South Korea faces rising aging buildings and abandoned construction sites

Recent data from the South Korean Ministry of Land, Infrastructure and Transport reveals a growing trend of aging infrastructure and stalled development projects across the country.

As of late 2024, the total number of buildings in South Korea reached approximately 7.43 million, with a total floor area of 4.38 billion square meters. Notably, 46.3% of all buildings are now over 30 years old, a figure that has increased by 1.9 percentage points from the previous year. While the total number of buildings and floor area increased, new construction activity saw a decline, with permits, starts, and completions all falling compared to the previous year. Regional disparities were evident, as construction starts in non-metropolitan areas dropped by 19.8%.

Simultaneously, the number of long-term abandoned construction sites has risen. According to data provided by the Korea Real Estate Board to lawmaker Moon Jeong-bok, there are 361 sites where construction has been halted for two years or more, representing a 26.2% increase since 2022. Over 60% of these abandoned sites have been stalled for more than 10 years, with 120 sites remaining unfinished for over two decades. Gyeonggi Province reported the highest number of abandoned sites at 53.