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Ultimate Guide to Start Airbnb in South Korea. Rules, Startup Cost, Profitability and Statistics.

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Quick Airbnb Statistics and Facts


All statistics below is collected and processed from Airbtics, unless specified otherwise. The observation period is between 2023 October to 2024 September.



  • There are 112,648 active listings in South Korea.
  • The city with the most number of Airbnb Listings in South Korea is Seoul with 20,311.
  • The average occupancy rate of an Airbnb listing in South Korea is 57%.
  • A typical listing charges KRW85,378 per night excluding service charge and cleaning fees.
  • The average income of Airbnb host is KRW17,273,966 per listing per year.
  • Startup cost: It costs around KRW3,397,919 to start an Airbnb listing. The major costs are to furnish bedrooms and living room.


How to start an Airbnb in South Korea?



Short-term rental rules & regulations in South Korea


For regulations, refer to Responsible Airbnb Hosting in South Korea.



How much does it cost to start an Airbnb in South Korea?


Bedroom 1


In order for you to furnish a room like below, it'll cost you around KRW3,397,919 per bedroom.


bedroom
Mattress and bedframe Bedroom KRW481,974
Wardrobe Bedroom KRW385,579
Desk Bedroom KRW96,394
Desk chair Bedroom KRW48,197
Lighting Bedroom KRW96,394
Decorative Bedroom KRW96,394
Curtains Bedroom KRW48,197
Total Bedroom KRW1,253,133


Living room


For living room, it'll cost you around KRW4,781,186 and this'll include dining table set for 4 people.


livingroom
Sofa Living room KRW481,974
Dining table and chairs Living room KRW289,184
Coffee table Living room KRW48,197
Coffee machine Living room KRW96,394
Microwave Living room KRW96,394
Laundry Living room KRW481,974
Total Living room KRW1,494,120


Other costs


For living room, it'll cost you around KRW3,397,919 and this'll include dining table set for 4 people.


Finally, you need to budget for various supplies like towels. You may also need smart lock for self-checkin. This'll add another KRW650,665.

Towels Other KRW96,394
Pillows Other KRW96,394
Blankets Other KRW96,394
Smart lock Other KRW144,592
Security camera Other KRW96,394
Labour cost Other KRW120,493
Total Other KRW650,665


Total startup cost for 1, 2 and 3 bedrooms


Number of Bedrooms Total Furnishing Cost
1 Bd Startup Cost KRW3,397,920
2 Bd Startup Cost KRW4,781,187
3 Bd Startup Cost KRW6,034,320


Is it profitable to start an Airbnb in South Korea?


The average host in the UK earns KRW17,273,966 per year. Here are the 3 cities with the most number of Airbnb listings. See the full list of 6 cities here.


Seoul


  • Market Score: 6
  • Revenue: KRW23,184,350
  • Average Daily Rate: KRW84,001
  • Occupancy Rate: 81%
  • Regulations: Lenient


Busan


  • Market Score: 5
  • Revenue: KRW22,276,861
  • Average Daily Rate: KRW101,903
  • Occupancy Rate: 61%
  • Regulations: Lenient


Incheon


  • Market Score: 4
  • Revenue: KRW13,193,707
  • Average Daily Rate: KRW81,247
  • Occupancy Rate: 43%
  • Regulations: Lenient




Useful resources


Here are some of the useful resources for you to get started.


Complete list of on-going host expenses: https://airbtics.com/complete-list-of-airbnb-host-expenses/