Last Year, Commercial and Office Building Transactions Increased by 10.8%... Transaction Amount Surpassed 40 Trillion Won

14,183 Commercial and Office Building Transactions Nationwide in 2024
Seoul Transaction Amount Up 96.5% Year-on-Year

Last year, the transaction volume of commercial and office buildings increased by more than 10% compared to the previous year, and the transaction amount also exceeded 40 trillion won.

According to the "2024 Annual Nationwide Commercial and Office Building Transaction Market Analysis Results" announced on the 4th by Real Estate Planet, a proptech company specializing in commercial real estate, the transaction volume of commercial and office buildings last year was 14,183 cases, an increase of 10.8% compared to the previous year (12,799 cases). The transaction amount was 40.6743 trillion won, up 51.3% from 26.8864 trillion won the previous year.

A dense area of office buildings in downtown Seoul. Photo by Younghan Heo younghan@

The period with the highest transaction volume of commercial and office buildings last year was July (1,317 cases), followed by October (1,243 cases) and December (1,133 cases). The transaction amount rose to 5.0788 trillion won in November and recorded 3.338 trillion won in December.

The transaction volume of commercial and office buildings in Seoul also increased by 49.6% compared to the previous year (1,446 cases), reaching 2,163 cases. Transaction volumes increased in 14 metropolitan cities and provinces, with the highest growth rates in △Jeju 13.2% (197 cases) △Ulsan 11.6% (221 cases) △Busan 10.9% (824 cases) △Gwangju 10.8% (380 cases) △Daejeon 10.8% (350 cases) △Jeonbuk 9.9% (780 cases), in that order.

In the case of Sejong, the transaction amount of commercial and office buildings decreased the most. The transaction amount in Sejong fell by 44.1%, from 54.4 billion won in 2023 to 30.4 billion won last year. Next were Gyeongnam (638.5 billion won) and Chungnam (559.8 billion won), which decreased by 20.3%, followed by Jeju 17.4% (207 billion won), Daegu 15.3% (726.6 billion won), and Jeonnam 14.7% (367.1 billion won).

The increase in transaction amounts of commercial and office buildings centered around Seoul and Gyeonggi regions drove up the nationwide transaction amount. Seoul's transaction amount in 2024 was 24.9585 trillion won, up 96.5% from 12.7601 trillion won in 2023. Gyeonggi recorded 6.7325 trillion won, a 34.4% increase from 5.0082 trillion won. By city and district, the highest transaction volumes were in Hwaseong-si, Gyeonggi (386 cases), Gangnam-gu, Seoul (351 cases), Gimpo-si, Gyeonggi (258 cases), Cheongju-si, Chungbuk (245 cases), and Jeonju-si, Jeonbuk (236 cases).

Looking at the transaction volume by transaction amount over the year, volumes increased across all ranges. For buildings over 30 billion won, there were 140 cases, a 77.2% increase from 79 cases in 2023. For buildings between 10 billion and 30 billion won, transactions increased by 50.7% (449 cases), between 5 billion and 10 billion won by 20.9% (701 cases), between 1 billion and 5 billion won by 6.1% (3,926 cases), and under 1 billion won by 10.2% (8,967 cases).

Jung Soo-min, CEO of Real Estate Planet, said, "Last year, the nationwide commercial and office building market rebounded in both transaction volume and transaction amount compared to the previous year," but added, "However, the transaction volume remains the second lowest on record since 2006 according to statistical standards, so it is still too early to see this as a full-scale market recovery."

This content was produced with the assistance of AI translation services.