Nuveen sees growing institutional opportunity in Korea's rental housing

Nuveen says Korea’s housing market is becoming more accessible to institutional capital as monthly rents replace the country’s lump-sum deposit system. Chad Phillips said at Conrad Seoul on Friday that Nuveen recently invested in a residential asset in Seoul that will open early next year. The firm bought a property near Dongdaemun History and Culture Park Station in May for about 22.5 billion won and is converting it into a 62-unit serviced apartment with Weave Living. Nuveen also remains positive on Seoul offices, the living sector, and broader Asia-Pacific real estate.

Nuveen acquired a property near Dongdaemun History and Culture Park Station in Seoul in May for about 22.5 billion won, or $16.72 million.

The property is being converted into a 62-unit serviced apartment and is scheduled to open in January.

Nuveen first entered Korea’s real estate market in 2019 through a logistics investment in Namyangju, Gyeonggi Province, and later expanded into logistics facilities in Uiwang and Ilsan.

Published Sep 11, 2026 3:09 pm KST

Seoul property remains resilient amid global correction, but richer opportunities lie abroad

Nuveen executives speak during a press conference at Conrad Seoul, Friday. Courtesy of Nuveen

Global asset manager Nuveen sees Korea's housing market becoming increasingly accessible to institutional capital as the country's traditional lump-sum deposit system gradually gives way to monthly rents.

"It's becoming more of an institutional market ... more akin to what you see in the U.S., with monthly rental payments," Chad Phillips, global head of Nuveen Real Estate, said at a press conference at Conrad Seoul on Friday. "We've recently invested in a residential asset here in Seoul, which will open early next year."

In May, Nuveen acquired a property near Dongdaemun History & Culture Park Station in Seoul for about 22.5 billion won ($16.72 million). In partnership with Korean startup Weave Living, the property is being converted into a 62-unit serviced apartment, scheduled to open in January.

The investment marks Nuveen's first move into Korea's residential sector. Nuveen first entered Korea's real estate market in 2019 through a logistics investment in Namyangju, Gyeonggi Province, and later expanded into logistics facilities in Uiwang and Ilsan.

The asset manager remains positive on Seoul offices and the living sector.

This view partly reflects Korea's relative resilience. While global real estate values are down roughly 15 to 25 percent from their mid-2022 peak, Korea has largely avoided the steep repricing seen overseas, according to Nuveen.

In the U.S. and Europe, the rise of remote work triggered a sharp decline in demand for office space and weighed heavily on property values. Korea experienced a less pronounced shift, helping Seoul's office market remain strong.

Nuveen also sees improving prospects across Asia-Pacific, supported by the region's role as a major manufacturing hub for technology-related products.

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Going forward, Nuveen views a higher-for-longer interest rate environment as one of the key factors influencing investment decisions. Persistent inflation has prompted central banks to maintain a hawkish stance, while yields on 10-year government bonds in major markets are moving higher.

Even so, the firm believes the latest rise in yields has been modest compared with previous rate shocks and that much of the impact of higher financing costs has already been incorporated into real estate prices.

Signs of recovery are also beginning to emerge. Property valuations have started to rebound in some markets, particularly in Europe, while global private real estate has generated positive total returns for eight consecutive quarters, according to Nuveen.

For Korean investors, more attractive opportunities may lie overseas, as sharper corrections have pushed some asset values further below replacement costs, said Abigail Dean, global head of strategic insights for Nuveen Real Assets.

Nuveen is the global asset management arm of TIAA, the U.S. retirement services organization serving teachers and other professionals. The firm manages about $1.4 trillion across public and private markets and opened its Seoul office in March 2021.

Nuveen表示，随着韩国以月租取代一次性押金制度，韩国房地产市场对机构资本的吸引力正在增强。Chad Phillips周五在首尔康莱德酒店表示，Nuveen近期投资了首尔的一处住宅项目，该项目将于明年初开业。该公司于5月斥资约225亿韩元收购了东大门历史文化公园站附近的一处房产，并正与Weave Living合作将其改建为拥有62套公寓的服务式公寓。Nuveen对首尔的写字楼、住宅市场以及整个亚太地区的房地产市场仍持乐观态度。

Nuveen 于 5 月以约 225 亿韩元（约合 1672 万美元）的价格收购了首尔东大门历史文化公园站附近的一处房产。

该物业正在改建为拥有 62 个单元的服务式公寓，预计将于 1 月份开业。

Nuveen 于 2019 年首次进入韩国房地产市场，在京畿道南杨州市投资物流项目，之后又扩展到义王市和日山的物流设施。

发布于2026年9月11日下午3:09（韩国标准时间）

首尔房地产市场在全球经济调整中依然保持韧性，但更丰富的投资机会却在海外。

周五，Nuveen高管在首尔康莱德酒店举行的新闻发布会上发表讲话。图片由Nuveen提供。

全球资产管理公司 Nuveen 认为，随着韩国传统的一次性存款制度逐渐被按月租金制度取代，韩国的住房市场对机构资本的开放程度将越来越高。

Nuveen房地产全球负责人查德·菲利普斯周五在首尔康莱德酒店举行的新闻发布会上表示：“这正变得越来越像一个机构市场……更类似于美国那种按月支付租金的市场模式。我们最近在首尔投资了一个住宅项目，将于明年初开业。”

今年5月，Nuveen斥资约225亿韩元（约合1672万美元）收购了首尔东大门历史文化公园站附近的一处房产。Nuveen正与韩国初创公司Weave Living合作，将该房产改建为拥有62套公寓的服务式公寓，预计将于明年1月开业。

这项投资标志着Nuveen首次进军韩国住宅领域。Nuveen于2019年首次进入韩国房地产市场，当时在京畿道南杨州市投资了一个物流项目，之后又在义王和日山等地拓展了物流设施项目。

该资产管理公司依然看好首尔的写字楼和住宅市场。

这种观点部分反映了韩国相对的韧性。据Nuveen称，尽管全球房地产价值较2022年年中峰值下跌了约15%至25%，但韩国基本上避免了海外出现的剧烈价格调整。

在美国和欧洲，远程办公的兴起导致办公空间需求急剧下降，并对房地产价格造成了沉重压力。韩国受到的影响较小，这使得首尔的办公楼市场保持强劲。

Nuveen 还认为亚太地区的前景正在改善，这得益于该地区作为技术相关产品主要制造中心的地位。

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展望未来，Nuveen认为利率环境长期高企将是影响投资决策的关键因素之一。持续的通胀促使各国央行维持鹰派立场，而主要市场10年期国债收益率也在走高。

即便如此，该公司认为，与之前的利率冲击相比，最近收益率的上升幅度并不大，而且融资成本上升的大部分影响已经反映在房地产价格中。

复苏迹象也开始显现。据Nuveen的数据显示，部分市场，尤其是欧洲市场的房地产估值已开始反弹，而全球私人房地产市场已连续八个季度实现正总回报。

Nuveen Real Assets 全球战略洞察主管 Abigail Dean 表示，对于韩国投资者而言，更具吸引力的机会可能在海外，因为更剧烈的调整已使一些资产价值进一步低于重置成本。

Nuveen是TIAA旗下的全球资产管理部门，TIAA是一家为教师和其他专业人士提供服务的美国退休服务机构。该公司管理的资产规模约为1.4万亿美元，涵盖公共和私人市场，并于2021年3月在首尔开设了办事处。