rate from 2.50% to 3.00%.
- Supply is shrinking. 388,400 dwellings were authorised in 2025, 51% fewer than at the 2015 peak (788,300).
How to read these figures
The jeonse is a lease specific to Korea: the tenant pays the landlord a large lump-sum deposit, returned at the end of the lease, and pays no monthly rent. Its price therefore follows both the rental market and the cost of credit. The changes in sale and jeonse prices are those of the Korea Real Estate Board’s national survey, from one year end to the next.
The OECD indices are quarterly, 2015 = 100: the real price is adjusted for inflation, the price-to-income ratio divides prices by nominal disposable income per person, the price-to-rent ratio by the rent index. Rents in the consumer price index cover the monthly rents actually paid. All these series cover the whole country: no open series makes it possible here to read Seoul separately.
1. Sale prices and jeonse prices
Sale prices and jeonse prices have moved together since 1990: a sharp rise in 2021 (9.9% and 6.5%), then a fall in 2022 (−4.7% and −5.6%). Adjusted for inflation, the OECD index remains far from its peak.
Sale prices and jeonse prices, change over the year
Korea Real Estate Board national indices, change from December to December. Latest year: 2025.
- Jeonse prices
- Sale prices
Source:Korea Real Estate Board (e-나라지표)
Show the chart data
| Period | Sale prices | Jeonse prices |
|---|---|---|
| 1990 | 21.0% | 16.8% |
| 1991 | −0.5% | 1.9% |
| 1992 | −5.0% | 7.5% |
| 1993 | −2.9% | 2.4% |
| 1994 | −0.1% | 4.6% |
| 1995 | −0.2% | 3.6% |
| 1996 | 1.5% | 6.5% |
| 1997 | 2.0% | 0.8% |
| 1998 | −12.4% | −18.4% |
| 1999 | 3.4% | 16.8% |
| 2000 | 0.4% | 11.1% |
| 2001 | 9.9% | 16.4% |
| 2002 | 16.4% | 10.1% |
| 2003 | 5.7% | −1.4% |
| 2004 | −2.1% | −5.0% |
| 2005 | 4.0% | 3.0% |
| 2006 | 11.6% | 6.5% |
| 2007 | 3.1% | 2.6% |
| 2008 | 3.1% | 1.7% |
| 2009 | 1.5% | 3.4% |
| 2010 | 1.9% | 7.1% |
| 2011 | 6.9% | 12.3% |
| 2012 | 0.0% | 3.5% |
| 2013 | 0.3% | 4.7% |
| 2014 | 1.7% | 3.4% |
| 2015 | 3.5% | 4.9% |
| 2016 | 0.7% | 1.3% |
| 2017 | 1.5% | 0.6% |
| 2018 | 1.1% | −1.8% |
| 2019 | −0.4% | −1.3% |
| 2020 | 5.4% | 4.6% |
| 2021 | 9.9% | 6.5% |
| 2022 | −4.7% | −5.6% |
| 2023 | −3.6% | −5.1% |
| 2024 | 0.1% | 1.3% |
| 2025 | 1.0% | 0.9% |
House prices, current and real (2015 = 100)
OECD, quarterly indices, seasonally adjusted. Latest quarter: Q2 2026.
- Real prices
- Current prices
Source:OECD
Show the chart data
| Period | Current prices | Real prices |
|---|---|---|
| Q1 2000 | 52.2 | 77.1 |
| Q2 2000 | 52.5 | 78.5 |
| Q3 2000 | 52.3 | 76.4 |
| Q4 2000 | 52.3 | 75.2 |
| Q1 2001 | 52.3 | 74.2 |
| Q2 2001 | 53.3 | 75.6 |
| Q3 2001 | 55.2 | 77.6 |
| Q4 2001 | 56.7 | 79.3 |
| Q1 2002 | 60.4 | 83.6 |
| Q2 2002 | 62.5 | 85.9 |
| Q3 2002 | 64.5 | 87.8 |
| Q4 2002 | 66.4 | 89.3 |
| Q1 2003 | 67.2 | 89.4 |
