What is the average price per sqm in Busan?

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Who is the author of this content?

BAMBOOROUTES

A team specialized in real estate investing in APAC countries (Japan, Thailand, Indonesia, Australia, etc.).

We are a team of financial experts, legal professionals, developers, and local real estate specialists dedicated to helping people like you avoid mistakes when investing in real estate in a foreign place, particularly in Busan. If you'd like to learn more about us, you can check our presentation page.

What is the current average price per square meter in Busan?

As of September 2025, the average price for apartments in Busan stands at 3.68 million KRW per square meter.

This figure represents a significant decline from the market peak in 2022-2023 when prices reached 7.14 million KRW per square meter. The current pricing reflects a market correction and the shift toward a buyer's market conditions.

In USD terms, this translates to approximately $2,750 per square meter, though exchange rates may cause fluctuations. The Busan apartment market has experienced a 1.9% decline in 2025, following a steeper 5% drop in 2024.

These current prices indicate that buyers have more negotiating power compared to the seller's market conditions that dominated from 2020 to 2023. The market correction has created opportunities for both end-users and investors looking to enter the Busan property market.

How do prices vary by property type in Busan?

Property prices in Busan vary significantly depending on the type and location of the property.

Luxury new apartments in premium locations like Marine City and Haeundae command over 9.09 million KRW per square meter, representing the top tier of the market. These properties have shown the most resilience during the recent market correction.

Mid-sized new apartments, typically ranging from 300-400 million KRW for 84-square-meter homes, maintain strong demand particularly among younger buyers. These properties represent good value in the current market conditions.

Older apartments and villas, especially those over 20 years old in non-central districts, have experienced the steepest price drops of 15-20% from peak levels. Commercial properties in prime locations like Centum City and Haeundae commercial spaces command premium pricing, while peripheral districts face lower demand and pricing pressure.

Which neighborhoods offer the best value and potential in Busan?

Busan's neighborhoods can be categorized into expensive, budget-friendly, and up-and-coming areas based on current pricing and growth potential.

Gijang-gun stands out with the highest price growth of +2.15% in 2025, making it particularly attractive for growth-seeking buyers. Geumjeong-gu offers affordable entry points with large new developments and improved infrastructure development.

What are the total purchase costs including all fees and taxes?

Total purchase costs in Busan typically run 10-15% above the listed property price when accounting for all taxes and transaction fees.

For a standard 84-square-meter apartment priced at the market average, total costs including VAT (10%), legal and agency fees (0.5-1.1%), and acquisition taxes (1.1-3.5%) would amount to approximately 422.3 million KRW, or about 5 million KRW per square meter all-in.

Specific examples include luxury Haeundae condominiums exceeding $1,000,000 USD total cost, while mid-tier properties in Nam-gu typically cost around $500,000 USD including all fees. Transaction costs vary based on property value, with higher-end properties often subject to additional luxury taxes.

Buyers should budget for legal fees, property registration costs, real estate agent commissions, and various government taxes when calculating their total investment. It's something we develop in our South Korea property pack.

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How do property size and type affect the price per square meter?

Property size and type significantly impact the price per square meter in Busan's current market.

Smaller units generally command a higher price per square meter due to efficiency premiums and higher demand from single professionals and young couples. This trend is particularly pronounced in central districts like Suyeong-gu and areas near universities.

Larger units and older properties typically offer lower prices per square meter, especially in oversupplied or non-central districts. New premium apartments maintain the highest per-square-meter values and show the most resilience to market corrections.

Villas and older detached homes offer the cheapest per-square-meter pricing, particularly those located far from the city center. The age factor plays a crucial role, with properties over 20 years old seeing steeper price reductions compared to newer developments.

What are real purchase examples across different Busan districts?

Real purchase examples demonstrate the wide range of property values across Busan's diverse districts.

At the budget end, the cheapest detached home sold for 1.26 million KRW for a 16.53-square-meter property in U-dong, Haeundae. At the luxury end, the most expensive property sold for 5.38 billion KRW for a 1,644-square-meter detached home in Amnam-dong, Seo-gu.

Mid-market examples include standard 84-square-meter apartments selling for approximately 422.3 million KRW in central districts. Luxury Haeundae properties typically exceed $1,000,000 USD, while comparable properties in Nam-gu average around $500,000 USD.

These examples illustrate the dramatic price differences between districts and property types, with location being the primary driver of value in Busan's property market. Premium coastal and central locations command significant premiums over peripheral areas.

How do current prices compare to previous years?

Busan property prices show a clear pattern of rapid growth followed by market correction over recent years.

Compared to one year ago, prices have declined by 1.9% in 2025, following a steeper 5% decline in 2024. This represents a moderation in the correction trend, suggesting the market may be stabilizing.

Over the five-year period, despite recent declines, prices have increased by 51.4% since 2020. This dramatic increase occurred primarily between 2020-2022, when the market experienced exceptional growth before reaching unsustainable levels.

The market has fundamentally shifted from the seller's market conditions of 2020-2023 to current buyer's market conditions, with rising inventories and transaction volumes well below pre-pandemic levels. This historical context helps explain why current prices, while declining, remain significantly elevated compared to pre-2020 levels.

What are the price forecasts for Busan property market?

