The Residential Real Estate Transactions market in South Korea has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this development. Customer preferences in the Residential Real Estate Transactions market in South Korea have shifted towards urban living. With rapid urbanization and an increasing number of people moving to cities, there has been a growing demand for residential properties in urban areas. Customers are looking for convenient access to amenities such as schools, shopping centers, and transportation hubs. Additionally, there is a preference for modern and well-designed properties that offer a high standard of living. Trends in the market have also played a role in the growth of the Residential Real Estate Transactions market in South Korea. One notable trend is the rise of the "officetel" concept. Officetels are a combination of office and residential spaces, allowing individuals to live and work in the same building. This trend has gained popularity due to its convenience and cost-effectiveness. Another trend is the increasing popularity of smart homes, with buyers looking for properties equipped with advanced technology and automation features. Local special circumstances have further fueled the growth of the Residential Real Estate Transactions market in South Korea. The government has implemented various policies to stimulate the real estate market, including tax incentives and relaxed regulations for foreign buyers. Additionally, low interest rates have made it more attractive for individuals to invest in residential properties. These special circumstances have created a favorable environment for the market to thrive. Underlying macroeconomic factors have also contributed to the development of the Residential Real Estate Transactions market in South Korea. The country's strong economic growth and stable political environment have attracted both domestic and international investors. South Korea has also seen an increase in foreign direct investment, which has further boosted the real estate market. Additionally, the government's focus on urban development and infrastructure projects has created opportunities for real estate investment. In conclusion, the Residential Real Estate Transactions market in South Korea is experiencing significant growth due to customer preferences for urban living, trends such as the rise of officetels and smart homes, local special circumstances including government policies and low interest rates, and underlying macroeconomic factors such as strong economic growth and foreign investment. This market is expected to continue to expand as demand for residential properties in urban areas remains high.
Data coverage:
Figures are based on total and average revenue of residential real estate transactions (sales).Modeling approach:
Market size is determined by a bottom-up approach. We use national statistics, international organizations, and industry associations to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country specific industry associations such as GDP, price level index, household wealth, household size, number of renter and owner households, housing consumer spending per capita.Forecasts:
We use a variety of forecasting techniques, depending on the behavior of the market, for instance, exponential trend smoothing. The main drivers are GDP per capita, population, number of renter and owner households, price level index, housing consumer spending per capita.Additional Notes:
Data is modeled using current exchange rates. The market is updated twice per year in case market dynamics change. The impacts of the Russia-Ukraine war considered at a country-specific level.
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