South Korea Real Estate Market 2024 | Growth, Share, Demand and Forecast Till 2032
South Korea Real Estate Market Overview
Base Year: 2023
Historical Years: 2018-2023
Forecast Years: 2024-2032
Market Growth Rate: 2.11% (2024-2032)
South Korea real estate market size is projected to exhibit a growth rate (CAGR) of 2.11% during 2024-2032.The South Korea real estate market size is experiencing steady growth, driven by increasing urbanization, government housing policies, and rising demand for residential and commercial properties in key metropolitan areas.
South Korea Real Estate Market Trends and Drivers:
The South Korea real estate market is driven by a combination of factors. One of the primary drivers is urbanization and population density, particularly in major cities like Seoul, Incheon, and Busan. There is a rise in the demand for housing as a significant portion of the population is migrating to urban centers for better job opportunities and lifestyle amenities. Another key driver is favorable government initiatives in the country. Governing authorities in South Korea are implementing a range of policies to curb speculation and stabilize housing prices, including tighter lending regulations, taxes on multiple homeowners, and restrictions on property transactions. These measures are leading to increasing competition for properties. Apart from this, the country's economic growth plays a crucial role in the real estate market. South Korea’s strong gross domestic product (GDP) performance, coupled with low interest rates, is making borrowing for real estate investments more attractive. The rising demand for commercial real estate, especially in technology parks and business hubs, on account of the economy’s shift toward technology and high-value industries, is supporting the market growth.
Foreign investments are also influencing the market positively. South Korea is an attractive destination for foreign real estate investors due to its economic stability and advanced infrastructure. The inflow of foreign capital, particularly in commercial and luxury residential real estate, is impelling the market growth. In line with this, the growing demand for smart homes and green buildings to lower carbon footprint is offering a favorable market outlook. As consumers become more eco-conscious and technology-driven, properties that integrate sustainable design and smart technologies are gaining popularity, driving innovation in the construction sector. Furthermore, there is a rise in the demand for senior housing and retirement communities due to an aging population. Developers are focusing on creating housing solutions that cater to this demographic, which is expected to play a crucial role in shaping the market's future.
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South Korea real estate market Segmentation
The market report offers a comprehensive analysis of the segments, highlighting those with the largest South Korea real estate market share. It includes forecasts for the period 2024-2032 and historical data from 2018-2023 for the following segments.
South Korea real estate market Segmentation:
The report has segmented the market into the following categories:
Breakup by Property:
- Residential
- Commercial
- Industrial
- Land
Breakup by Business:
- Sales
- Rental
Breakup by Mode:
- Online
- Offline
Breakup by Region:
- Seoul Capital Area
- Yeongnam (Southeastern Region)
- Honam (Southwestern Region)
- Hoseo (Central Region)
- Others
Competitive Landscape:
The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the key players include:
- CBRE Korea
- Cushman & Wakefield plc
- Jones Lang LaSalle Incorporated
- Knight Frank
- RE/MAX Korea
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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