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[Yanolja Research Insights] Vol.3 Current Status of the Seoul Airbnb Market

 

✨Airbnb Market Trends in Seoul(As of April, 2023)

  • Airbnb hotspots are centered around tourist and commercial areas.
  • Mapo-gu had the highest number of listings and OCC, while Jongno-gu had the highest RevPAR.
  • Airbnb rooms account for 18.7% of Seoul's lodging market in 2022.

📈Post-Pandemic Recovery

  • Number of Bookings: 987,082 (2019) → 404,320 (2021) → 589,993 (2022)
  • Transaction Volume: 237.3 billion KRW (2019) ➔ 78.9 billion KRW (2021; a decrease of -66.8% compared to 2019) ➔ 150.7 billion KRW (2022; an increase of +91.0% compared to the previous year)

🌍Seoul vs. New York vs. London

  • Number of Rooms(As of December 2022): London(106,752) > New York(53,292) > Seoul(17,257)
  • Airbnb market share in the accommodation market: London (41.5%, as of March 2023) > New York (27.4%, as of March 2023) > Seoul (18.7%, average for 2022)

  • In Seoul, multi-unit hosts (operators managing multiple properties) dominate the market.

  • In New York and London, single-unit hosts (operators managing a single property) account for over 80%.



Specific data on trends in the Seoul Airbnb market as of April 2023, including Average Daily Rate (ADR), Occupancy Rate (OCC), and Revenue per Available Room (RevPAR), can be found on the official Yanolja Research website.

Trends in the Airbnb market after 2024 can be found in the QUARTERLY TRENDS IN THE KOREA LODGING INDUSTY reports on the Yanolja Research website.

Yanolja Research QUARTERLY TRENDS

A detailed explanation of ADR, occupancy rate, and RevPAR is available on the Yanolja Research YouTube channel.


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Location: Seoul, Korea

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