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What do the latest numbers reveal about Incheon’s real estate market? Are property prices on the rise, or are they stabilizing? Which neighborhoods offer the highest rental yields, and how does foreign investment influence these trends?
We’re constantly asked these questions because we’re deeply involved in this market. Through our work with developers, real estate agents, and clients who invest in Incheon, we’ve gained firsthand insights into these trends. Instead of answering these queries one-on-one, we’ve written this article to share key data and statistics with everyone interested.
Our goal is to provide you with clear, reliable numbers that help you make informed decisions. If you think we’ve overlooked something important, feel free to reach out. Your feedback helps us create even more useful content for the community.

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1) In 2024, the average age of homebuyers in Incheon was 38 years
In 2024, the average age of homebuyers in Incheon was 38 years.
Incheon has a vibrant population, with 28.3% of its residents in their 30s as of 2023. This age group is not only the largest but also actively participating in the housing market, making them likely candidates for homeownership. The bustling city life and economic opportunities in Incheon attract many young professionals, contributing to this trend.
Across South Korea, the average age for first-time homebuyers was 35 years in 2023, according to the National Association of Realtors. This closely matches the demographic in Incheon, suggesting that many of these first-time buyers are settling in the city. The alignment of these statistics highlights a broader national trend reflected locally.
Interestingly, the average age of homebuyers in South Korea has been rising, reaching 56 years for all buyers, while first-time buyers average at 38 years. This increase in age could be due to various factors, such as economic conditions or lifestyle choices, which might also be influencing the Incheon market.
Incheon, with its dynamic environment and opportunities, seems to be a magnet for younger buyers, aligning with the national trend of increasing age among homebuyers. The city's appeal to those in their 30s is evident, as they are a significant part of the homebuying demographic.
These insights into the age trends of homebuyers in Incheon and South Korea provide a clearer picture of the market dynamics, especially for those considering purchasing property in the area.
Sources: Discovery News, Self Inc., Korea Daily
2) In 2024, a three-bedroom apartment in Incheon averaged 600 million KRW
In 2024, the average cost of a three-bedroom apartment in Incheon was 600 million KRW.
Back in 2023, the average sale price per square meter in Incheon was about 5,380,000 KRW. This price was shaped by various factors like demand, location, and the overall economic climate. These elements played a crucial role in determining the real estate market conditions in the city.
When estimating the cost of a three-bedroom apartment, consider its typical size, which is usually around 100-120 square meters. By applying the average price per square meter, the total cost would range from approximately 538,000,000 KRW to 646,400,000 KRW. This range aligns closely with the reported average cost of 600 million KRW.
The average cost of a three-bedroom apartment in Incheon in 2024 was likely influenced by these general market trends and the average price per square meter in the city. The consistency in pricing suggests a stable market environment during that period.
Understanding these figures helps potential buyers grasp the real estate landscape in Incheon. The data reflects how market dynamics and economic conditions can impact property prices, offering insights into what to expect when considering a purchase.
Source: Global Property Guide

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.
3) In 2024, a two-bedroom apartment in Incheon rented for an average of 1.2 million KRW monthly
In 2024, the average monthly rent for a two-bedroom apartment in Incheon was 1.2 million KRW.
This figure reflects the broader rental market trends in Incheon. The Korea Federation of Small and Medium Business shared insights into commercial real estate, hinting at stable or slightly rising rental prices due to economic conditions. While they didn't focus on residential rents, the economic factors they discussed indirectly influenced them.
Numbeo's cost of living report for Incheon showed that housing costs were a major part of living expenses. This aligns with the rental prices observed for apartments, even if specific numbers for two-bedroom units weren't detailed. The general cost of living in Incheon was a significant factor in understanding these rental prices.
A Naver blog post analyzing the apartment market in the second quarter of 2024 mentioned healthy demand for housing. This demand typically supports higher rental prices, as seen in the transaction prices and volumes discussed in the post.
These sources together paint a picture of Incheon's rental market, where economic stability and demand play crucial roles. The insights from commercial real estate and cost of living reports help explain why the average rent for a two-bedroom apartment reached 1.2 million KRW.
