▶ RSQUARE RA: December 2025 Seoul commercial/office transaction value at 2.0520 trillion KRW across 169 cases
▶ Hotels account for 2 out of the top 3 monthly big deals; 'Swiss Grand Hotel' sells for 320.8 billion KRW, setting the yearly record
▶ Accommodation assets make up 7 out of 33 mega-deals over 100 billion KRW (21.2%), a significant jump from 2024 (9.4%)
According to an analysis of actual transaction data from the Ministry of Land, Infrastructure and Transport (MOLIT) by RSQUARE ANALYTICS (RA), the research arm of comprehensive commercial real estate service firm RSQUARE (CEO: Lee Yong-gyun), the sale of the Swiss Grand Hotel in Yeonhui-ro, Seodaemun-gu, was recorded as the largest transaction in December and the largest hotel deal of 2025, once again highlighting the prominence of accommodation assets.
RA's analysis shows that the transaction value of commercial and office buildings in Seoul for December 2025 reached 2.0520 trillion KRW with 169 transactions. Compared to the previous month (November: 2.3667 trillion KRW / 177 cases), transaction value and volume decreased slightly by 13.3% and 4.5% respectively, showing a minor adjustment but no major shift in the overall trend.
■ Hotel assets in November-December back-to-back big deals
The composition of large-scale transactions in December mirrored the pattern seen in November. Two of the top three transactions by value were confirmed to be hotel assets. The largest among them was the Swiss Grand Hotel, which sold for approximately 320.8 billion KRW—the highest price for a hotel asset in all of 2025. This was followed by 'Factorial Seongsu' in Yeonmujang 7-gil, Seongdong-gu (approx. 254.8 billion KRW), and 'Hotel U5' in Dongho-ro, Jung-gu (approx. 145.0 billion KRW).
With hotel assets appearing repeatedly in mega-deals throughout November and December, the closing of the year's largest hotel transaction at year-end suggests that investment demand for accommodation assets is not a temporary spike but a trend that solidified as the year progressed.
■ Shift in Nature of Mega-Deals: Rising Share of Accommodation Assets
Data from the past year clearly illustrates this shift. The total annual transaction value for Seoul commercial and office real estate in 2025 was recorded at 23.2258 trillion KRW across 1,856 cases. Among these, mega-deals exceeding 100 billion KRW totaled 33 cases, a level similar to 2024 (32 cases). However, a distinct difference emerged in asset composition. While accommodation assets accounted for only 3 out of 32 mega-deals (approx. 9.4%) in 2024, they represented 7 out of 33 (approx. 21.2%) in 2025.
This indicates a change in the character of assets selected for large-scale investments. While office facilities remain the market's core, accommodation assets significantly increased their presence in the mega-deal category throughout 2025.
Meanwhile, when including all building uses, the top three transactions for 2025 were all office facilities. The largest annual transaction was Seoul International Tower (897.1 billion KRW) on Teheran-ro, Gangnam-gu, in June. This was followed by the Heungkuk Life Insurance Building (719.3 billion KRW) in October and Daishin Finance Center (662.0 billion KRW) in February.
"The repeated appearance of accommodation assets in mega-deals toward the end of 2025 is noteworthy," stated the RSQUARE Research Center. "While this can be seen as a signal that investors' asset selection criteria are evolving, it is important to confirm this through cumulative annual trends rather than concluding it as a permanent structural change."
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▶ RSQUARE RA: December 2025 Seoul commercial/office transaction value at 2.0520 trillion KRW across 169 cases
▶ Hotels account for 2 out of the top 3 monthly big deals; 'Swiss Grand Hotel' sells for 320.8 billion KRW, setting the yearly record
▶ Accommodation assets make up 7 out of 33 mega-deals over 100 billion KRW (21.2%), a significant jump from 2024 (9.4%)
According to an analysis of actual transaction data from the Ministry of Land, Infrastructure and Transport (MOLIT) by RSQUARE ANALYTICS (RA), the research arm of comprehensive commercial real estate service firm RSQUARE (CEO: Lee Yong-gyun), the sale of the Swiss Grand Hotel in Yeonhui-ro, Seodaemun-gu, was recorded as the largest transaction in December and the largest hotel deal of 2025, once again highlighting the prominence of accommodation assets.
RA's analysis shows that the transaction value of commercial and office buildings in Seoul for December 2025 reached 2.0520 trillion KRW with 169 transactions. Compared to the previous month (November: 2.3667 trillion KRW / 177 cases), transaction value and volume decreased slightly by 13.3% and 4.5% respectively, showing a minor adjustment but no major shift in the overall trend.
■ Hotel assets in November-December back-to-back big deals
The composition of large-scale transactions in December mirrored the pattern seen in November. Two of the top three transactions by value were confirmed to be hotel assets. The largest among them was the Swiss Grand Hotel, which sold for approximately 320.8 billion KRW—the highest price for a hotel asset in all of 2025. This was followed by 'Factorial Seongsu' in Yeonmujang 7-gil, Seongdong-gu (approx. 254.8 billion KRW), and 'Hotel U5' in Dongho-ro, Jung-gu (approx. 145.0 billion KRW).
With hotel assets appearing repeatedly in mega-deals throughout November and December, the closing of the year's largest hotel transaction at year-end suggests that investment demand for accommodation assets is not a temporary spike but a trend that solidified as the year progressed.
■ Shift in Nature of Mega-Deals: Rising Share of Accommodation Assets
Data from the past year clearly illustrates this shift. The total annual transaction value for Seoul commercial and office real estate in 2025 was recorded at 23.2258 trillion KRW across 1,856 cases. Among these, mega-deals exceeding 100 billion KRW totaled 33 cases, a level similar to 2024 (32 cases). However, a distinct difference emerged in asset composition. While accommodation assets accounted for only 3 out of 32 mega-deals (approx. 9.4%) in 2024, they represented 7 out of 33 (approx. 21.2%) in 2025.
This indicates a change in the character of assets selected for large-scale investments. While office facilities remain the market's core, accommodation assets significantly increased their presence in the mega-deal category throughout 2025.
Meanwhile, when including all building uses, the top three transactions for 2025 were all office facilities. The largest annual transaction was Seoul International Tower (897.1 billion KRW) on Teheran-ro, Gangnam-gu, in June. This was followed by the Heungkuk Life Insurance Building (719.3 billion KRW) in October and Daishin Finance Center (662.0 billion KRW) in February.
"The repeated appearance of accommodation assets in mega-deals toward the end of 2025 is noteworthy," stated the RSQUARE Research Center. "While this can be seen as a signal that investors' asset selection criteria are evolving, it is important to confirm this through cumulative annual trends rather than concluding it as a permanent structural change."