Busan's history has seen it develop into a largely self-governing metropolis and although this has helped it build a distinctive urban character it has also given rise to layers of regulation, in particular with regard to real estate, beyond what is in place elsewhere in the country.

There are however, efforts to strip away some of the regulations currently in place in order to help stimulate growth. The central government has stepped in to lift "greenbelt" regulations on a 33.3 square kilometre strip of land behind the city's New Port. Although not yet officially announced, the site is believed to have been chosen for development as an international industrial logistics city.

On of the key factors contributing to demand in the city's real estate sector is the massive transportation and shipping infrastructure in place in Busan. Since 1978, Busan has opened three container ports including Jaseungdae, Shinsundae, and Gamman. Busan is renowned as one of the world's largest ports and can handle up to 13.2 million TEU shipping containers per year. To help capitalise on the ports and to build their profile, The Busan-Jinhae Free Economic Zone Authority, one of two such administrations (the other in the harbour of Incheon), was created to continue the tradition of Busan's status as an international trading centre. The Busan authorities make no secret of the fact that they aspire to seeing the city become a major regional financial centre and see the port, currently ranked internationally as the third largest seaport in terms of cargo volume and efficiency, as their best attribute in this goal.

The two largest central business districts in Busan are Seomyeon and Gwangbok-dong/Nampo-dong. There are also four substantial shopping areas of note, namely, Seomyeon, Gwangbok-dong, Busan Dae Hakap in Jangjeon-dong, and Haeundae. Seomyeon, considered the crossroads of Busan, is chief among them. The local head offices of Korean and international banks are located in Seomyeon and it is considered very much an up-and-coming shopping and entertainment area with numerous cafes, bars, restaurants, department stores and offices.

Condos in Busan
Condominium living is very much taking hold in Busan, and there is an ever expanding list of projects coming online annually. The country wide Trump World projects, which will see six separate condominium properties being developed throughout Seoul and two more in the capital's neighboring cities, also got under way in Busan.More on buying condos in Busan.

Houses and land in Busan
Investors looking to buy single-unit properties in Busan tend to opt for condominiums, although large-scale land plots are also proving attractive with international investment funds and individuals with backed by larger bank balances. The Busan-Jinhae Free Economic Zone, which covers an area of 104.8 million square meters in the southwest of the city is set to be developed into an international business centre. Its location offers accessibility to international seaports and airports, major roads, and other logistical infrastructure, connecting the Zone to major neighboring industrial cities including Ulsan, Changwon, Masan, Sacheon, and Geoje. Foreign schools, hospitals, and other facilities will be established to support economic activities of foreign residents. More on buying houses and land in Busan.

Top tips for Busan property
Guide to buying condos in Busan
Guide to buying houses and land in Busan

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