| Q2 2003 | 68.8 | 91.2 |
| Q3 2003 | 69.9 | 92.4 |
| Q4 2003 | 70.8 | 92.4 |
| Q1 2004 | 70.5 | 91.1 |
| Q2 2004 | 70.1 | 90.2 |
| Q3 2004 | 69.3 | 88.1 |
| Q4 2004 | 68.7 | 87.0 |
| Q1 2005 | 69.1 | 87.1 |
| Q2 2005 | 70.1 | 88.0 |
| Q3 2005 | 71.0 | 88.7 |
| Q4 2005 | 71.3 | 88.3 |
| Q1 2006 | 72.4 | 89.8 |
| Q2 2006 | 73.8 | 90.8 |
| Q3 2006 | 74.5 | 91.5 |
| Q4 2006 | 79.6 | 97.5 |
| Q1 2007 | 81.4 | 99.6 |
| Q2 2007 | 81.9 | 98.9 |
| Q3 2007 | 82.7 | 99.6 |
| Q4 2007 | 84.3 | 100.5 |
| Q1 2008 | 85.9 | 101.1 |
| Q2 2008 | 88.6 | 102.5 |
| Q3 2008 | 90.0 | 103.1 |
| Q4 2008 | 89.2 | 101.6 |
| Q1 2009 | 88.3 | 100.2 |
| Q2 2009 | 88.5 | 99.7 |
| Q3 2009 | 89.6 | 100.2 |
| Q4 2009 | 90.5 | 101.3 |
| Q1 2010 | 91.0 | 100.9 |
| Q2 2010 | 91.0 | 100.3 |
| Q3 2010 | 90.9 | 99.3 |
| Q4 2010 | 91.8 | 99.7 |
| Q1 2011 | 93.6 | 100.2 |
| Q2 2011 | 95.1 | 101.0 |
| Q3 2011 | 96.5 | 101.5 |
| Q4 2011 | 97.4 | 101.8 |
| Q1 2012 | 97.6 | 101.3 |
| Q2 2012 | 97.2 | 100.7 |
| Q3 2012 | 96.5 | 99.9 |
| Q4 2012 | 96.0 | 98.5 |
| Q1 2013 | 95.5 | 97.7 |
| Q2 2013 | 95.7 | 98.3 |
| Q3 2013 | 95.7 | 97.9 |
| Q4 2013 | 96.2 | 97.8 |
| Q1 2014 | 96.9 | 97.8 |
| Q2 2014 | 97.0 | 98.1 |
| Q3 2014 | 97.4 | 98.3 |
| Q4 2014 | 97.8 | 98.6 |
| Q1 2015 | 98.5 | 99.0 |
| Q2 2015 | 99.7 | 99.9 |
| Q3 2015 | 100.6 | 100.1 |
| Q4 2015 | 101.2 | 101.0 |
| Q1 2016 | 101.4 | 100.7 |
| Q2 2016 | 101.5 | 100.5 |
| Q3 2016 | 101.7 | 100.0 |
| Q4 2016 | 101.9 | 100.0 |
| Q1 2017 | 102.1 | 99.4 |
| Q2 2017 | 102.7 | 99.7 |
| Q3 2017 | 103.2 | 99.4 |
| Q4 2017 | 103.4 | 99.8 |
| Q1 2018 | 104.0 | 99.8 |
| Q2 2018 | 104.1 | 99.6 |
| Q3 2018 | 104.4 | 99.2 |
| Q4 2018 | 104.6 | 99.5 |
| Q1 2019 | 104.2 | 99.5 |
| Q2 2019 | 103.8 | 98.3 |
| Q3 2019 | 103.6 | 98.0 |
| Q4 2019 | 104.2 | 98.3 |
| Q1 2020 | 105.6 | 99.8 |
| Q2 2020 | 106.5 | 100.3 |
| Q3 2020 | 107.9 | 100.9 |
| Q4 2020 | 109.8 | 102.4 |
| Q1 2021 | 112.7 | 104.7 |
| Q2 2021 | 115.6 | 105.9 |
| Q3 2021 | 118.5 | 108.4 |
| Q4 2021 | 120.7 | 109.2 |
| Q1 2022 | 121.2 | 108.7 |
| Q2 2022 | 121.2 | 106.7 |
| Q3 2022 | 119.8 | 104.1 |
| Q4 2022 | 115.0 | 99.2 |
| Q1 2023 | 111.5 | 95.6 |
| Q2 2023 | 110.6 | 94.0 |
| Q3 2023 | 110.6 | 93.3 |
| Q4 2023 | 110.9 | 93.0 |
| Q1 2024 | 110.9 | 92.5 |
| Q2 2024 | 110.8 | 92.0 |
| Q3 2024 | 110.9 | 91.9 |
| Q4 2024 | 111.1 | 91.8 |
| Q1 2025 | 111.3 | 91.3 |
| Q2 2025 | 111.4 | 91.0 |
| Q3 2025 | 111.2 | 90.6 |
| Q4 2025 | 112.1 | 90.9 |
| Q1 2026 | 113.3 | 91.1 |
| Q2 2026 | 114.1 | 90.5 |
2. Incomes and rents
Since 2015, prices have risen more slowly than disposable income per person, and at about the pace of rents. Monthly rents, for their part, have been accelerating since 2025.
Prices relative to income and to rents (2015 = 100)
OECD. Above 100, prices have risen faster than income (or rents) since 2015. Price-to-rent ratio in Q2 2026: 103.5.
