In Seoul and nearby cities, home prices rose more than a fifth last year and economists say these gains may not be repeated this year.
"[South] Korea's property market is peaking out," said Andy Xie, the chief economist at Morgan Stanley Asia Ltd.
While China enjoyed similar gains, with the floor space sold last year tripling that of five years earlier, investors say the market will benefit as the country's entry into the WTO boosts demand for homes and office space.
"From a macro standpoint, Asia has gone through a five-year restructuring after the financial crisis," said James Cheng at Asia Strategic Investment Management Ltd.
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