Last updated on June 21st, 2023
airbnb occupancy rates south korea
Investing in an Airbnb property in South Korea seems like a profitable investment if we consider that this country is a hub of economic and soft power. Besides, it is also one of the most beautiful cities in Asia that attracts a great number of visitors annually. In fact, just in 2019, the famous city of Seoul ranked 23rd among the world’s most popular cities with a total of 9.11 million tourists!
However, before investing in a property in South Korea, it is essential to analyze which city you will be investing in and determine the profitability based on Airbnb’s important key metrics. In this article, you will find the top 20 best cities for Airbnb in South Korea along with their respective occupancy rates, monthly & yearly revenue, average daily rates (ADRs), and much more. Want to learn more? Then we recommend you to continue reading!
Why Invest in Airbnb Properties in South Korea?
South Korea ranks among the top 3 short-term rental markets in Asia with an average occupancy rate of 35%! This country offers people the best of both worlds: great cities with well-maintained and modern infrastructure and natural environment composed of rivers hills and mountains.
South Korea is also home to iconic and renowned tourist attractions such as Gyeongbokgung, Seoul Tower, Bukchon Hanok Village, and much more! So both residents and visitors alike will always have something to discover in this country.
In addition to majestic tourist attractions, South Korea also offers one of the fastest internet speeds compared to other countries. Its public transportation system is among the best worldwide and health care is quite affordable. Let me add that crime rates in Korea are also really low, so while you still should be aware of your surroundings, maybe you can rest a bit more while exploring this country!
Is Airbnb legal in South Korea?
While knowing Airbnb’s key metrics is important, it’s also crucial to consider whether Airbnb is legal in the city you want to invest in. If you’re worried about Airbnb’s legality in South Korea, then do not fret anymore because it’s legal!
The Airbnb regulations in Korea established basic rules for urban accommodation establishments for foreign tourists. This includes obtaining a VAT number from the Revenue Office, licenses, and following specific local rules.
Yet, it’s always best to check with the local government office to know which registrations or licenses may be required for the type of experiences you will offer.
Airbnb Occupancy Rates in South Korea: The 20 Most Profitable Cities
South Korea offers excellent investment opportunities, so it’s understandable that this country is attractive to property investors.
But there are still doubts: which city should you invest in? Should you invest in an Airbnb in modern cities like Seoul or Busan? Or better invest in an Airbnb in touristy cities like Jeju or Seogwipo?
To figure out the best cities to do short-term rental investments in South Korea, we used Airbtics’ calculator to filter the top 20 markets with the highest occupancy rates:
1. Seongnam
- Total Number of Airbnb Listings: 229
- Airbnb Annual Revenue: $18,032
- Average Daily Rate: $58
- Occupancy Rate: 79%
- Median Property Price: $11,996 sq.m. (15,000,000 KRW)
2. Jeju City
- Total Number of Airbnb Listings: 5,539
- Airbnb Annual Revenue: $19,671
- Average Daily Rate: $83
- Occupancy Rate: 72%
- Median Property Price: $7,371 sq.m. (9,215,872 KRW)
3. Seoul
- Total Number of Airbnb Listings: 7,993
- Airbnb Annual Revenue: $11,866
- Average Daily Rate: $51
- Occupancy Rate: 68%
- Median Property Price: $22,827 sq.m. (28,542,114 KRW)
4. Seogwipo
- Total Number of Airbnb Listings: 3,562
- Airbnb Annual Revenue: $13,952
- Average Daily Rate: $70
- Occupancy Rate: 58%
- Median Property Price: $5,521 sq.m. (6,944,368 KRW)
