Authored by the expert who managed and guided the team behind the South Korea Property Pack
Yes, the analysis of Busan's property market is included in our pack
Busan's apartment market in 2026 offers a wide range of options, from budget-friendly units in inland districts to premium beachfront properties in Haeundae.
Understanding the real costs, including closing fees, HOA charges, and property taxes, is essential before you commit to buying.
We constantly update this blog post to reflect the latest market data and official sources.
And if you're planning to buy a property in this place, you may want to download our pack covering the real estate market in Busan.
Insights
- Busan apartment prices in 2026 show a 20 to 30 percent premium for new-build units over resale properties, making older buildings a smart entry point for budget-conscious buyers.
- The price per square meter in Busan ranges from KRW 3.5 million in affordable districts like Saha-gu to over KRW 10 million in premium Haeundae beachfront complexes.
- Foreigners buying apartments in Busan typically need a 30 to 40 percent down payment because Korean banks apply stricter documentation requirements for non-residents.
- Monthly HOA fees in Busan apartments range from KRW 200,000 to KRW 450,000, but luxury towers with extensive amenities can charge significantly more.
- Buyer closing costs in Busan typically add 1.6 to 2.5 percent to the purchase price, with acquisition tax being the largest single expense for most transactions.
- Buk-gu neighborhoods like Hwamyeong and Deokcheon offer family-sized apartments at roughly half the price per square meter of Haeundae-gu properties.
- Winter heating costs in Busan apartments can spike to KRW 150,000 per month for gas alone, making building insulation quality a key factor in long-term ownership costs.
- Gangseo-gu's Myeongji International City area shows some of the fastest price appreciation in Busan due to ongoing infrastructure development and new supply.
How much do apartments really cost in Busan in 2026?
What's the average and median apartment price in Busan in 2026?
As of January 2026, the average resale apartment price in Busan is approximately KRW 520 million (around $360,000 USD or €335,000 EUR), while the median sits lower at about KRW 450 million ($310,000 USD or €290,000 EUR).
When looking at price per square meter, Busan averages around KRW 6.2 million per m² ($4,300 USD or €4,000 EUR per m²), with the median closer to KRW 5.4 million per m² ($3,700 USD or €3,500 EUR per m²), which translates to roughly $400 to $430 USD per square foot.
Most standard apartments in Busan fall within a price range of KRW 350 million to KRW 700 million ($240,000 to $480,000 USD or €225,000 to €450,000 EUR), covering the majority of family-sized units in mainstream neighborhoods.
How much is a studio apartment in Busan in 2026?
As of January 2026, a typical studio apartment in Busan costs around KRW 170 million ($117,000 USD or €110,000 EUR), though prices vary significantly based on location and building quality.
Entry-level to mid-range studios in Busan generally fall between KRW 120 million and KRW 180 million ($83,000 to $124,000 USD or €77,000 to €116,000 EUR), while high-end or luxury studios near Haeundae Beach or Centum City can reach KRW 220 million or more ($152,000 USD or €142,000 EUR).
Studios in Busan typically measure between 20 and 30 square meters, with many units in this category being officetel-style apartments in mixed-use buildings near transit hubs.
How much is a one-bedroom apartment in Busan in 2026?
As of January 2026, a typical one-bedroom apartment in Busan costs around KRW 300 million ($207,000 USD or €194,000 EUR), which represents a popular option for singles and couples.
Entry-level to mid-range one-bedroom apartments in Busan range from KRW 220 million to KRW 320 million ($152,000 to $221,000 USD or €142,000 to €206,000 EUR), while premium one-bedrooms in desirable areas like Seomyeon or Centum can reach KRW 380 million ($262,000 USD or €245,000 EUR).
One-bedroom apartments in Busan typically measure between 35 and 45 square meters, offering enough space for comfortable living with a separate bedroom area.
How much is a two-bedroom apartment in Busan in 2026?
As of January 2026, a typical two-bedroom apartment in Busan costs around KRW 480 million ($331,000 USD or €310,000 EUR), making it the most popular choice for families and a reliable resale option.
Entry-level to mid-range two-bedroom apartments in Busan fall between KRW 360 million and KRW 550 million ($248,000 to $379,000 USD or €232,000 to €355,000 EUR), while high-end two-bedrooms in premium districts like Haeundae-gu or Suyeong-gu can reach KRW 650 million ($448,000 USD or €419,000 EUR).
By the way, you will find much more detailed price ranges for apartments in our property pack covering the property market in Busan.
How much is a three-bedroom apartment in Busan in 2026?
