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

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 expens

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