Nearly one-third of adults consider the ‘education environment’ to be the most crucial factor when purchasing a home. (Image courtesy of Yonhap)
SEOUL, Apr. 9 (Korea Bizwire) – A recent survey conducted by real estate consulting firm Budongsan R114 has shed light on the priorities of South Korean homebuyers, revealing that nearly one-third of adults consider the ‘education environment’ to be the most crucial factor when purchasing a home.
The survey, which polled 5,046 adults nationwide from March 21 to 31, found that 29.7% of respondents ranked educational facilities and opportunities as their top consideration in choosing a residential location.
This preference for educational amenities surpassed other factors such as transportation, which garnered 25.1% of the vote, residential comfort at 21.2%, and proximity to conveniences at 15.2%.
The high value placed on educational environment aligns with the ongoing trend of ‘education fever’ in South Korea, where spending on private education has reached record highs, and properties located near prestigious schools and tutoring centers, often referred to as ‘education zones,’ are highly sought after.
When it comes to the ideal timing for purchasing a property, 26.4% of the survey participants identified the first half of this year as the most opportune period.
Additionally, 24.8% believe the latter half of the year would be suitable, indicating that over half of the respondents view 2024 as the right time to buy a home. However, a significant portion (20.2%) consider the best time for acquisition to be after 2026.
The survey also explored the factors influencing apartment purchases, with 40.6% of respondents citing brand reputation as the most impactful.
Apartments associated with top-tier brands are perceived to offer better quality, design, and safety, raising expectations for future value appreciation.
Following brand importance, landscaping and community facilities ranked second at 20.8%, followed by the size of the residential complex at 19.9%, and the interior layout at 18%.
Preferences for community amenities within apartment complexes highlighted saunas as the most favored facility, chosen by 21.7% of respondents.
Fitness centers, guesthouses, and libraries or study rooms followed in popularity, underscoring the growing demand for comprehensive living environments among South Korean homebuyers.
M. H. Lee (mhlee@koreabizwire.com)