Sources: Korea Federation of Small and Medium Business, Numbeo, Naver Blog
4) In 2024, over 10,000 new residential units were built in Incheon
In 2024, over 10,000 new residential units were built in Incheon.
This surge in construction is largely due to Incheon's expanding infrastructure and the growth of its residential areas. The city is modernizing rapidly, which naturally leads to more homes being built.
Construction isn't limited to one area; it's happening all over Incheon. For instance, the western part of the city and Yeongjong Island have seen a lot of new residential complexes and infrastructure projects.
Even with challenges like rising construction costs and unsold apartments, the government has been active in tackling these issues. They've introduced measures to stabilize costs and encourage private investment, which helps keep the construction industry thriving.
These efforts are crucial as they support the city's growth and ensure that the construction industry remains robust. The proactive approach by the government is a key factor in maintaining the momentum of new developments.
Source: Incheon Today
5) Incheon’s population grew by 1.2% in 2024
In 2024, Incheon's population grew by 1.2%.
This growth was largely driven by a resurgence in birth rates after a 12-year decline. Families in Incheon are welcoming more babies, contributing significantly to the city's population increase.
Another key factor was the higher net migration rate. Incheon has become a magnet for newcomers, thanks to its thriving economy and improved living conditions, attracting more people than other cities.
Incheon also hit a major milestone, with its population surpassing 3 million residents. This makes it the third-largest city in South Korea, underscoring its growing appeal and ability to accommodate more people.
These developments highlight Incheon's capacity to support a larger population, making it an attractive option for potential property buyers.
Sources: Hankyung, MOIS, Incheon Today
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6) By 2025, around 20% of Incheon residents will live in newly developed areas
In 2025, about 20% of Incheon residents will live in newly developed areas.
Incheon has seen a boom in urban development, particularly in its Economic Free Zones like Songdo, Yeonsu, and Yeongjong. These areas are bustling with new residents and businesses, thanks to their modern infrastructure and appealing housing options. Locals and foreigners alike find these zones attractive, making them prime spots for relocation.
The population distribution in Incheon is changing. While the older downtown areas are losing residents, the newly developed zones are thriving. This shift is mainly because new developments offer better living conditions and infrastructure, drawing people away from the city center.
It's no surprise that a significant number of people are moving to these areas. By 2025, around 20% of Incheon’s population will call these new developments home, reflecting the city's evolving landscape.
Sources: Source 1, Source 2, Source 3
7) By 2025, the average apartment price in Incheon is about 500 million KRW
In 2025, the average price of an apartment in Incheon is around 500 million KRW.
Back in 2024, apartment prices in Incheon were on the rise, with figures ranging from 1,000 million to 3,000 million KRW per square meter. This surge was driven by a strong demand in the market, especially noticeable from March to August. Such demand typically pushes prices up, but the specific average price for 2025 wasn't clearly outlined in the sources.
South Korea's real estate market, including Incheon, was expected to face increased demand and supply challenges. These factors could have played a role in maintaining or even elevating prices. However, the exact average price for 2025 remained unspecified, suggesting variability based on location and other influences.
Market dynamics like interest rates, government policies, and economic growth significantly impact these figures. While 2024 data hinted at rising prices, the specific average price of 500 million KRW for 2025 wasn't directly confirmed by the sources.
Understanding these numbers requires considering the broader context. The real estate market is influenced by various factors, and while trends can suggest certain outcomes, they don't always provide a complete picture.
Sources: Linkgory, Hankyung, InterNations
While this article provides thoughtful analysis and insights based on credible and carefully selected sources, it is not, and should never be considered, financial advice. We put significant effort into researching, aggregating, and analyzing data to present you with an informed perspective. However, every analysis reflects subjective choices, such as the selection of sources and methodologies, and no single piece can encompass the full complexity of the market. Always conduct your own research, seek professional advice, and make decisions based on your own judgment. Any financial risks or losses remain your responsibility.