As of January 2026, a typical three-bedroom apartment in Busan costs around KRW 650 million ($448,000 USD or €419,000 EUR), representing the family-sized segment of the market.
Entry-level to mid-range three-bedroom apartments in Busan range from KRW 480 million to KRW 750 million ($331,000 to $517,000 USD or €310,000 to €484,000 EUR), while luxury three-bedrooms in top locations with sea views or brand-name developers can reach KRW 950 million or more ($655,000 USD or €613,000 EUR).
Three-bedroom apartments in Busan typically measure between 75 and 85 square meters, with larger units available in newer developments featuring modern layouts.
What's the price gap between new and resale apartments in Busan in 2026?
As of January 2026, new-build apartments in Busan typically sell at a 20 to 30 percent premium over comparable resale units, though the gap can be even wider for trophy locations with ocean views or top-tier developer brands.
The average price per square meter for new-build apartments in Busan is approximately KRW 7.7 million ($5,300 USD or €4,970 EUR per m²), based on HUG's official pre-sale statistics for private apartments.
In contrast, resale apartments in Busan average around KRW 6.2 million per square meter ($4,280 USD or €4,000 EUR per m²), which means buyers can save significantly by choosing a well-maintained older unit.
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Can I afford to buy in Busan in 2026?
What's the typical total budget (all-in) to buy an apartment in Busan in 2026?
As of January 2026, the typical all-in budget to buy a standard resale apartment in Busan is approximately KRW 530 million ($365,000 USD or €342,000 EUR), assuming a purchase price around KRW 520 million plus closing costs.
Beyond the purchase price, buyers in Busan should budget for acquisition tax (the largest cost), brokerage fees (capped by law), registration fees, and small administrative charges, which together add roughly 1.6 to 2.5 percent to the total.
We go deeper and try to understand what costs can be avoided or minimized (and how) in our Busan property pack.
You can also read our dedicated blog article to understand what you can at different budget levels in Busan.
What down payment is typical to buy in Busan in 2026?
As of January 2026, the typical down payment for buying an apartment in Busan ranges from 30 to 40 percent, which for a KRW 520 million apartment means KRW 156 million to KRW 208 million ($108,000 to $143,000 USD or €101,000 to €134,000 EUR).
Most Korean banks require a minimum down payment of around 30 percent for residential mortgages, though foreign buyers often face stricter requirements due to documentation and income verification challenges.
To secure favorable mortgage terms and lower interest rates in Busan, putting down 40 percent or more is generally recommended, especially for non-resident buyers who may have limited credit history in Korea.
You can also read our latest update about mortgage and interest rates in South Korea.
We made this infographic to show you how property prices in South Korea compare to other big cities across the region. It breaks down the average price per square meter in city centers, so you can see how cities stack up. It’s an easy way to spot where you might get the best value for your money. We hope you like it.
Which neighborhoods are cheapest or priciest in Busan in 2026?
How much does the price per m² for apartments vary by neighborhood in Busan in 2026?
As of January 2026, the price per square meter for apartments in Busan ranges dramatically from around KRW 3.5 million ($2,400 USD or €2,260 EUR) in affordable inland districts to over KRW 10 million ($6,900 USD or €6,450 EUR) in premium beachfront areas.
The most affordable neighborhoods in Busan include Saha-gu (particularly Hadan and Dadae), Sasang-gu, and Buk-gu (Deokcheon and Hwamyeong), where prices typically fall between KRW 3.5 million and KRW 5 million per m² ($2,400 to $3,450 USD or €2,260 to €3,230 EUR).
The most expensive neighborhoods in Busan are Haeundae-gu (especially Marine City and Centum City), Suyeong-gu (Namcheon-dong and Gwangan-dong), and select parts of Nam-gu, where prices can reach KRW 7 million to KRW 10 million or more per m² ($4,830 to $6,900 USD or €4,520 to €6,450 EUR).
By the way, we've written a blog article detailing what are the current best areas to invest in property in Busan.
What neighborhoods are best for first-time buyers on a budget in Busan in 2026?
As of January 2026, the top three neighborhoods for first-time buyers on a budget in Busan are Buk-gu (especially Hwamyeong and Deokcheon), Saha-gu (particularly Hadan), and parts of Busanjin-gu just outside the central Seomyeon core.
In these budget-friendly Busan neighborhoods, typical apartment prices range from KRW 280 million to KRW 450 million ($193,000 to $310,000 USD or €181,000 to €290,000 EUR), offering significantly more space for your money compared to coastal areas.
These neighborhoods offer good public transit connections, family-oriented amenities like schools and parks, and practical everyday conveniences without the premium pricing of trendy districts.