- Price-to-rent
- Price-to-income
Source:OECD
Show the chart data
| Period | Price-to-income | Price-to-rent |
|---|---|---|
| Q1 2000 | 117.3 | 76.7 |
| Q2 2000 | 117.2 | 76.8 |
| Q3 2000 | 116.1 | 76.3 |
| Q4 2000 | 114.7 | 75.5 |
| Q1 2001 | 112.8 | 74.9 |
| Q2 2001 | 112.6 | 75.2 |
| Q3 2001 | 114.1 | 76.8 |
| Q4 2001 | 114.8 | 77.8 |
| Q1 2002 | 119.8 | 81.6 |
| Q2 2002 | 122.3 | 83.2 |
| Q3 2002 | 124.8 | 84.9 |
| Q4 2002 | 127.0 | 86.5 |
| Q1 2003 | 126.9 | 87.0 |
| Q2 2003 | 127.6 | 88.3 |
| Q3 2003 | 126.9 | 89.1 |
| Q4 2003 | 125.9 | 89.7 |
| Q1 2004 | 122.5 | 89.0 |
| Q2 2004 | 119.5 | 88.3 |
| Q3 2004 | 116.6 | 87.2 |
| Q4 2004 | 114.2 | 86.5 |
| Q1 2005 | 114.0 | 87.1 |
| Q2 2005 | 114.4 | 88.5 |
| Q3 2005 | 114.7 | 89.7 |
| Q4 2005 | 114.0 | 90.1 |
| Q1 2006 | 114.5 | 91.4 |
| Q2 2006 | 115.5 | 93.0 |
| Q3 2006 | 115.4 | 93.7 |
| Q4 2006 | 121.9 | 99.5 |
| Q1 2007 | 123.1 | 101.3 |
| Q2 2007 | 121.6 | 101.3 |
| Q3 2007 | 120.5 | 102.0 |
| Q4 2007 | 120.2 | 103.4 |
| Q1 2008 | 119.8 | 104.8 |
| Q2 2008 | 121.7 | 107.3 |
| Q3 2008 | 122.3 | 108.3 |
| Q4 2008 | 120.5 | 106.8 |
| Q1 2009 | 119.5 | 105.5 |
| Q2 2009 | 119.1 | 105.5 |
| Q3 2009 | 119.7 | 106.4 |
| Q4 2009 | 119.5 | 107.1 |
| Q1 2010 | 118.0 | 107.1 |
| Q2 2010 | 115.9 | 106.6 |
| Q3 2010 | 113.7 | 105.8 |
| Q4 2010 | 113.1 | 106.2 |
| Q1 2011 | 113.9 | 107.2 |
| Q2 2011 | 114.6 | 107.4 |
| Q3 2011 | 115.4 | 107.7 |
| Q4 2011 | 115.5 | 107.3 |
| Q1 2012 | 114.8 | 106.5 |
| Q2 2012 | 113.1 | 105.0 |
| Q3 2012 | 111.1 | 103.6 |
| Q4 2012 | 109.2 | 102.3 |
| Q1 2013 | 107.5 | 101.1 |
| Q2 2013 | 106.8 | 100.8 |
| Q3 2013 | 105.9 | 100.1 |
| Q4 2013 | 105.5 | 100.0 |
| Q1 2014 | 105.3 | 100.2 |
| Q2 2014 | 104.0 | 99.7 |
| Q3 2014 | 102.9 | 99.6 |
| Q4 2014 | 101.6 | 99.5 |
| Q1 2015 | 100.4 | 99.3 |
| Q2 2015 | 100.1 | 100.0 |
| Q3 2015 | 99.9 | 100.3 |
| Q4 2015 | 99.7 | 100.4 |
| Q1 2016 | 99.6 | 100.2 |
| Q2 2016 | 99.4 | 99.9 |
| Q3 2016 | 99.2 | 99.6 |
| Q4 2016 | 99.0 | 99.4 |
| Q1 2017 | 98.6 | 99.2 |
| Q2 2017 | 98.3 | 99.3 |
| Q3 2017 | 97.9 | 99.5 |
| Q4 2017 | 97.1 | 99.6 |
| Q1 2018 | 96.6 | 100.0 |
| Q2 2018 | 95.7 | 100.0 |
| Q3 2018 | 95.0 | 100.2 |
| Q4 2018 | 94.2 | 100.4 |
| Q1 2019 | 92.8 | 100.1 |
| Q2 2019 | 91.4 | 99.8 |
| Q3 2019 | 90.2 | 99.6 |
| Q4 2019 | 89.9 | 100.2 |
| Q1 2020 | 90.2 | 101.5 |
| Q2 2020 | 90.3 | 102.3 |
| Q3 2020 | 90.8 | 103.4 |
| Q4 2020 | 91.8 | 105.0 |
| Q1 2021 | 93.7 | 107.5 |
| Q2 2021 | 95.1 | 109.7 |
| Q3 2021 | 96.3 | 111.8 |
| Q4 2021 | 96.9 | 113.3 |
| Q1 2022 | 95.6 | 113.2 |
| Q2 2022 | 94.2 | 112.8 |
| Q3 2022 | 91.7 | 111.0 |
| Q4 2022 | 86.8 | 106.3 |
| Q1 2023 | 83.2 | 103.0 |
| Q2 2023 | 81.4 | 102.3 |
| Q3 2023 | 80.4 | 102.4 |
| Q4 2023 | 79.5 | 102.6 |
| Q1 2024 | 78.4 | 102.5 |
| Q2 2024 | 77.3 | 102.3 |
| Q3 2024 | 76.4 | 102.2 |
| Q4 2024 | 75.6 | 102.2 |
| Q1 2025 | 74.9 | 102.2 |
| Q2 2025 | 74.5 | 102.0 |
| Q3 2025 | 74.0 | 101.7 |
| Q4 2025 | 74.3 | 102.3 |
| Q1 2026 | 73.9 | 103.1 |
| Q2 2026 | 72.9 | 103.5 |
Rents, change over a year
Consumer price index, actual rents paid (Statistics Korea, via the OECD), each month.
