Amid global rent surges, Seoul's luxury apartments now rent for 60 million won.
Seoul's luxury housing market has finally entered the "60 million won monthly rent era." Transactions are continuing in ultra-luxury apartment complexes, particularly in Gangnam, Hannam, and Seoul Forest, with deposits reaching tens of billions of won and monthly rents reaching tens of millions of won.
A 264㎡ unit in Seoul Forest Acroforest was listed for a deposit of 2 billion won and monthly rent of 45 million won in July 2023. Currently, a unit is listed for a deposit of 3 billion won and monthly rent of 60 million won. A 309㎡ unit in Cheongdam's "Eterno Cheongdam" is also listed for a deposit of 2 billion won and monthly rent of 50 million won.
This amount is an amount that will easily surpass Korea's per capita gross national income (GNI, approximately 50 million won) in 2025. Most of the actual tenants are executives of global companies or businessmen from overseas headquarters, and the contracts are made under the name of the corporation.
Comparison of luxury monthly rents in major cities around the world
A bull market driven by scarcity and weakened buying demand
Experts cite limited supply in prime locations and rising construction costs as the primary reasons for the global rent surge. In prime locations like Manhattan, New York, and Hannam-dong, Seoul, new supply is scarce, and soaring construction and labor costs have driven up the value of existing homes. As housing prices rise, rents inevitably rise as well.
The next factor is rising interest rates and a decline in purchasing demand. From a corporate perspective, it's much more rational to lease rather than purchase housing for senior executives. With rising interest rates driving up financing costs, companies are seeking to maintain liquidity rather than tying up assets. This is driving up demand for corporate leases from global headquarters and multinational corporations, stimulating the high-end monthly rental market.
Finally, experts also point to inflationary pressures. With rising management fees, taxes, and mortgage interest rates, landlords are factoring these increases into rents. This complex mix of factors is fueling the upward trend in luxury rental markets worldwide.
220 Central Park South, a luxury apartment in Manhattan, New York ©2025 Vornado Realty Trust Source COMPASS
Their own world, the value created by the community
Ultra-high-end rental apartments are more than just a place to live. For senior executives of global companies and overseas businesspeople, they provide a stable living environment and a prerequisite for business activities.
Areas like New York's Manhattan, Singapore's Orchard, and Seoul's Hannam and Gangnam are home to executives from global corporations. As these individuals represent both the company and the nation, their residential choices are directly linked to their social credibility and image.
Safety and privacy are fundamental. Tight security, a private community, and exclusive amenities cater to the core needs of high-income tenants. At the same time, a global elite community naturally develops within and outside the complex. Interacting with executives and other key figures from leading companies around the world, residing in the same complex, goes beyond mere living and provides opportunities to build an international network.
Complexes like Acroforest and Eterno Cheongdam are perceived not simply as homes, but as assets that exemplify status and symbolism. At the same time, the resident community functions as a social network asset with meaning beyond brand value.
Acro Seoul Forest, Seongdong-gu, Seoul © DL E&C.
Eterno Cheongdam, Gangnam-gu, Seoul © NEXPLAN, Janghak Construction Co., Ltd.
Luxury Rent Trends by City
Rising luxury rents are a global trend, and Seoul is joining the trend in earnest.
Cities where global capital and corporate activities are concentrated face structurally persistent upward pressure on rents.
Seoul is likely to establish itself as one of the top three luxury residential rental markets in Asia, along with Singapore and Hong Kong.
Amidst the competition to attract foreign investment and global corporate headquarters, Seoul's luxury housing market is becoming a barometer of the city's competitiveness.
