Koreans Settle for Smaller Homes Amid Price Explosion

The extraordinary rise in home prices in Seoul in recent years and Korea's changing demographics mean people are buying smaller homes.

According to the Korea Real Estate Board on Wednesday, seven out of 10 homes sold in the first half of this year in Seoul are classified as small at 60 sq.m or less.

Some 35,000 housing units were sold from January to June, and around 24,673 were small. The board attributes that to their relative affordability and the growing number of singles.