Source:OECD (Statistics Korea)
Show the chart data
| Period | Rents |
|---|---|
| Jan. 2010 | 1.3% |
| Feb. 2010 | 1.5% |
| Mar. 2010 | 1.6% |
| Apr. 2010 | 1.7% |
| May 2010 | 1.7% |
| Jun. 2010 | 1.9% |
| Jul. 2010 | 2.0% |
| Aug. 2010 | 1.9% |
| Sep. 2010 | 2.0% |
| Oct. 2010 | 2.1% |
| Nov. 2010 | 2.3% |
| Dec. 2010 | 2.4% |
| Jan. 2011 | 2.5% |
| Feb. 2011 | 2.6% |
| Mar. 2011 | 3.1% |
| Apr. 2011 | 3.4% |
| May 2011 | 3.7% |
| Jun. 2011 | 4.0% |
| Jul. 2011 | 4.1% |
| Aug. 2011 | 4.4% |
| Sep. 2011 | 4.6% |
| Oct. 2011 | 4.9% |
| Nov. 2011 | 5.1% |
| Dec. 2011 | 5.0% |
| Jan. 2012 | 5.1% |
| Feb. 2012 | 5.0% |
| Mar. 2012 | 4.9% |
| Apr. 2012 | 4.8% |
| May 2012 | 4.6% |
| Jun. 2012 | 4.3% |
| Jul. 2012 | 4.2% |
| Aug. 2012 | 4.0% |
| Sep. 2012 | 3.8% |
| Oct. 2012 | 3.5% |
| Nov. 2012 | 3.3% |
| Dec. 2012 | 3.2% |
| Jan. 2013 | 3.1% |
| Feb. 2013 | 3.0% |
| Mar. 2013 | 2.8% |
| Apr. 2013 | 2.7% |
| May 2013 | 2.6% |
| Jun. 2013 | 2.5% |
| Jul. 2013 | 2.5% |
| Aug. 2013 | 2.5% |
| Sep. 2013 | 2.6% |
| Oct. 2013 | 2.5% |
| Nov. 2013 | 2.5% |
| Dec. 2013 | 2.5% |
| Jan. 2014 | 2.4% |
| Feb. 2014 | 2.5% |
| Mar. 2014 | 2.5% |
| Apr. 2014 | 2.5% |
| May 2014 | 2.4% |
| Jun. 2014 | 2.4% |
| Jul. 2014 | 2.3% |
| Aug. 2014 | 2.2% |
| Sep. 2014 | 2.2% |
| Oct. 2014 | 2.2% |
| Nov. 2014 | 2.2% |
| Dec. 2014 | 2.2% |
| Jan. 2015 | 2.7% |
| Feb. 2015 | 2.6% |
| Mar. 2015 | 2.5% |
| Apr. 2015 | 2.4% |
| May 2015 | 2.5% |
| Jun. 2015 | 2.5% |
| Jul. 2015 | 2.6% |
| Aug. 2015 | 2.6% |
| Sep. 2015 | 2.6% |
| Oct. 2015 | 2.5% |
| Nov. 2015 | 2.5% |
| Dec. 2015 | 2.5% |
| Jan. 2016 | 2.0% |
| Feb. 2016 | 2.0% |
| Mar. 2016 | 2.0% |
| Apr. 2016 | 1.9% |
| May 2016 | 1.9% |
| Jun. 2016 | 1.9% |
| Jul. 2016 | 1.8% |
| Aug. 2016 | 1.8% |
| Sep. 2016 | 1.8% |
| Oct. 2016 | 1.7% |
| Nov. 2016 | 1.7% |
| Dec. 2016 | 1.7% |
| Jan. 2017 | 1.7% |
| Feb. 2017 | 1.8% |
| Mar. 2017 | 1.8% |
| Apr. 2017 | 1.8% |
| May 2017 | 1.8% |
| Jun. 2017 | 1.8% |
| Jul. 2017 | 1.7% |
| Aug. 2017 | 1.6% |
| Sep. 2017 | 1.5% |
| Oct. 2017 | 1.4% |
| Nov. 2017 | 1.4% |
| Dec. 2017 | 1.2% |
| Jan. 2018 | 1.1% |
| Feb. 2018 | 1.0% |
| Mar. 2018 | 0.9% |
| Apr. 2018 | 0.8% |
| May 2018 | 0.6% |
| Jun. 2018 | 0.6% |
| Jul. 2018 | 0.5% |
| Aug. 2018 | 0.5% |
| Sep. 2018 | 0.4% |
| Oct. 2018 | 0.4% |
| Nov. 2018 | 0.3% |
| Dec. 2018 | 0.3% |
| Jan. 2019 | 0.2% |
| Feb. 2019 | 0.1% |
| Mar. 2019 | 0.1% |
| Apr. 2019 | −0.0% |
| May 2019 | −0.1% |
| Jun. 2019 | −0.2% |
| Jul. 2019 | −0.2% |
| Aug. 2019 | −0.2% |
| Sep. 2019 | −0.2% |
| Oct. 2019 | −0.2% |
| Nov. 2019 | −0.2% |
| Dec. 2019 | −0.2% |
| Jan. 2020 | −0.1% |
| Feb. 2020 | −0.1% |
| Mar. 2020 | −0.0% |
| Apr. 2020 | 0.0% |
| May 2020 | 0.1% |
| Jun. 2020 | 0.2% |
| Jul. 2020 | 0.2% |
| Aug. 2020 | 0.3% |
| Sep. 2020 | 0.4% |
| Oct. 2020 | 0.5% |
| Nov. 2020 | 0.6% |
| Dec. 2020 | 0.6% |
| Jan. 2021 | 0.7% |
| Feb. 2021 | 0.8% |
| Mar. 2021 | 1.0% |
| Apr. 2021 | 1.1% |
| May 2021 | 1.3% |
| Jun. 2021 | 1.3% |
| Jul. 2021 | 1.4% |
| Aug. 2021 | 1.5% |
| Sep. 2021 | 1.7% |
| Oct. 2021 | 1.7% |
| Nov. 2021 | 1.9% |
| Dec. 2021 | 2.0% |
| Jan. 2022 | 2.1% |
| Feb. 2022 | 2.1% |
| Mar. 2022 | 2.0% |
