This moving computer graphic shows what it would be like when a personal air vehicle flies across the urban sky.
A local aerospace research institute is working with automobile companies, aircraft manufacturers and universities to develop these flying cars.
"We have successfully manufactured and tested light aircraft using our own designs and technology over the last five years. Based on our know-how, we are currently participating in the personal air vehicle project."
Flying cars take off and land vertically using tilt-rotors. They will not only be capable of flying, but driving on the roads as well.
Low speed models can speed by at up to 100 kilometers per an hour, while high speed ones can fly as fast as 200 kilometers per hour.
"South Korean technology is competitive for high speed models because we have been developing tilt-rotors since 2002. Through years of studies, we have developed improved tilt-rotor technology. Korea also has a strong IT infrastructure which helps provide services for flying cars."
The advanced vehicle requires new technology, such as lighter batteries, new energy sources and self-driving technology.
"As well as solving technical issues, such as making lighter flying cars, experts say it's equally important to make detailed safety rules for them."
"Another part that is really important is regulating the traffic. () Some vehicles may fly near or above land, some vehicles may go up above that. There might be some structures of road for these vehicles. So we have to make quite precise regulations to make these vehicles freely flow."
Experts differ on exactly when these cars will be fully commercialized, but many expect it to be around by 2040. Morgan Stanley forecasts the market to grow to 1.5 trillion dollars by then.
Global tech giants, including the U.S., France and Germany, have already started developing flying cars, and will compete with South Korea to lead the future market.
Yoon Jung-min, Arirang News.