Daegu Real Estate Market in 2024: Key Trends in Rising and Falling Prices with Future Projections

Daegu Real Estate Market in 2024: Key Trends in Rising and Falling Prices with Future Projections

※ Daegu, South Korea’s fourth-largest city and a hub for commerce, education, and culture, displayed a mix of real estate trends in 2024. While some areas thrived with increasing property values driven by urbanization and redevelopment, others experienced stagnation or declines due to oversupply or shifting population dynamics. This blog explores the areas where real estate prices increased and decreased the most in Daegu during 2024 and provides insights into future market directions for 2025. 😅

 

Top Areas with Price Increases in 2024

1. Suseong-gu
   Known for its high-quality education and affluent neighborhoods, Suseong-gu remained one of the most sought-after districts in Daegu. Proximity to top schools and cultural amenities made it a favorite among families and professionals, driving up property prices.
2. Dong-gu
   Dong-gu witnessed significant growth, particularly in areas near Dongdaegu Station, a major transportation hub. Enhanced accessibility through high-speed rail and subway networks boosted housing demand.
3. Dalseo-gu
   Urban development projects and the rise of modern residential complexes made Dalseo-gu an attractive option for middle-income families and young professionals, leading to a steady rise in real estate prices.

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Top Areas with Price Declines in 2024

1. Seo-gu
   Despite its central location, Seo-gu faced declining property values due to aging infrastructure and limited new development projects. The district struggled to attract younger residents, resulting in reduced demand.
2. Nam-gu
   Nam-gu experienced price declines as older housing stock became less appealing in comparison to newly developed areas in neighboring districts.
3. Dalseong-gun
   While Dalseong-gun has scenic and rural appeal, its distance from the city center and limited infrastructure investments contributed to a decrease in property demand and prices.

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Key Factors Influencing Daegu’s Real Estate Trends in 2024

1. Accessibility and Transportation:
   Districts like Dong-gu, with strong connectivity to major transportation hubs, experienced significant growth, highlighting the importance of accessibility in driving housing demand.
2. Urban Renewal and Redevelopment:
   Areas undergoing redevelopment, such as parts of Dalseo-gu, saw increased property values due to modern infrastructure and amenities.
3. Aging Infrastructure in Declining Areas:
   Districts like Seo-gu and Nam-gu faced challenges with aging infrastructure, making them less competitive compared to newly developed neighborhoods.
4. Shifting Demographics:
   Daegu’s younger population gravitated toward districts offering modern living options and better employment prospects, leaving older districts behind.

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Future Predictions for Daegu Real Estate in 2025

1. Continued Growth in High-Demand Areas:
   Suseong-gu is expected to maintain its appeal due to its educational and cultural advantages, while Dong-gu will likely benefit from ongoing infrastructure enhancements.
2. Revitalization Opportunities:
   Seo-gu and Nam-gu could see a turnaround if urban renewal projects and government incentives are implemented to modernize housing and infrastructure.
3. Expansion in Suburban Areas:
   With urban areas becoming increasingly saturated, districts like Dalseo-gu may experience continued growth as families and young professionals seek affordable yet accessible housing.
4. Eco-Friendly and Smart City Developments:
   Daegu’s focus on green initiatives and smart city technology could boost real estate demand in areas where such projects are planned, creating new hotspots for investment.

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Final Thoughts

Daegu’s real estate market in 2024 highlighted the dichotomy between thriving urban districts and struggling older neighborhoods. As we move into 2025, the city’s ability to invest in urban renewal and expand transportation networks will play a crucial role in shaping its real estate future. For investors, understanding the city’s demographic and infrastructure trends will be key to identifying high-potential areas.