The Real Estate Gross Value Added (GVA) in South Korea experienced significant fluctuations from 2013 to 2023. After a strong growth between 2013 and 2014, there was a slight decline in 2015. Subsequent years showed a mixed trend with moderate growth from 2016 to 2018, a dip in 2019, and modest recovery by 2021. The year 2022 saw a notable decline of 12.04%, but 2023 rebounded with a 3.29% increase, standing at $117.57 billion. The Compound Annual Growth Rate (CAGR) over the last five years was -1.32%, indicating a challenging period.
Looking ahead, forecasted data projects a steadier growth pattern from 2024 to 2028. The Real Estate GVA is expected to reach $135.28 billion by 2028. The forecasted 5-year CAGR is 2.23%, with an overall 11.63% growth rate, suggesting a period of cautious optimism.
Future trends to watch for include potential impacts of economic policies, urban development initiatives, changes in international investment, and technological advancements in the real estate sector. Keeping an eye on policy shifts and global economic conditions will be crucial for forecasting and strategic planning.