5. Suwon
- Total Number of Airbnb Listings: 325
- Airbnb Annual Revenue: $8,624
- Average Daily Rate: $46
- Occupancy Rate: 50%
- Median Property Price: $6,798 sq.m. (8,500,000 KRW)
6. Busan
- Total Number of Airbnb Listings: 3,037
- Airbnb Annual Revenue: $12,634
- Average Daily Rate: $76
- Occupancy Rate: 45%
- Median Property Price: $9,324 sq.m. (11,658,852 KRW)
7. Gangneung
- Total Number of Airbnb Listings: 1,721
- Airbnb Annual Revenue: $16,202
- Average Daily Rate: $97
- Occupancy Rate: 45%
- Median Property Price: $5,641 sq.m. (7,109,464 KRW)
8. Pyeongtaek
- Total Number of Airbnb Listings: 119
- Airbnb Annual Revenue: $8,282
- Average Daily Rate: $53
- Occupancy Rate: 42%
- Median Property Price: $6,097 sq.m. (7,668,867 KRW)
9. Daegu
- Total Number of Airbnb Listings: 686
- Airbnb Annual Revenue: $7,485
- Average Daily Rate: $47
- Occupancy Rate: 41%
- Median Property Price: $5,332 sq.m. (6,666,667 KRW)
10. Chungju
- Total Number of Airbnb Listings: 59
- Airbnb Annual Revenue: $15,722
- Average Daily Rate: $97
- Occupancy Rate: 41%
- Median Property Price: $5,588 sq.m. (7,042,667 KRW)
11. Daejeon
- Total Number of Airbnb Listings: 395
- Airbnb Annual Revenue: $7,489
- Average Daily Rate: $40
- Occupancy Rate: 47%
- Median Property Price: $2,699 sq.m. (3,375,000 KRW)
12. Gyeongju
- Total Number of Airbnb Listings: 1,049
- Airbnb Annual Revenue: $13,286
- Average Daily Rate: $87
- Occupancy Rate: 40%
- Median Property Price: $5,735 sq.m. (7,213,540 KRW)
13. Hwaseong
- Total Number of Airbnb Listings: 155
- Airbnb Annual Revenue: $10,641
- Average Daily Rate: $65
- Occupancy Rate: 40%
- Median Property Price: $6,584 sq.m. (8,281,420 KRW)
14. Sokcho
- Total Number of Airbnb Listings: 956
- Airbnb Annual Revenue: $11,957
- Average Daily Rate: $78
- Occupancy Rate: 38%
- Median Property Price: $5,357 sq.m. (6,738,088 KRW)
15. Andong
- Total Number of Airbnb Listings: 114
- Airbnb Annual Revenue: $11,660
- Average Daily Rate: $88
- Occupancy Rate: 37%
- Median Property Price: $5,505 sq.m. (6,938,061 KRW)
16. Yeosu
- Total Number of Airbnb Listings: 941
- Airbnb Annual Revenue: $11,575
- Average Daily Rate: $88
- Occupancy Rate: 33%
- Median Property Price: $5,796 sq.m. (7,304,814 KRW)
17. Incheon
- Total Number of Airbnb Listings: 1,363
- Airbnb Annual Revenue: $8,645
- Average Daily Rate: $69
- Occupancy Rate: 32%
- Median Property Price: $10,930 sq.m. (13,666,667 KRW)
18. Ulsan
- Total Number of Airbnb Listings: 327
- Airbnb Annual Revenue: $8,556
- Average Daily Rate: $73
- Occupancy Rate: 32%
- Median Property Price: $14,113 sq.m. (17,743,849 KRW)
19. Tongyeong
- Total Number of Airbnb Listings: 366
- Airbnb Annual Revenue: $8,676
- Average Daily Rate: $71
- Occupancy Rate: 32%
- Median Property Price: $5,471 sq.m. (6,895,210 KRW)
20. Jeonju
- Total Number of Airbnb Listings: 1,283
- Airbnb Annual Revenue: $7,350
- Average Daily Rate: $62
- Occupancy Rate: 31%
- Median Property Price: $6,595 sq.m. (8,298,270 KRW)
Takeaway
South Korea surely ranks among the top countries in many aspects. This includes being a touristy country, a tech hub, great health care system and much more. While the real estate value is a bit higher compared to other countries, it is still a fact that it remains an attractive market to property investors since it can generate a nice amount of cash!
There are many profitable cities in South Korea, but there’s always a risk if you decide to invest in a market before analyzing all the metrics. That’s why it’s always recommended to conduct market research for accuracy using short-term rental analytics tools.
Luckily, you can have many advantages now as we live in a digital era that offers many resources that can greatly facilitate your work to take the best investment decisions. For this, we encourage you to use an Airbnb Income Calculator to gauge your market profitability!
