The production of real estate in South Korea has demonstrated a steady increasing trend from 2013 to 2023, with a value standing at 225.19 trillion South Korean Wons in 2023. Notably, there was a slight decline in 2020, with a negative year-on-year variation of -1.89%, largely influenced by the global pandemic. However, recovery ensued, with a notable 8.37% increase in 2022 and a moderate 2.81% increase in 2023. Over the last five years leading up to 2023, the compound annual growth rate (CAGR) was 2.98%. Forecasted growth from 2024 to 2028 indicates a 2.11% CAGR, reflecting a more moderate but continuous growth trajectory.
Future trends to watch for:
- Potential impact of government policies on real estate production and market sustainability.
- The influence of technological advancements in construction and property management.
- Demand fluctuations linked to demographic shifts and urbanization trends.
- Global economic conditions and their ripple effects on the South Korean real estate market.