South Korea

There were limited transaction closings.

Learn more about some of the key deals during the quarter.

The YBD drove the market’s positive net absorption.

This is 1.4x higher than the 10-year average.

Over 40% of households in Korea are single-person households.

Transaction volume is expected to reach KRW 13 trillion this year.

But tenant fatigue may constrain demand.

Total investments hit KRW 11.6 trillion during the year.

Absorption only reached 133,300sqm in 2024.

Concerns about oversupply are expected to be reduced.

There are several new projects set to enter the market.

Over 2,000 new rooms are planned to materialise by then.

This is the lowest level since 2019.

Too much debt is burdening the country’s housing market. 

Only four centres were completed in Q3 2024.Seoul’s challenging project financing market remained prominent. According to a JLL report, in Q3 2024, only four centres were completed, which was fewer than initially speculated. In terms of area, this represented the lowest level in nine quarters, and in terms of number, the fewest in three years.

The Mercure Hotel and Pullman Gwangjin are some notable projects.