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Yes, the analysis of Busan's property market is included in our pack
Thinking about buying a 3-bedroom apartment in Haeundae? It’s a great area, but you're probably wondering: is now the right time to buy, or should you wait for prices to drop?
And what about long-term investment—should you look into other districts like Seomyeon or Centum City where property values might appreciate more over time?
In this article, we’ll answer these questions. We know this market quite well - and we have put all our knowledge in the Busan Property Pack.
Will property prices increase in Busan in 2025?
Yes, property prices in Busan are expected to rise in 2025, driven by a combination of high demand and strategic developments in the region.
Backed by our fresh, in-depth market analysis, we’re confident that Busan remains an attractive city for both domestic and international investors.
While there are some economic challenges like inflation and potential interest rate hikes, the main drivers behind Busan’s price growth are robust and promising.
Demand, especially in key areas, continues to outpace supply, making significant price drops unlikely. Additionally, Busan's strategic location as a major port city and its ongoing urban development projects keep attracting buyers and investors.
Signals pointing to a property price increase in Busan
Here are some factors suggesting prices could increase:
The ongoing development of the North Port Redevelopment Project is expected to transform Busan into a more vibrant and attractive city, boosting property values in the surrounding areas.
Busan's strategic location as a major port city continues to attract businesses and investors, increasing demand for both residential and commercial properties.
The expansion of public transportation networks, including new subway lines and improved bus services, is expected to enhance connectivity and accessibility, making certain areas more desirable and driving up property prices.
Government initiatives aimed at promoting Busan as a hub for international business and tourism are likely to increase demand for properties, particularly in areas close to business districts and tourist attractions.
The rise of remote work and digital nomadism is attracting more people to Busan, known for its quality of life and coastal attractions, thereby increasing demand for housing.
Signals pointing to a property price decrease in Busan
Here are some factors suggesting prices could fall:
Potential increases in interest rates could make borrowing more expensive, reducing the purchasing power of potential buyers and cooling demand.
Economic uncertainties, both domestically and globally, could impact consumer confidence and lead to a more cautious approach to property investments.
Rising construction costs and regulatory hurdles could slow down new developments, potentially limiting the supply of new housing and affecting market dynamics.
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If property prices go up in Busan, how much would they increase by?
If real estate prices in Busan were to rise in 2025, the increase would likely be around 3% to 7% of their 2024 values.
Typically, real estate in dynamic markets like Busan appreciates by approximately 3% to 7% annually over the long term. However, fluctuations can occur depending on factors such as region, season, and property type.
It means that, if you spot a charming 2-bedroom apartment in Haeundae for 500 million KRW today, don't be surprised if it's priced between 515 million and 535 million KRW this time next year.
To give you a better understanding, here is a table that shows 7 types of Busan real estate properties, their estimated prices in 2024, and projections for 2025 based on potential price increases of 3%, 5%, and 7%.
| Type of Property | Average Price in 2024 (KRW) | Price in 2025 (3% increase) | Price in 2025 (5% increase) | Price in 2025 (7% increase) |
|---|---|---|---|---|
| Apartment (60 sqm / 646 sqft) | ₩600,000,000 | ₩618,000,000 | ₩630,000,000 | ₩642,000,000 |
| Modern Apartment (75 sqm / 807 sqft) | ₩800,000,000 | ₩824,000,000 | ₩840,000,000 | ₩856,000,000 |
| Luxury Penthouse (100 sqm / 1,076 sqft) | ₩1,500,000,000 | ₩1,545,000,000 | ₩1,575,000,000 | ₩1,605,000,000 |
| Studio (30 sqm / 323 sqft) | ₩300,000,000 | ₩309,000,000 | ₩315,000,000 | ₩321,000,000 |
| Loft (80 sqm / 861 sqft) | ₩1,000,000,000 | ₩1,030,000,000 | ₩1,050,000,000 | ₩1,070,000,000 |
| Townhouse (150 sqm / 1,615 sqft) | ₩2,000,000,000 | ₩2,060,000,000 | ₩2,100,000,000 | ₩2,140,000,000 |
| Investment Property (50 sqm / 538 sqft) | ₩500,000,000 | ₩515,000,000 | ₩525,000,000 | ₩535,000,000 |
Everything you need to know is included in our Property Pack for Busan
If real estate prices go up in Busan, which areas are likely to see the biggest increases?
