In 2024, Seoul had the highest population density of all provinces in South Korea, with about ****** people per square kilometer. The port city of Busan, which lies 300 kilometers southeast of Seoul, followed with about ***** residents per square kilometer. With 90 people per square kilometer, Gangwon was the province with the lowest population density. Population of Seoul The capital of South Korea, Seoul, is the country's largest city with a population of nearly 9.5 million people, meaning that about 20 percent of South Korea's total population live in Seoul. Together with the surrounding Gyeonggi Province and Incheon Metropolitan Area, the greater Seoul region (or Seoul Capital Area) is home to half of the total population of South Korea. This region also forms one of the largest metropolitan areas in the world. Solving the problem of overpopulation in Seoul One of the major problems stemming from overpopulation in Seoul is the housing shortage, leading to a significant surge in real estate prices. Over the past few years, several efforts have been made to curb the excessive population concentration and to solve the associated economic and social problems. In 2007, for example, former President Roh Moo-hyun attempted to move the country's administrative capital to Sejong, which is located 120 kilometers south of Seoul. Although the grand plan did not fully work out, around 40 central administrative agencies have since been moved from Seoul to Sejong, turning the city into the de facto administrative capital of South Korea.

In 2023, the population density in Seoul, the capital of South Korea, reached around ****** inhabitants per square kilometer. In 2015, the population density peaked at about ****** inhabitants per square kilometer and started to gradually decrease in the following years.

In 2023, the population density in South Korea stood at around *** inhabitants per square kilometer, slightly up from *** in the previous year. The nationwide population density has been increasing steadily over the past decades. The highest density was in Seoul, the capital of South Korea, with ****** people per square kilometer. UrbanizationSouth Korea was primarily an agricultural nation. In the decades following its independence from Japanese rule in 1945, both the dictatorships and democratic governments that governed South Korea focused on industrialization and modernization of the country. The urban population has grown by about **** million over the past 20 years, while the rural population has fallen by around *** million. In 2023, around ** percent of the population lived in an urban area. The most populous city SeoulSeoul’s high population density is not surprising. The capital city is typically grouped with the province of Gyeonggi, which resembles a donut with Seoul at its center, and the metropolitan port city of Incheon, collectively known as the Seoul Capital Area. This is one of the largest metropolitan areas in the world and serves as the political, economic, and cultural center of South Korea. With more than **** millio* residents, half of South Korea’s population lives in this area.

In 2024, Seoul's population amounted to around *** million, a decline from approximately *** million residents in the previous year. Seoul, the capital of South Korea, is one of the cities with the highest population densities in the world.

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The South Korean residential real estate market, valued at $345.19 million in 2025, is projected to experience robust growth, exhibiting a Compound Annual Growth Rate (CAGR) of 13.07% from 2025 to 2033. This expansion is driven by several factors. Firstly, a growing population, particularly in urban centers like Seoul, fuels increasing demand for housing. Secondly, government initiatives aimed at improving infrastructure and incentivizing homeownership contribute significantly to market expansion. Furthermore, a strengthening economy and rising disposable incomes empower more individuals to invest in residential properties. The market is segmented by property type (apartments and condominiums, landed houses and villas) and geography (Seoul and other locations), with Seoul expected to command a larger share due to its concentration of economic activity and population density. Competition is fierce amongst major players like Korea Land and Housing Corporation, Hines, and ShinYoung Greensys, leading to innovative developments and competitive pricing strategies. Potential restraints include government regulations on land usage, fluctuations in interest rates impacting mortgage accessibility, and global economic uncertainties that may influence investment flows. Despite these potential challenges, the long-term outlook for the South Korean residential real estate market remains positive. The continued urbanization trend and sustained economic growth are expected to counterbalance the restraining factors, ensuring consistent market expansion throughout the forecast period. The dominance of large developers combined with the increasing demand from a growing middle class will likely lead to a sustained period of elevated construction activity and transaction volumes. Furthermore, the focus on sustainable and technologically advanced housing solutions will likely shape future developments, creating opportunities for companies specializing in green building technologies and smart home integration. The market’s performance will closely track South Korea's overall economic health and government policies regarding housing affordability and urban planning. This report provides a detailed analysis of the South Korea residential real estate market, covering the period from 2019 to 2033. It examines market dynamics, trends, and future prospects, incorporating data from the historical period (2019-2024), base year (2025), and forecast period (2025-2033). The report is invaluable for investors, developers, policymakers, and anyone seeking a comprehensive understanding of this dynamic market. High-impact keywords such as South Korea real estate, Seoul apartments, Korean housing market, modular housing Korea, and residential real estate investment Korea are strategically integrated for enhanced search engine optimization. Recent developments include: January 2023: International architecture office KPF has unveiled the design for Parkside Seoul, a new mixed-use neighborhood planned for the South Korean capital to complement the surrounding natural elements and pay homage to Yongsan Park. The 482,600 square meter development is composed of a layered exterior envelope encompassing various programs and public amenities to enhance the residents’ experience of space. Besides the residential units, the complex includes office and retail spaces, hospitality facilities, and public and green spaces., April 2023: Korea’s GS E&C has launched its premium modular housing division, XiGEIST. GS E&C is a global entity that spans civil engineering, building, oil & gas, power plants, and renewable energy. They already own a high-end apartment brand, Xi, and they’re not new to the modular housing market, with acquisitions of some significant modular home companies in Poland, Britain, and the USA in recent years. Their modular homes will be manufactured at the company’s recently opened automated panelised prefabrication plant in South Korea, where they hope to achieve a 30% reduction in construction time, with a delivery timeline of eight weeks.. Key drivers for this market are: Government's Plans to Supply New Homes. Potential restraints include: Rising Interest Rates. Notable trends are: Urbanization in the Country is Driving the Market.