| Apr. 2022 | 2.0% |
| May 2022 | 2.0% |
| Jun. 2022 | 1.9% |
| Jul. 2022 | 1.9% |
| Aug. 2022 | 1.9% |
| Sep. 2022 | 1.8% |
| Oct. 2022 | 1.7% |
| Nov. 2022 | 1.6% |
| Dec. 2022 | 1.4% |
| Jan. 2023 | 1.3% |
| Feb. 2023 | 1.1% |
| Mar. 2023 | 0.9% |
| Apr. 2023 | 0.8% |
| May 2023 | 0.6% |
| Jun. 2023 | 0.5% |
| Jul. 2023 | 0.3% |
| Aug. 2023 | 0.2% |
| Sep. 2023 | 0.1% |
| Oct. 2023 | 0.0% |
| Nov. 2023 | −0.0% |
| Dec. 2023 | −0.1% |
| Jan. 2024 | −0.2% |
| Feb. 2024 | −0.1% |
| Mar. 2024 | −0.0% |
| Apr. 2024 | 0.0% |
| May 2024 | 0.1% |
| Jun. 2024 | 0.3% |
| Jul. 2024 | 0.4% |
| Aug. 2024 | 0.4% |
| Sep. 2024 | 0.5% |
| Oct. 2024 | 0.5% |
| Nov. 2024 | 0.5% |
| Dec. 2024 | 0.6% |
| Jan. 2025 | 0.6% |
| Feb. 2025 | 0.7% |
| Mar. 2025 | 0.7% |
| Apr. 2025 | 0.7% |
| May 2025 | 0.8% |
| Jun. 2025 | 0.8% |
| Jul. 2025 | 0.8% |
| Aug. 2025 | 0.8% |
| Sep. 2025 | 0.8% |
| Oct. 2025 | 0.8% |
| Nov. 2025 | 0.9% |
| Dec. 2025 | 0.9% |
| Jan. 2026 | 0.9% |
| Feb. 2026 | 0.9% |
| Mar. 2026 | 0.9% |
| Apr. 2026 | 1.0% |
| May 2026 | 1.0% |
| Jun. 2026 | 1.0% |
| Jul. 2026 | 1.1% |
| Aug. 2026 | 1.2% |
| Sep. 2026 | 1.3% |
| Oct. 2026 | 1.4% |
3. Interest rates and household debt
The Bank of Korea held its rate at 2.50% (May 2025 – Jun. 2026), then raised it to 3.00%. Household credit, which stood at 47.9% of GDP in 2000, peaked at 99.1% of GDP in Q3 2021 before coming down.
Bank of Korea policy rate
Base rate, end of month (BIS). Latest month: Sep. 2026.
Source:Bank for International Settlements (Bank of Korea)
Show the chart data
| Period | Policy rate |
|---|---|
| Jan. 2005 | 3.25% |
| Feb. 2005 | 3.25% |
| Mar. 2005 | 3.25% |
| Apr. 2005 | 3.25% |
| May 2005 | 3.25% |
| Jun. 2005 | 3.25% |
| Jul. 2005 | 3.25% |
| Aug. 2005 | 3.25% |
| Sep. 2005 | 3.25% |
| Oct. 2005 | 3.50% |
| Nov. 2005 | 3.50% |
| Dec. 2005 | 3.75% |
| Jan. 2006 | 3.75% |
| Feb. 2006 | 4.00% |
| Mar. 2006 | 4.00% |
| Apr. 2006 | 4.00% |
| May 2006 | 4.00% |
| Jun. 2006 | 4.25% |
| Jul. 2006 | 4.25% |
| Aug. 2006 | 4.50% |
| Sep. 2006 | 4.50% |
| Oct. 2006 | 4.50% |
| Nov. 2006 | 4.50% |
| Dec. 2006 | 4.50% |
| Jan. 2007 | 4.50% |
| Feb. 2007 | 4.50% |
| Mar. 2007 | 4.50% |
| Apr. 2007 | 4.50% |
| May 2007 | 4.50% |
| Jun. 2007 | 4.50% |
| Jul. 2007 | 4.75% |
| Aug. 2007 | 5.00% |
| Sep. 2007 | 5.00% |
| Oct. 2007 | 5.00% |
| Nov. 2007 | 5.00% |
| Dec. 2007 | 5.00% |
| Jan. 2008 | 5.00% |
| Feb. 2008 | 5.00% |
| Mar. 2008 | 5.00% |
| Apr. 2008 | 5.00% |
| May 2008 | 5.00% |
| Jun. 2008 | 5.00% |
| Jul. 2008 | 5.00% |
| Aug. 2008 | 5.25% |
| Sep. 2008 | 5.25% |
| Oct. 2008 | 4.25% |
| Nov. 2008 | 4.00% |
| Dec. 2008 | 3.00% |
| Jan. 2009 | 2.50% |
| Feb. 2009 | 2.00% |
| Mar. 2009 | 2.00% |
| Apr. 2009 | 2.00% |
| May 2009 | 2.00% |
| Jun. 2009 | 2.00% |
| Jul. 2009 | 2.00% |
| Aug. 2009 | 2.00% |
| Sep. 2009 | 2.00% |
| Oct. 2009 | 2.00% |
| Nov. 2009 | 2.00% |
| Dec. 2009 | 2.00% |
| Jan. 2010 | 2.00% |
| Feb. 2010 | 2.00% |
| Mar. 2010 | 2.00% |
| Apr. 2010 | 2.00% |
| May 2010 | 2.00% |
| Jun. 2010 | 2.00% |
| Jul. 2010 | 2.25% |
| Aug. 2010 | 2.25% |
| Sep. 2010 | 2.25% |
| Oct. 2010 | 2.25% |
| Nov. 2010 | 2.50% |
| Dec. 2010 | 2.50% |
