South Korea Residential Real Estate Market Report 2024 | Size, Share, Demand, Growth, Trends And Forecast 2032

IMARC Group's report titled "South Korea Residential Real Estate Market Report by Type (Apartments and Condominiums, Landed Houses and Villas), and Region 2024-2032", South Korea residential real estate market size is projected to exhibit a growth rate (CAGR) of 13.5% during 2024-2032.

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Factors Affecting the Growth of the South Korea Residential Real Estate Industry:

Lower Interest Rates:

The rising focus on residential real estate due to their lower interest rates is supporting the growth of the market in South Korea. In line with this, when borrowing costs are low, it becomes more affordable for individuals to take out mortgages and invest in property. This low-cost borrowing allows homebuyers to finance their purchases more easily. Moreover, low interest rates can also attract real estate investors seeking better returns than those offered by traditional savings accounts or bonds. Furthermore, investors are viewing real estate as a stable asset class that can provide both rental income and potential long-term capital appreciation.

Favorable Government Initiatives:

Governing agencies in South Korea are offering several subsidies, tax incentives, and mortgage regulations, which is propelling the growth of the market. In line with this, tax incentives, such as reduced property transfer taxes, can make real estate transactions more attractive and affordable. Moreover, governing authorities are imposing stringent loan-to-value (LTV) and debt-to-income (DTI) ratios to curb excessive borrowing, particularly for speculative purposes. Besides this, these measures are designed to ensure market stability, which is bolstering the market growth in the country.

Expansion of Public Services:

The expansion and enhancement of transportation networks and public services is contributing to the growth of the market. Additionally, improved infrastructure increases the accessibility and convenience of certain areas, making them more attractive to homebuyers and investors. Properties located near new subway lines, highways, or upgraded public services often experience increased demand and higher property values. Moreover, these expansions not only assist in enhancing the quality of life for residents but also create potential investment opportunities for real estate developers.  

South Korea Residential Real Estate Market Report Segmentation:

By Type:

• Apartments and Condominiums
• Landed Houses and Villas

On the basis of the type, the market has been bifurcated into apartments and condominiums and landed houses and villas.

Regional Insights:

• Seoul Capital Area
• Yeongnam (Southeastern Region)
• Honam (Southwestern Region)
• Hoseo (Central Region)
• Others

Region-wise, the South Korea residential real estate market is segmented into Seoul Capital Area, Yeongnam (Southeastern Region), Honam (Southwestern Region), Hoseo (Central Region), and others.  

South Korea Residential Real Estate Market Trends:

The integration of smart home technologies and eco-friendly features in residential properties appeals to buyers seeking modern and sustainable living. In line with this, smart technology enhances convenience, while eco-friendly features align with sustainability goals, making these properties attractive for those valuing both technology-driven convenience and eco-conscious living choices.

The rising demand for residential real estate due to the thriving tourism in South Korea is impelling the market growth. Moreover, tourists are seeking short-term rental properties for staycation purposes, which is bolstering the market growth.

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