The main trade-off of buying in these budget-friendly Busan areas is the longer commute to central business districts and the lack of sea views or premium lifestyle amenities that attract higher-end buyers.
Which neighborhoods have the fastest-rising apartment prices in Busan in 2026?
As of January 2026, the three neighborhoods with the fastest-rising apartment prices in Busan are Gangseo-gu (especially Myeongji International City), Gijang-gun (particularly Osiria and Ilgwang areas), and the fringe submarkets around Haeundae where new transport nodes are being developed.
These fast-appreciating Busan neighborhoods have seen estimated year-over-year price increases of 5 to 10 percent, outpacing the city average due to concentrated development activity.
The main driver behind rapid price growth in these areas is master-planned infrastructure development, including new transit links, commercial centers, and lifestyle projects that attract both residents and investors.
You can also read our latest update about property price forecasts in Busan.
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What extra costs will I pay on top of the apartment price in Busan in 2026?
What are all the buyer closing costs when you buy an apartment in Busan?
For a typical KRW 520 million apartment purchase in Busan, total buyer closing costs amount to approximately KRW 8 million to KRW 13 million ($5,500 to $9,000 USD or €5,200 to €8,400 EUR).
The main categories of closing costs for buyers in Busan include acquisition tax, local education tax, rural special tax, brokerage (agent) fees, and administrative costs for registration and certificates.
Acquisition tax is typically the largest closing cost expense for buyers in Busan, often accounting for around 1.1 percent of the purchase price for single-home buyers under certain thresholds, though this rate increases for higher-value properties.
Brokerage fees in Busan are negotiable up to a legally capped maximum rate that varies by transaction value, so buyers can sometimes reduce this cost by negotiating with their agent.
On average, how much are buyer closing costs as a percentage of the purchase price for an apartment in Busan?
Buyers in Busan should typically budget between 1.6 and 2.5 percent of the purchase price for total closing costs, which covers all taxes, fees, and administrative expenses.
The realistic range spans from about 1.6 percent for lower-priced apartments with negotiated brokerage fees to 2.5 percent or slightly higher for more expensive properties that fall into higher tax brackets.
We actually cover all these costs and strategies to minimize them in our pack about the real estate market in Busan.
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.
What are the ongoing monthly and yearly costs of an apartment in Busan in 2026?
What are typical HOA fees in Busan right now?
Monthly HOA fees (called management fees or 관리비 in Korean) for apartments in Busan typically range from KRW 200,000 to KRW 450,000 ($138 to $310 USD or €129 to €290 EUR), covering building staff, elevators, cleaning, security, and shared facility costs.
Basic apartment buildings in Busan tend to charge toward the lower end of this range, while luxury towers with extensive amenities, older buildings with inefficient systems, or complexes with premium facilities can charge significantly more.
What utilities should I budget monthly in Busan right now?
The estimated total monthly utility cost for a typical apartment in Busan is approximately KRW 140,000 to KRW 370,000 ($97 to $255 USD or €90 to €239 EUR), depending on apartment size, season, and usage habits.
This range can extend lower for efficient small apartments in mild weather and higher for larger units during winter heating season or summer air conditioning peaks.
The typical monthly utility budget in Busan includes electricity (KRW 60,000 to KRW 150,000), gas for cooking and heating (KRW 40,000 to KRW 150,000), water and sewage (KRW 10,000 to KRW 25,000), and internet (KRW 30,000 to KRW 45,000).
Gas for heating tends to be the most expensive utility for Busan apartment owners, especially during the winter months when costs can spike dramatically if your building has poor insulation.
How much is property tax on apartments in Busan?
The estimated typical annual property tax for an apartment in Busan ranges from KRW 300,000 to KRW 1,200,000 ($207 to $828 USD or €194 to €774 EUR), depending primarily on the property's assessed value.
Property tax in Korea is calculated based on government-assessed values rather than market prices, with rates that vary by value thresholds and property type, making it generally lower than what many foreigners expect.
For mainstream apartments in Busan, annual property tax tends to fall in the KRW 300,000 to KRW 700,000 range, while higher-value properties may trigger additional national holding tax (Comprehensive Real Estate Holding Tax) on top of local property tax.
If you want to go into more details, we also have a blog article detailing all the property taxes and fees in Busan.
What's the yearly building maintenance cost in Busan?
The estimated typical yearly building maintenance cost for apartment owners in Busan is approximately KRW 300,000 to KRW 1,000,000 ($207 to $690 USD or €194 to €645 EUR) for in-unit repairs and upkeep, averaged over time.
