The future housing market of Seoul, Korea : according to changes of population and household structures

Abstract

Focusing on Seoul, the capital of Korea, this report will analyze the current demographic and housing trends by using census data from the Korean Statistical Information Service (KOSIS), and then suggest recommendations for the direction of the future housing market of Korea based on the analyzed trends. Since Seoul is a center of the Korean housing markets and the housing market of Seoul accounts for the largest part of the national housing market, this report can support the future housing markets and policies both at national and local level. In the public sector it can be used as fundamental resources to establish long-term housing policies for the future. Moreover, in the private sector this report will be helpful for developers and contractors as an indicator for long-range housing business plans. Due to current demographic problems such as low birthrates and population aging, Korea cannot escape the demographic changes, and consequently these changes might affect the future housing market regarding housing supply and demand.