In 2023, there were approximately 2.66 doctors for every 1,000 inhabitants in South Korea. This was a slight increase compared to the preceding year. This ratio has increased steadily since 2000, with the exception of a slight drop in 2004. However, South Korea still has few doctors relative to its population. An attempt to increase the number of medical student admissions quotas in February 2024 led to an ongoing strike of healthcare workers and conflict between medical professionals and the government. Shortage of medical staffs The Korean government officially declared a shortage of several thousand doctors across the nation and recommended the training of an additional 150 doctors every year to make up the shortfall. Furthermore, doctors of traditional Korean medicine are counted among the number of doctors, meaning there are even fewer doctors of modern medical sciences than official figures suggest. Yet there are several factors, such as resistance from doctors, preventing the government from simply increasing the number of medical graduates. Regional imbalances in the medical environmentSome experts refute the government’s claims that Korea faces a doctor shortage and point towards other factors. For example, Korea has a higher population density than other countries, meaning that the average Korean doctor meets with more patients than an Austrian or Norwegian one would. Indeed, half the population is concentrated in the Seoul Capital Area. Additionally, Koreans see doctors over 21 times per year on average, which is far more frequently than any other OECD nationals. Despite this, Korea spends a lower share of its GDP on medical expenditures than other OECD countries, implying that medical personnel do more work for less financial compensation. Regional disparities where doctors are concentrated in Seoul and other major cities is also an issue. The doctor-to-people ratio in Seoul is higher than the national ratio, and the same as the OECD average. Many argue that a shortage of nurses is a greater concern than an alleged shortage of doctors. While the number of trained nurses is adequate, many leave because of harsh working conditions.

The South Korean courier service market, exhibiting a CAGR exceeding 10% since 2019, presents a robust and dynamic landscape. Driven by the expansion of e-commerce, particularly B2C transactions, and the increasing demand for efficient last-mile delivery solutions, the market is poised for continued growth. Significant players like CJ Logistics, Korea Post, and Lotte Global Logistics dominate the market, leveraging their established infrastructure and technological capabilities. However, the market is not without its challenges. Rising fuel costs and labor shortages pose potential restraints on growth, while increasing competition from smaller, more agile players necessitates continuous innovation and operational efficiency. Segmentation reveals a strong dominance of B2C models within the e-commerce segment, indicating consumer preference for online shopping and convenient home delivery. The Healthcare and Industrial Manufacturing sectors are key end-users, demonstrating the broad application of courier services beyond retail. Looking ahead, the market's success hinges on adapting to evolving consumer expectations, investing in advanced logistics technologies (e.g., automation, AI-powered route optimization), and navigating regulatory changes impacting the industry. The forecast period (2025-2033) anticipates sustained growth, fueled by technological advancements and the continuing rise of e-commerce in South Korea. The South Korean courier market's regional distribution likely mirrors the country's population density, with significant concentration in metropolitan areas like Seoul and surrounding provinces. While data for precise regional breakdowns isn't provided, it's reasonable to assume that the Seoul metropolitan area holds the largest market share, followed by other major cities and provinces. International players like FedEx and Aramex contribute to the market's competitiveness, offering global connectivity and specialized services. Future growth will be shaped by the government's policies on logistics infrastructure development and sustainable practices within the courier industry. The rising adoption of omnichannel retail strategies by businesses also presents a significant growth opportunity for courier services, as seamless delivery becomes increasingly crucial for brand loyalty. Recent developments include: January 2023: Hanjin Co., Ltd (a logistics company), expanding its Daejeon Smart Mega Hub Terminal, which is scheduled to be completed in 2023. This terminal is spread across a gross floor area of 149,110 square meters, and the company has invested more than USD 230 million in this project. In addition, this logistic center will be equipped with state-of-the-art facilities, to achieve a goal of a 20% share in the parcel delivery market in South Korea., November 2022: CJ Logistics (a logistics company headquartered in Seoul), partnered with Naver (South Korea's largest search engine), to launch the 'Guaranteed Delivery Date' service. This service will provide a 12 a.m. order closing service to sellers and buyers, ensuring all orders placed by midnight are dispatched the next day.. Notable trends are: Increasing Online Retail Sales Driving the Market.