| Jan. 2011 | 2.75% |
| Feb. 2011 | 2.75% |
| Mar. 2011 | 3.00% |
| Apr. 2011 | 3.00% |
| May 2011 | 3.00% |
| Jun. 2011 | 3.25% |
| Jul. 2011 | 3.25% |
| Aug. 2011 | 3.25% |
| Sep. 2011 | 3.25% |
| Oct. 2011 | 3.25% |
| Nov. 2011 | 3.25% |
| Dec. 2011 | 3.25% |
| Jan. 2012 | 3.25% |
| Feb. 2012 | 3.25% |
| Mar. 2012 | 3.25% |
| Apr. 2012 | 3.25% |
| May 2012 | 3.25% |
| Jun. 2012 | 3.25% |
| Jul. 2012 | 3.00% |
| Aug. 2012 | 3.00% |
| Sep. 2012 | 3.00% |
| Oct. 2012 | 2.75% |
| Nov. 2012 | 2.75% |
| Dec. 2012 | 2.75% |
| Jan. 2013 | 2.75% |
| Feb. 2013 | 2.75% |
| Mar. 2013 | 2.75% |
| Apr. 2013 | 2.75% |
| May 2013 | 2.50% |
| Jun. 2013 | 2.50% |
| Jul. 2013 | 2.50% |
| Aug. 2013 | 2.50% |
| Sep. 2013 | 2.50% |
| Oct. 2013 | 2.50% |
| Nov. 2013 | 2.50% |
| Dec. 2013 | 2.50% |
| Jan. 2014 | 2.50% |
| Feb. 2014 | 2.50% |
| Mar. 2014 | 2.50% |
| Apr. 2014 | 2.50% |
| May 2014 | 2.50% |
| Jun. 2014 | 2.50% |
| Jul. 2014 | 2.50% |
| Aug. 2014 | 2.25% |
| Sep. 2014 | 2.25% |
| Oct. 2014 | 2.00% |
| Nov. 2014 | 2.00% |
| Dec. 2014 | 2.00% |
| Jan. 2015 | 2.00% |
| Feb. 2015 | 2.00% |
| Mar. 2015 | 1.75% |
| Apr. 2015 | 1.75% |
| May 2015 | 1.75% |
| Jun. 2015 | 1.50% |
| Jul. 2015 | 1.50% |
| Aug. 2015 | 1.50% |
| Sep. 2015 | 1.50% |
| Oct. 2015 | 1.50% |
| Nov. 2015 | 1.50% |
| Dec. 2015 | 1.50% |
| Jan. 2016 | 1.50% |
| Feb. 2016 | 1.50% |
| Mar. 2016 | 1.50% |
| Apr. 2016 | 1.50% |
| May 2016 | 1.50% |
| Jun. 2016 | 1.25% |
| Jul. 2016 | 1.25% |
| Aug. 2016 | 1.25% |
| Sep. 2016 | 1.25% |
| Oct. 2016 | 1.25% |
| Nov. 2016 | 1.25% |
| Dec. 2016 | 1.25% |
| Jan. 2017 | 1.25% |
| Feb. 2017 | 1.25% |
| Mar. 2017 | 1.25% |
| Apr. 2017 | 1.25% |
| May 2017 | 1.25% |
| Jun. 2017 | 1.25% |
| Jul. 2017 | 1.25% |
| Aug. 2017 | 1.25% |
| Sep. 2017 | 1.25% |
| Oct. 2017 | 1.25% |
| Nov. 2017 | 1.50% |
| Dec. 2017 | 1.50% |
| Jan. 2018 | 1.50% |
| Feb. 2018 | 1.50% |
| Mar. 2018 | 1.50% |
| Apr. 2018 | 1.50% |
| May 2018 | 1.50% |
| Jun. 2018 | 1.50% |
| Jul. 2018 | 1.50% |
| Aug. 2018 | 1.50% |
| Sep. 2018 | 1.50% |
| Oct. 2018 | 1.50% |
| Nov. 2018 | 1.75% |
| Dec. 2018 | 1.75% |
| Jan. 2019 | 1.75% |
| Feb. 2019 | 1.75% |
| Mar. 2019 | 1.75% |
| Apr. 2019 | 1.75% |
| May 2019 | 1.75% |
| Jun. 2019 | 1.75% |
| Jul. 2019 | 1.50% |
| Aug. 2019 | 1.50% |
| Sep. 2019 | 1.50% |
| Oct. 2019 | 1.25% |
| Nov. 2019 | 1.25% |
| Dec. 2019 | 1.25% |
| Jan. 2020 | 1.25% |
| Feb. 2020 | 1.25% |
| Mar. 2020 | 0.75% |
| Apr. 2020 | 0.75% |
| May 2020 | 0.50% |
| Jun. 2020 | 0.50% |
| Jul. 2020 | 0.50% |
| Aug. 2020 | 0.50% |
| Sep. 2020 | 0.50% |
| Oct. 2020 | 0.50% |
| Nov. 2020 | 0.50% |
| Dec. 2020 | 0.50% |
| Jan. 2021 | 0.50% |
| Feb. 2021 | 0.50% |
| Mar. 2021 | 0.50% |
| Apr. 2021 | 0.50% |
| May 2021 | 0.50% |
| Jun. 2021 | 0.50% |
| Jul. 2021 | 0.50% |
| Aug. 2021 | 0.75% |
| Sep. 2021 | 0.75% |
| Oct. 2021 | 0.75% |
| Nov. 2021 | 1.00% |
| Dec. 2021 | 1.00% |
| Jan. 2022 | 1.25% |
| Feb. 2022 | 1.25% |
| Mar. 2022 | 1.25% |
| Apr. 2022 | 1.50% |
| May 2022 | 1.75% |
| Jun. 2022 | 1.75% |
| Jul. 2022 | 2.25% |
| Aug. 2022 | 2.50% |
| Sep. 2022 | 2.50% |
| Oct. 2022 | 3.00% |
| Nov. 2022 | 3.25% |
| Dec. 2022 | 3.25% |
