South Korea Insights by Yoona Choi
In this article Yoona Choi, Managing Director, Knight Frank Korea, shares with us her views on the outlook for 2023 and gives her advice on how to best pivot towards opportunities.
1 minute to read
Here are some bright sparks we are anticipating for the South Korea property.
Residential Development Advisory
Residential property developers are searching for up-to-date residential plans, including exterior design, interior design, layout, branding, marketing, etc. Developers in Korea will need the latest market insights to ensure they remain relevant and competitive.
Prime Residential Property Management
Luxury residential property developers need to properly manage their assets and provide premium services to residents, a relatively new concept in Korea. This means that partnering with the right service provider and a leader in this space will be key to ensuring the success of their development.
Capital Markets (Inbound and outbound)
From an investment perspective, the weak Korean Won and high-interest rates make outbound capital market transactions difficult, however, there will be opportunities ahead with falling asset prices.
Advice
While clients should be cautious, there will also be opportunities in 2023. It will be about identifying the right opportunity and most importantly acting quickly and seizing it when it arises. The bottom of the market could be shorter than anticipated, hence the window of opportunities could also be short. We also advise developers to prepare and get ready for the next upcycle.
