Housing transaction volume South Korea 2009-2023

In 2023, there were around 928,800 housing transactions in South Korea, down from about 1.62 million two years prior. The number of housing transactions in South Korea has notably decreased since 2020. 

Housing in South Korea

There are around 22 million housing units and counting for the more than 50 million people living in South Korea. Given the mountainous topography of the peninsula and the imbalance in population density between urban and rural areas, there is limited space for constructing houses. Apartments make up most of the housing in the country as they allow for the vertical stacking of housing units.

Housing outside of Seoul

Detached houses have become more expensive over the years as people want space in Seoul and the surrounding areas. Many people who can afford to commute have purchased houses in the South Korean province of Gyeonggi, which is just outside the Seoul metropolitan area. The island of Jeju, below the southern coast, is also a popular holiday and retirement destination. Far less dense than the capital, detached houses constitute the highest number of housing units on the island.