This article is from the Australian Property Journal archive
SOUTH Korea’s Real Estate market is expected to reach a staggering value of USD$26.69tn in 2024.
According to global research group Statista, one of the key trends in the South Korean real estate market is the increasing demand for residential properties in urban areas.
“As the population continues to grow and more people migrate to cities, the need for housing has skyrocketed. This has led to a surge in construction activities and the development of high-rise apartment complexes to meet the growing demand,” Statista found.
“Yet another trend in the market is the rise of smart homes and sustainable buildings. South Korea is known for its technological advancements, and this has translated into the real estate sector as well.”
South Korean Developers are incorporating smart home features such as remote-controlled lighting and heating systems, as well as energy-efficient designs to attract environmentally-conscious buyers.
Looking ahead, Statista found that the South Korean property market is anticipated to experience an annual growth rate of 1.91% (CAGR 2024-2028), resulting in a market volume of USD$28.79tn by 2028.
It’s worth noting, in a global context, that China is expected to generate the highest value in the Real Estate market sector, with a projected worth of USD$135.70tn in 2024 despite the recent demise of major Chinese developers and its troubled economy.
