“I Live in a Wealthy Apartment”... The Skyscraper Race Ushers in the Golden Age of Super-High-Rise Apartments

[Financial News] Last year, one in every 10 apartments sold nationwide was in a high-rise building of 40 stories or more. Competition to build super-high-rise residential complexes is intensifying as developers seek an edge in securing views and sunlight, as well as in the race to establish landmark developments. The perception that “super-high-rise buildings equal affluent neighborhoods” is also contributing to the trend.
A survey commissioned from Real Estate R114 on the apartments sold nationwide from 2016 through 2025 found that the share of super-high-rise complexes with 40 or more stories rose sharply last year.
According to Real Estate R114, 347 apartment complexes were sold nationwide last year. Of these, 33 complexes, or 9.5%, had 40 or more stories. In other words, one out of every 10 apartment complexes sold had at least 40 stories. This was the highest figure on record.
From 2016 to 2024, super-high-rise complexes with 40 or more stories accounted for an average of about 5.5% of all apartment complexes sold. The super-high-rise boom in the apartment market is now gaining momentum, with last year marking a turning point.
Although buildings of 40 stories or more generally cost more to construct, they offer advantages in terms of views and access to sunlight. They can also become landmark developments in their respective areas.
The fact that super-high-rise buildings are seen as a “symbol of wealth” is also playing a role. Kim Gwang-seok, head of Real House, said, “Views from super-high-rise buildings are now regarded as a privilege enjoyed by the wealthy,” adding, “We are entering an era in which luxury apartments are synonymous with super-high-rise buildings.”
The competition to build super-high-rise apartments is currently fiercer in areas outside Seoul, including Gyeonggi Province, Incheon, and other regions. From 2016 to 2025, only 14 apartment complexes with 40 or more stories were sold in Seoul. Last year, all 33 apartment complexes with 40 or more stories were located outside Seoul.
The reason is the “35-story rule,” which constrained Seoul’s housing market for an extended period. The rule limited the maximum height of apartments in general residential areas to 35 stories under The 2030 Seoul Plan, established in 2014 during the tenure of former Seoul Mayor Park Won-soon.
Oh Se-hoon, the current mayor of Seoul, abolished the “35-story rule” in 2022. In November of that year, Mido Apartments in Daechi-dong, Gangnam-gu, became the first complex affected by the rule’s abolition and is pursuing reconstruction as a 49-story building. Redevelopment projects currently underway in Yeouido, Mokdong, and Apgujeong are also moving forward with plans for super-high-rise buildings of 40 stories or more after the 35-story limit was lifted.
An official from a construction company said, “The abolition of the 35-story rule has made it possible to build major redevelopment complexes at 40 stories or higher,” adding, “The era of super-high-rise apartments in Seoul is expected to begin in earnest soon.”
Meanwhile, major urban renewal projects planning super-high-rise developments are favoring 49 stories, which is below the 50-story threshold. Buildings of 50 stories or more incur substantial additional construction costs because of fire-safety regulations, including the mandatory installation of evacuation safety zones.
[email protected] Jong-bae Lee Reporter