| Jan. 2023 | 3.50% |
| Feb. 2023 | 3.50% |
| Mar. 2023 | 3.50% |
| Apr. 2023 | 3.50% |
| May 2023 | 3.50% |
| Jun. 2023 | 3.50% |
| Jul. 2023 | 3.50% |
| Aug. 2023 | 3.50% |
| Sep. 2023 | 3.50% |
| Oct. 2023 | 3.50% |
| Nov. 2023 | 3.50% |
| Dec. 2023 | 3.50% |
| Jan. 2024 | 3.50% |
| Feb. 2024 | 3.50% |
| Mar. 2024 | 3.50% |
| Apr. 2024 | 3.50% |
| May 2024 | 3.50% |
| Jun. 2024 | 3.50% |
| Jul. 2024 | 3.50% |
| Aug. 2024 | 3.50% |
| Sep. 2024 | 3.50% |
| Oct. 2024 | 3.25% |
| Nov. 2024 | 3.00% |
| Dec. 2024 | 3.00% |
| Jan. 2025 | 3.00% |
| Feb. 2025 | 2.75% |
| Mar. 2025 | 2.75% |
| Apr. 2025 | 2.75% |
| May 2025 | 2.50% |
| Jun. 2025 | 2.50% |
| Jul. 2025 | 2.50% |
| Aug. 2025 | 2.50% |
| Sep. 2025 | 2.50% |
| Oct. 2025 | 2.50% |
| Nov. 2025 | 2.50% |
| Dec. 2025 | 2.50% |
| Jan. 2026 | 2.50% |
| Feb. 2026 | 2.50% |
| Mar. 2026 | 2.50% |
| Apr. 2026 | 2.50% |
| May 2026 | 2.50% |
| Jun. 2026 | 2.50% |
| Jul. 2026 | 2.75% |
| Aug. 2026 | 3.00% |
| Sep. 2026 | 3.00% |
Household credit, % of GDP
Bank for International Settlements, quarterly data. Latest quarter: Q1 2026.
Source:Bank for International Settlements
Show the chart data
| Period | Household credit |
|---|---|
| Q1 2000 | 47.9% of GDP |
| Q2 2000 | 47.3% of GDP |
| Q3 2000 | 47.9% of GDP |
| Q4 2000 | 47.6% of GDP |
| Q1 2001 | 48.0% of GDP |
| Q2 2001 | 49.4% of GDP |
| Q3 2001 | 51.4% of GDP |
| Q4 2001 | 52.6% of GDP |
| Q1 2002 | 55.5% of GDP |
| Q2 2002 | 58.6% of GDP |
| Q3 2002 | 61.0% of GDP |
| Q4 2002 | 61.7% of GDP |
| Q1 2003 | 60.9% of GDP |
| Q2 2003 | 60.5% of GDP |
| Q3 2003 | 60.1% of GDP |
| Q4 2003 | 60.6% of GDP |
| Q1 2004 | 59.5% of GDP |
| Q2 2004 | 58.7% of GDP |
| Q3 2004 | 58.3% of GDP |
| Q4 2004 | 58.1% of GDP |
| Q1 2005 | 57.7% of GDP |
| Q2 2005 | 59.3% of GDP |
| Q3 2005 | 60.0% of GDP |
| Q4 2005 | 61.1% of GDP |
| Q1 2006 | 61.2% of GDP |
| Q2 2006 | 62.4% of GDP |
| Q3 2006 | 63.0% of GDP |
| Q4 2006 | 65.0% of GDP |
| Q1 2007 | 65.1% of GDP |
| Q2 2007 | 65.6% of GDP |
| Q3 2007 | 65.9% of GDP |
| Q4 2007 | 66.5% of GDP |
| Q1 2008 | 66.8% of GDP |
| Q2 2008 | 67.6% of GDP |
| Q3 2008 | 67.9% of GDP |
| Q4 2008 | 68.1% of GDP |
| Q1 2009 | 67.6% of GDP |
| Q2 2009 | 68.8% of GDP |
| Q3 2009 | 69.4% of GDP |
| Q4 2009 | 70.1% of GDP |
| Q1 2010 | 69.7% of GDP |
| Q2 2010 | 69.3% of GDP |
| Q3 2010 | 69.6% of GDP |
| Q4 2010 | 70.2% of GDP |
| Q1 2011 | 70.2% of GDP |
| Q2 2011 | 71.4% of GDP |
| Q3 2011 | 71.9% of GDP |
| Q4 2011 | 73.3% of GDP |
| Q1 2012 | 73.0% of GDP |
| Q2 2012 | 72.9% of GDP |
| Q3 2012 | 73.1% of GDP |
| Q4 2012 | 74.0% of GDP |
| Q1 2013 | 73.3% of GDP |
| Q2 2013 | 74.1% of GDP |
| Q3 2013 | 74.1% of GDP |
| Q4 2013 | 74.9% of GDP |
| Q1 2014 | 74.5% of GDP |
| Q2 2014 | 74.5% of GDP |
| Q3 2014 | 75.5% of GDP |
| Q4 2014 | 76.4% of GDP |
| Q1 2015 | 76.4% of GDP |
| Q2 2015 | 77.3% of GDP |
| Q3 2015 | 78.2% of GDP |
| Q4 2015 | 79.2% of GDP |
| Q1 2016 | 79.3% of GDP |
| Q2 2016 | 80.2% of GDP |
| Q3 2016 | 81.4% of GDP |
| Q4 2016 | 82.9% of GDP |
| Q1 2017 | 82.9% of GDP |
| Q2 2017 | 83.6% of GDP |
| Q3 2017 | 84.1% of GDP |
| Q4 2017 | 84.8% of GDP |
| Q1 2018 | 85.1% of GDP |