Today, people who want to move to Busan are looking for a blend of traditional charm and modern conveniences, along with vibrant social scenes, which Haeundae offers. Hence, we could see a price increase there in 2025.
Also, lately, there's been a shift toward more youthful, vibrant neighborhoods, and Seomyeon has really taken off.
We like it when information is clear and easy to digest. So, here’s a table that highlights the areas where prices might rise the most, along with the reasons behind those expected increases. It’s very high-level. If you want more details on a specific area, please check our real estate pack tailored to the Busan market.
| Neighborhood | Level of Increase | Why |
|---|---|---|
| Haeundae | High | Recent development of luxury housing projects and its increasing appeal to international buyers as travel normalizes post-pandemic, driving demand. |
| Gwangan | High | Expected rise due to limited housing stock, upcoming renovations to waterfront properties, and growing demand for prime locations with ocean views. |
| Centum City | Medium-High | Ongoing gentrification and new transport links, along with several planned redevelopment projects in the area, are likely to push prices higher. |
| Marine City | Medium | The shift towards hybrid workspaces is driving demand for residential properties near business districts, combined with new mixed-use developments. |
| Seomyeon | Medium-High | Eco-friendly urban projects and recent construction of new schools and parks are increasing its attractiveness for families, pushing prices upward. |
| Nampo-dong | Medium | Investment in local infrastructure, such as the extension of subway lines and renovation of historic areas, is boosting long-term value. |
| Gijang | Medium-High | With new cultural and commercial spaces being developed, this trendy neighborhood is seeing increased demand from both residents and investors. |
| Dongnae | High | Upcoming large-scale urban regeneration projects and improved public transport access are expected to make this area more desirable. |
| Sasang | Medium-High | Its proximity to industrial hubs, along with new office and residential developments, makes it increasingly attractive to professionals seeking more space. |
| Yeongdo | Medium | Gentrification and cultural regeneration projects are attracting new residents, leading to rising prices as the area becomes more fashionable. |
| Suyeong | High | As new luxury developments are launched, demand for premium housing among wealthy buyers is expected to further increase property values. |
| Jagalchi | High | Upcoming restoration of historic markets and high-profile cultural projects are driving a renewed focus on this central, historic location. |
-The best areas to buy a property in Busan
If I'm looking to invest in real estate, what types of properties should I focus on for the best value appreciation in Busan?
In 2025, Busan real estate trends focus on tech-smart, energy-efficient apartments, larger suburban homes for families, properties with outdoor spaces, and eco-friendly buildings—all driving higher demand and prices. Here is a summary.
- Tech-Equipped and Energy-Efficient Apartments:
Driven by remote work and sustainability trends, these homes offer smart technology features and energy-saving systems. They cater to young professionals and tech workers, making them a hot commodity in 2025.
- Family-Sized Apartments in Suburban Areas:
With a growing demand for larger living spaces, especially among families, suburban areas near Busan are seeing increased interest. Proximity to beaches, parks, and schools is a major factor driving value.
- Properties with Outdoor Spaces:
Post-pandemic, outdoor spaces like terraces, balconies, or gardens have become highly desirable. In dense cities like Busan, these features offer a much-needed escape and are likely to drive up property values.
- Eco-Friendly Buildings with Low Carbon Footprints:
Busan's commitment to sustainability is boosting demand for eco-certified buildings. Buyers are increasingly valuing properties that align with the city’s green goals, leading to price appreciation in this category.
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