The real estate sector in South Korea has shown substantial growth over the past decade, with employee numbers rising from 300.5 thousand in 2013 to 410.9 thousand in 2023. With year-on-year variations fluctuating, the sector experienced significant increases in 2017 (11.82%) and 2019 (11.14%), while notable declines occurred in 2015 (-1.71%) and 2020 (-6.11%). The Compound Annual Growth Rate (CAGR) from 2018 to 2023 stands at 3.31%. Forecasts suggest continued growth at a slower but steady pace, with a CAGR of 1.93% expected over the next five years, leading to a 10.01% increase by 2028.
Future trends to watch for include:
- The impact of technological advancements and digital transformations on the real estate sector.- Changes in urban planning and space utilization influenced by emerging commercial and residential needs.- Regulatory changes and government policies affecting real estate investments and employment.