| Q2 2018 | 85.5% of GDP |
| Q3 2018 | 86.2% of GDP |
| Q4 2018 | 86.8% of GDP |
| Q1 2019 | 86.7% of GDP |
| Q2 2019 | 87.3% of GDP |
| Q3 2019 | 88.3% of GDP |
| Q4 2019 | 89.6% of GDP |
| Q1 2020 | 90.1% of GDP |
| Q2 2020 | 92.5% of GDP |
| Q3 2020 | 94.7% of GDP |
| Q4 2020 | 97.1% of GDP |
| Q1 2021 | 98.3% of GDP |
| Q2 2021 | 98.7% of GDP |
| Q3 2021 | 99.1% of GDP |
| Q4 2021 | 98.6% of GDP |
| Q1 2022 | 97.8% of GDP |
| Q2 2022 | 97.7% of GDP |
| Q3 2022 | 97.3% of GDP |
| Q4 2022 | 97.1% of GDP |
| Q1 2023 | 94.0% of GDP |
| Q2 2023 | 94.1% of GDP |
| Q3 2023 | 94.1% of GDP |
| Q4 2023 | 93.0% of GDP |
| Q1 2024 | 91.2% of GDP |
| Q2 2024 | 90.2% of GDP |
| Q3 2024 | 89.9% of GDP |
| Q4 2024 | 89.4% of GDP |
| Q1 2025 | 89.1% of GDP |
| Q2 2025 | 89.4% of GDP |
| Q3 2025 | 88.9% of GDP |
| Q4 2025 | 88.1% of GDP |
| Q1 2026 | 85.1% of GDP |
4. Housing supply
The number of dwellings authorised by building permits has halved since the 2015 peak.
Dwellings authorised by building permits, per year
Ministry of Land, Infrastructure and Transport. Latest year: 2025, 388,400.
Source:Ministry of Land, Infrastructure and Transport (e-나라지표)
Show the chart data
| Period | Dwellings authorised |
|---|---|
| 1990 | 750,400 |
| 1991 | 613,100 |
| 1992 | 575,500 |
| 1993 | 695,300 |
| 1994 | 622,900 |
| 1995 | 619,100 |
| 1996 | 592,100 |
| 1997 | 596,400 |
| 1998 | 306,000 |
| 1999 | 404,700 |
| 2000 | 433,500 |
| 2001 | 529,900 |
| 2002 | 666,500 |
| 2003 | 585,400 |
| 2004 | 463,800 |
| 2005 | 463,600 |
| 2006 | 469,500 |
| 2007 | 555,800 |
| 2008 | 371,300 |
| 2009 | 381,800 |
| 2010 | 386,500 |
| 2011 | 549,600 |
| 2012 | 586,900 |
| 2013 | 440,100 |
| 2014 | 529,100 |
| 2015 | 788,300 |
| 2016 | 746,400 |
| 2017 | 685,000 |
| 2018 | 549,200 |
| 2019 | 504,900 |
| 2020 | 466,400 |
| 2021 | 536,000 |
| 2022 | 506,100 |
| 2023 | 425,600 |
| 2024 | 435,200 |
| 2025 | 388,400 |
What we know, what we don’t
What the figures establish
- Adjusted for inflation, house prices remain well below their 2021 peak.
- Jeonse prices fell sharply in 2022 and 2023, then steadied.
- Monthly rents and the policy rate are rising in 2026, and building permits are falling.
What they don’t tell
- Price trends in Seoul alone: this dossier only reads national series.
- The effect of the government’s measures: these series do not measure the effect of mortgage caps or regulated zones.
- The split between jeonse and monthly rent among new leases.
Sources
Series downloaded from their producers on Nov 12, 2026, the snapshot date. Only published periods are used: no projection.
- Bank for International Settlements Credit to households, % of GDP (WS_TC)
- Bank for International Settlements (Bank of Korea) Central bank policy rates (WS_CBPOL), end of month
- Korea Real Estate Board (e-나라지표) National housing sale and jeonse price change over the year (tables 1240, 1241)
- Ministry of Land, Infrastructure and Transport (e-나라지표) Dwellings authorised by building permits (table 1229)
- OECD Analytical house price indicators (DF_HOUSE_PRICES)
- OECD (Statistics Korea) Consumer prices, actual rentals for housing (CP041), change over a year