New research from eXp Korea has revealed that while South Korea’s overall unsold housing stock edged lower in 2025, the number of completed but unsold homes has risen sharply, underlining the growing pressures facing estate agents operating in slower-moving markets.
The analysis, based on data from South Korea’s Ministry of Land, Infrastructure and Transport, found that total unsold housing stock stood at 66,510 homes in 2025, down 5.2% year-on-year but still above 2023 levels.
However, the more significant trend is the rapid increase in completed homes remaining unsold, which climbed by 33.3% over the same period.
According to eXp Korea, the figures suggest it is taking considerably longer for newly built homes to sell, particularly in areas where supply is outpacing buyer demand.
REGIONAL DISPARITIES
Busan recorded a 59.8% rise in unsold housing stock, while South Chungcheong Province saw levels increase by 113.4%, highlighting how market conditions can vary dramatically from one region to another.
The findings come as property markets globally continue to face affordability pressures, elevated borrowing costs and more cautious buyer sentiment, issues also increasingly visible across parts of the UK market.
eXp Korea said the data reinforces the importance of operational flexibility and technology-led business models for estate agents navigating more volatile trading conditions.
ELEVATED SUPPLY-SIDE PRESSURE
Thomas Kim, Head of eXp Korea, says: “This data highlights a market where supply-side pressure remains elevated and where completed homes, in particular, are taking longer to sell.
“In this environment, flexibility and operational efficiency become increasingly important for agents operating in markets where conditions can vary significantly by region.
“Globally, the industry is placing greater emphasis on scalable, technology-enabled operating models that allow agents to adapt more effectively to changing market dynamics.”
Kim adds that eXp’s cloud-based brokerage structure had been designed specifically to help agents operate more efficiently without relying heavily on traditional office infrastructure and operating costs.
The research also points to a wider shift within the global property industry, where agencies are increasingly focusing on technology, consolidation and leaner operating structures as market conditions become more challenging.