This range is lower for newer buildings with modern systems and higher for older apartments that may need more frequent repairs, with some years requiring almost nothing and others demanding significant investment.
Typical building maintenance expenses include minor in-unit repairs like plumbing fixes, appliance maintenance, and general wear-and-tear items, while major renovations (kitchens, bathrooms, flooring) are separate capital expenses.
In Busan, most common-area building maintenance costs are already included in your monthly HOA management fee, so the yearly maintenance budget focuses primarily on items inside your individual unit.
How much does home insurance cost in Busan?
The estimated typical annual home insurance cost for an apartment in Busan is approximately KRW 100,000 to KRW 300,000 ($69 to $207 USD or €65 to €194 EUR), covering basic fire and liability protection.
This range varies based on coverage level and property value, with basic policies on the lower end and more comprehensive coverage including contents protection and additional riders on the higher end.
Home insurance is not strictly mandatory for apartment owners in Busan, but most financial institutions require it if you have a mortgage, and it's generally recommended for protecting your investment.
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What sources have we used to write this blog article?
Whether it's in our blog articles or the market analyses included in our property pack about Busan, we always rely on the strongest methodology we can … and we don't throw out numbers at random.
We also aim to be fully transparent, so below we've listed the authoritative sources we used, and explained how we used them and the methods behind our estimates.
| Source | Why It's Authoritative | How We Used It |
|---|---|---|
| Maeil Business News (HUG data) | Major Korean business newspaper citing official government housing statistics. | We used it as our primary source for new-build apartment price benchmarks in Busan. We extracted price-per-square-meter figures to calculate typical apartment costs. |
| Chosun Biz (English) | Major Korean newspaper's English business section with official HUG attribution. | We used it to cross-check national-level pricing and timing of HUG's data series. We verified our early-2026 assumptions against the latest published period. |
| MOLIT (Ministry of Land, Infrastructure and Transport) | Korea's official housing and real estate ministry publishing authoritative policy summaries. | We used it to define acquisition tax brackets for buyer closing costs. We calculated example closing costs for typical Busan apartment budgets. |
| K-apt | Official nationwide disclosure system where apartments must publish management fees by law. | We used it as the authoritative source for HOA and management fee realities. We framed realistic fee ranges by building age and amenities in Busan. |
| KREB (Korea Real Estate Board) | National real estate statistics and consumer protection body operating major housing data systems. | We used it to confirm why K-apt data is reliable and mandatory rather than survey-based. We justified using K-apt as our reference for ongoing costs. |
| KREB R-ONE Portal | One of Korea's official hubs for housing and real estate statistics. | We used it to triangulate against other official sources for market context. We ensured our framing matches Korea's official statistical system. |
| National Law Information Center | Official repository of Korean law providing source-of-truth for regulations. | We used it to confirm that brokerage fees are regulated and capped by rule. We grounded our closing cost estimates in actual legal requirements. |
| Seoul Metropolitan Government | Government site explaining brokerage fee ceilings with legal references. | We used it as a practical cap table for typical purchase price brackets. We estimated buyer-side broker fees for common Busan budgets. |
| Invest Korea (KOTRA) | Official national investment promotion agency providing standardized guidance for foreigners. | We used it to support that brokerage commissions are capped and rule-based for foreign buyers. We triangulated with government cap tables to avoid blog-grade advice. |
| KEPCO | Korea's national electric utility publishing official residential tariff schedules. | We used it to anchor realistic electricity bill ranges for apartment living. We avoided guessing electricity costs from anecdotal sources. |
| Busan Water Authority | Official city water utility for Busan providing direct billing information. | We used it as the authoritative reference for water service billing context. We justified including water and sewer as a separate budget line. |
| National Tax Service (NTS) | National authority for major taxes providing official explanations and edge cases. | We used it to explain when additional property holding tax applies beyond local property tax. We kept our property tax section accurate for higher-value apartments. |
| Statistics Korea (KOSTAT) | Official national statistics agency providing economic and demographic data. | We used it to understand broader market context and housing trends. We validated our assumptions about typical apartment sizes and household patterns. |
| Korea Housing and Urban Guarantee (HUG) | Government-backed housing guarantee institution whose statistics are the standard benchmark. | We used their pre-sale price trend data as our new-build price anchor. We applied their Busan figures to benchmark new versus resale costs. |
We created this infographic to give you a simple idea of how much it costs to buy property in different parts of South Korea. As you can see, it breaks down price ranges and property types for popular cities in the country. We hope this makes it easier to explore your options and understand the market.
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