Market Size of South Korea Residential Real Estate Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 345.19 Billion |
| Market Size (2029) | USD 637.92 Billion |
| CAGR (2024 - 2029) | 13.07 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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South Korea Residential Real Estate Market Analysis
The South Korea Residential Real Estate Market size is estimated at USD 345.19 billion in 2024, and is expected to reach USD 637.92 billion by 2029, growing at a CAGR of 13.07% during the forecast period (2024-2029).
The increasing housing demand drives the market. Furthermore, the market is driven by the increasing construction of apartments in the country due to land scarcity.
- The COVID-19 pandemic brought a huge difference in the residential real estate market in South Korea. The number of private apartments sold in Seoul from January 2021 to July 2021 was 1,895 units, a decrease of 86% from the same period last year (13,782 units), while in the metropolitan area, 40,876 households were sold during the same period.
- In January 2021, South Korea's finance ministry prioritized increasing housing supply, with construction regulations in heavily crowded urban areas relaxed and redevelopment projects supported to stabilize and drive the housing market. Further, the government announced its plan to develop 830,000 housing units nationwide, including 320,000 units in Seoul, in two years. In Asia, South Korea has developed its green building certification system, the Green Standard for Energy and Environmental Design (G-SEED), which assesses the eco-friendliness of buildings by evaluating eight environmental areas.
- High-rise apartments, detached homes, and row houses are Korea's primary housing types. In South Korea, apartments are the most prevalent type of housing. These flats are frequently located in residential high-rise structures with five to twenty levels. The most popular form of housing for South Koreans is an apartment since the neighbourhood is readily constructed around the apartment complex. An apartment complex often houses hundreds to thousands of households with retail stores, recreation areas, and childcare facilities. Nevertheless, detached homes are becoming more popular as it has become more fashionable to live outside cities.
