Living space per person South Korea 2006-2022

In 2022, the average living space per person in South Korea was about 35 square meters. This was the first increase in two years and a continuation of a slow general increase in living space per person.

Housing prices in South Korea

Almost half of the country’s population lives in the metropolitan Seoul Capital Area, comprising the cities of Seoul and Incheon, as well as Gyeonggi Province. Accordingly, purchased apartment prices are especially high in and around Seoul. Within the capital, the popular Gangnam district ranks among the areas with the highest selling prices for apartments.

South Korean home ownership

Although all age groups favor home ownership, the rate of actual ownership increases with age. With increasing difficulty to finance housing in the city, as well as the country’s problem with a low fertility rate, the government responded by offering favorable loans to millennials. The goal is to incentivize younger generations to afford housing closer to their workplaces and with sufficient space to found families.