Prices for pre-sale rights and move-in rights at major apartment complexes in Seoul are rising. Some complexes are showing signs of overheating, with prices up 700 million won in two months in some transactions. This appears to be happening as scarcity stands out amid a decrease in listings for Seoul apartments due to the government's tough real estate regulations and predictions that supply of newly built apartments will fall.
According to the actual transaction price information system of the Ministry of Land, Infrastructure and Transport on the 3rd, a move-in right for an 84.83-square-meter unit at "Jamsil Le El" in Sincheon-dong, Songpa District, Seoul, changed hands for 4 billion won on Nov. 3. Jamsil Le El is a complex rebuilt from the Miseong and Clover apartments into 1,865 units across three underground floors and 35 above-ground floors, with move-ins scheduled for Jan. 2026. The same size transacted for 3.3 billion won on Sept. 2, jumping 700 million won in two months. The November transaction was on the 4th floor, a low floor, and the September transaction was also on a low floor, the 2nd.
A move-in right at "Riverseine SK VIEW Lotte Castle" in Junghwa-dong, Jungnang District, also set a new record price. The site, redeveloped from the Junghwa 1 District into 1,055 units, began move-ins in June. On Nov. 20, a 59.99-square-meter (19th floor) move-in right transacted for 1.18 billion won. Compared with a similar-floor (21st floor) move-in right of the same size that transacted for 1.1 billion won on Oct. 13, the price rose 80 million won (7.2%) in one month.
Also, at "Hillstate Mediale" in Daejo-dong, Eunpyeong District, an 84.47-square-meter move-in right transacted for 1,377.35 million won on Nov. 19, and on the same day, at "Bomun Central IPARK" in Bomun-dong, Seongbuk District, a 76.16-square-meter move-in right transacted for 1,292.46 million won, each changing hands at a record price.
A pre-sale right for a 65.33-square-meter unit at "Songpa The Platinum" in Ogeum-dong, Songpa District, transacted for 1.3 billion won on Nov. 24. The complex saw a transaction at 1.17 billion won on June 24, with the price rising 130 million won in five months.
In the market, complexes such as "Seoul One IPARK" in Nowon District and "Changgyeonggung Lotte Castle Signature" in Seongbuk District, where resale restrictions are lifted this month, are also expected to see transactions at prices with premiums. Resale restrictions will be lifted on the 4th for "Seoul One IPARK" and on the 17th for "Changgyeonggung Lotte Castle Signature."
The popularity of pre-sale and move-in rights is analyzed to have been influenced by reduced supply of newly built apartments in Seoul and fewer listings due to the expansion of regulated areas by the government. According to Real Estate R114, the number of apartments slated for pre-sale in Seoul in 2026 is 2,096 units. That figure falls far short of the recent five-year (2021–2025) average of 7,279 units.
Jang So-hee, a senior official in the Asset Management Consulting Department at Shinhan Investment & Securities, said, "Due to the impact of construction starts being delayed as interest rates surged from the second half of 2021, a shortage of move-in supply for apartments in the Seoul area will continue through 2027," adding, "As the supply of new apartments declines, premiums on pre-sale and move-in rights are rising together."
Ham Young-jin, head of the Real Estate Research Lab at Woori Bank, also said, "As the scarcity of new-supply units stands out, it seems that transactions of pre-sale and move-in rights are taking place at higher prices," explaining, "In popular areas of Seoul, the circulating volume (of pre-sale and move-in rights) is small, and sellers have to pay more than 60% in capital gains tax if they sell, so taking that into account, sellers are trying to sell at higher prices."