Seoul's Remarkable Luxury Real Estate Market Growth

According to the Wealth Report 2025 by Knight Frank, Seoul has emerged as the leader in luxury property price growth globally. The South Korean capital's market was bolstered by local wealth creation and the expansion of investable luxury residential developments. With a growth rate seven times higher than anticipated, Seoul's performance significantly outpaced the Asia-Pacific's average growth of 3.2%.

Lotte World Tower in Seoul, South Korea. Photo by Pixabay/cmmellow

Historical Growth and High-Value Transactions

Over the last five years, Seoul has experienced a 60.4% growth rate, securing its place among the top 10 fastest-growing markets worldwide. Official data indicates that for the first time in history, transactions exceeding KRW900 million (US$622,000) for apartments in Seoul accounted for more than half of the total transaction volume, highlighting a surge in demand for high-value properties.

Global Luxury Property Market Overview

Following Seoul, Manila and Dubai ranked second and third in luxury property price growth last year, with rates of 17.9% and 16.9%, respectively. The top six positions were dominated by Asian and Middle Eastern markets, as European cities faced challenges due to economic slowdowns and weakened consumer confidence. Notably, Dubai has been the premier destination for luxury property investment over the past five years, with a growth rate nearing 147%, followed by Palm Beach, Manila, and Mimi.

Manila's consistent growth is attributed to its expanding economy and the interest from expat Filipinos reinvesting in the city, according to the Knight Frank report.