Market Size for South Korea K-Beauty Industry on the Basis of Revenues in USD Billion, 2018–2024 In 2023, brands such as Laneige and Innisfree launched eco-friendly product lines to cater to the growing demand for sustainable beauty products. Seoul and Busan are key markets due to their high population density and thriving beauty culture. The South Korea K-Beauty market reached a valuation of KRW 14 trillion in 2023, driven by the global demand for innovative beauty products, increasing consumer awareness about skincare, and growing exports to international markets. The market is characterized by major players such as Amorepacific, LG Household & Health Care, The Face Shop, Laneige, Innisfree, and Missha. These companies are recognized for their cutting-edge research, innovative product formulations, and robust distribution networks.

As of December 2024, the mean purchase price of housing in Seoul, South Korea, amounted to around *** million South Korean won. The average price of detached houses amounted to around **** billion won while the price of apartments was about **** billion South Korean won. Apartments in South Korea Among all housing types, apartments are the most expensive, costing more than *** billion South Korean won on average. Living in apartments is typical for Seoul, as an increasing number of citizens move towards the city, causing high population density. As of 2022, more than ** percent of all households were living in apartments, excluding alternative housing, such as officetels or goshiwons. Gangnam Style Based on the average selling price of apartments in Seoul, Gangnam is the most expensive area in Seoul to live in, with an average sales price of around **** billion South Korean won. The area became internationally known due to the viral YouTube hit Gangnam Style by South Korean artist PSY. Since Gangnam is known for its wealthy citizens, the song was inspired by their mannerisms.

Market Size for South Korea Digital Banking Industry on the Basis of Revenue in KRW Trillion, 2018-2024 In 2023, KakaoBank introduced advanced AI-driven financial advisory tools to enhance customer experience and provide personalized recommendations. This initiative aims to cater to the growing demand for intelligent digital banking solutions and strengthen the bank’s position in the digital space. Seoul and Busan are key markets due to their high population density and well-developed technology infrastructure. The South Korea digital banking market reached a valuation of KRW 5 trillion in 2023, driven by rapid digitalization, increasing smartphone penetration, and changing consumer preferences towards seamless online financial services. The market is characterized by major players such as KakaoBank, K bank, Toss Bank, Shinhan Bank, and Woori Bank. These companies are recognized for their innovative digital offerings, expansive online platforms, and customer-focused services.

In 2024, there were just over *********** housing transactions in South Korea, up from about the ******* seen in the two years prior. The number of housing transactions in South Korea has notably decreased since 2020. Housing in South Korea There are around ** million housing units and counting for the more than ** 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.

Market Size for South Korea 5G IoT Industry on the Basis of Revenue in KRW Trillion, 2018-2024 In 2023, KT Corporation launched a new 5G IoT solution targeting the industrial and healthcare sectors, enabling enhanced connectivity and operational efficiency. Seoul and Busan are key markets due to their high population density and advanced technological infrastructure. The South Korea 5G IoT market reached a valuation of KRW 9.5 Trillion in 2023, driven by the rapid adoption of 5G infrastructure, government initiatives to promote IoT technologies, and increasing demand for smart city solutions. The market is characterized by major players such as SK Telecom, KT Corporation, LG U+, and Samsung Electronics, known for their cutting-edge technologies, extensive service portfolios, and strong market presence.

In February 2021, the average monthly rent for one-bedroom flats in Seoul, South Korea, amounted to around ******* South Korean won, up from about ******* South Korean won in the previous month. The average monthly rent for one-bedroom apartments in Seoul has shown an upward trend recently.

Living in Seoul In a metropolitan area like Seoul, housing is a scarce commodity, and prices are constantly rising as a result. The high population density of the capital, and the increasing trend to move towards the city to enjoy urban life is reflected in the housing situation. This can also be seen in the most common type of housing in Seoul, which is apartments. This is a general trend nationwide, with high-rise apartments over **** stories being the most frequent type of housing in South Korea.

Single-households are most prominent The most prominent type of household in South Korea is single households, as they make up more than ** percent of all domestic households. To aid this portion of the public, there are housing support programs single households can participate in. The share of participants for such programs was the highest in loans for housing leases. Other offered programs are subsidies for monthly rent or the supply of long-term public rental housing.

Among heads of households in their seventies in South Korea, about 70 percent owned homes in 2022, followed by those in their sixties at around 68 percent. According to the source, the homeownership rate overall that year was 56 percent. Decreasing housing purchases There has been a decline in apartment prices, as the prices have averaged over five million South Korean won per square meter and surpassed 12 million won in the capital city of Seoul. This decline has partly led to lower housing transactions, with the volume of housing transactions dropping below one million. Since 2021, the sales price index for housing purchases in South Korea has experienced a sharp decline. Living in South Korea There has been a slight increase in living space per person despite the high population density in South Korean cities. While most households live in high-rise apartments with five or more stories, only a fraction live in stand-alone houses. Nonetheless, most Koreans in their thirties believe they should own their own house, though financial factors may make this difficult to achieve.