Busan property price forecasts indicate continued market softness in the short term with gradual stabilization expected over the medium to long term.

For the next 1-2 years through 2027, analysts expect continued softness with slow recovery and possible further declines in outer districts. The buyer's market conditions are likely to persist as inventory levels remain elevated and demand stays below historical averages.

Over the 5-10 year horizon, market stabilization is expected, though high growth rates similar to 2020-2022 are unlikely except in premium locations and up-and-coming zones with significant infrastructure development or redevelopment projects.

Premium areas like Haeundae and emerging districts with infrastructure investments like Gijang-gun and Geumjeong-gu may outperform the broader market. The forecast suggests a more normalized growth pattern aligned with economic fundamentals rather than speculative demand.

We did some research and made this infographic to help you quickly compare rental yields of the major cities in South Korea versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you're planning to invest there.

How do Busan prices compare to other major cities?

Busan property prices position the city as a more affordable alternative to Seoul while remaining competitive with other major Korean cities.

Seoul commands 13.4 million KRW per square meter, making it approximately 3.5 times more expensive than Busan's current average of 3.68 million KRW per square meter. This significant price gap makes Busan attractive for buyers priced out of the Seoul market.

Compared to other major Korean cities, Busan sits in the middle range. Daejeon averages 20.35 million KRW per pyeong (roughly 1.7 times Busan's price), while Daegu averages 9.5 million KRW per pyeong (about 80% of Busan's price with slower growth).

Internationally, Busan prices are comparable to Bangkok but significantly less expensive than Beijing, Tokyo, or Hong Kong. This positioning makes Busan attractive for international investors seeking Asian market exposure at relatively affordable entry points.

What are the smartest property choices for buyers in 2025?

Smart property choices in Busan depend on buyer goals, with different strategies optimal for homeowners versus investors.

1. For Primary Residence: Central zones with stable supply-demand balance like Suyeong-gu, Haeundae, and Nam-gu offer the best combination of lifestyle amenities and value retention.
2. For Growth-Oriented Buyers: Up-and-coming areas like Gijang-gun and Geumjeong-gu provide affordable entry points with infrastructure-driven growth potential.
3. For Value Investors: Selective opportunities in oversupplied districts like Gangseo-gu and Saha-gu, but only for deeply discounted properties with immediate rental yield potential.
4. For Premium Buyers: Established luxury areas like Marine City and premium Haeundae developments that have shown resilience during the market correction.
5. For First-Time Buyers: Mid-sized new apartments in the 300-400 million KRW range offer good value and strong underlying demand.

The current buyer's market conditions create negotiating opportunities across all segments, making 2025 an advantageous time for well-researched purchases. It's something we develop in our South Korea property pack.

Should you buy to live in versus buying for rental income?

The choice between buying to live in versus rental investment depends on your priorities and the specific Busan submarkets you're considering.

For primary residence, focus on established areas with good infrastructure like Suyeong-gu, Nam-gu, and Haeundae that offer lifestyle benefits, school access, and transportation connectivity. These areas provide stability and quality of life even if they don't offer the highest rental yields.

For short-term rental investment, consider areas with tourist and student demand like Seomyeon, Nampo-dong, and Kyungsung, which attract digital nomads and young professionals. These areas offer higher rental yields but may require more active management.

Long-term rental investment strategies should focus on emerging growth areas like Geumjeong-gu and Gijang-gun, where infrastructure development and population growth will drive sustained rental demand. Properties in these areas often provide both capital appreciation potential and steady rental income.

The current market conditions favor buyers in both categories, with more inventory available and less competition from other buyers compared to the peak market years.

Which areas offer the best potential for resale profits?

Areas with the strongest resale potential in Busan are those benefiting from infrastructure development, limited new supply, or urban renewal projects.

Premium coastal developments in Marine City and Haeundae continue to offer strong resale potential due to limited developable land and sustained demand from affluent buyers. These areas maintain their value even during market corrections.

Emerging redevelopment zones in Suyeong-gu, Nam-gu, and Yeonje districts present excellent resale opportunities, particularly properties near confirmed urban renewal projects or new infrastructure developments. Government-backed redevelopment initiatives often drive significant value appreciation.

Gijang-gun stands out with its +2.15% growth in 2025 and substantial infrastructure investments, making it attractive for medium-term resale strategies. The area benefits from suburban luxury development and improved connectivity to central Busan.

Buyers should avoid oversupplied districts like Gangseo-gu and Saha-gu unless purchasing at significant discounts for immediate rental yield rather than capital appreciation. Focus on areas where new supply is limited and demand drivers are strengthening rather than weakening. It's something we develop in our South Korea property pack.

Conclusion

This article is for informational purposes only and should not be considered financial advice. Readers are advised to consult with a qualified professional before making any investment decisions. We do not assume any liability for actions taken based on the information provided.

Sources

1. Busan Price Forecasts - BambooRoutes
2. Average Apartment Price per Sqm South Korea - BambooRoutes
3. Busan Property Investment - InvestAsian
4. Busan City Press Release - Official Government
5. Busan Living Guide - Enko
6. South Korea Luxury Real Estate Market - Mordor Intelligence
7. South Korea Price History - Global Property Guide
8. South Korea Real Estate Trends - BambooRoutes