9400 Apartment Units Move In March in Seoul Metropolitan Area... Half Compared to Last Year

Nationwide 19,446 Households Move In... Gyeonggi Supply Decreases by 65%

[Asia Economy Reporter Onyu Lim] The supply of apartment move-ins in the Seoul metropolitan area in March is expected to be half of last year's level. In the metropolitan area, the decrease in move-in supply combined with the influx of waiting demand for subscription is expected to keep the jeonse market on an upward trend for the time being.

According to Zigbang on the 3rd, the total nationwide apartment move-in supply is expected to be 19,446 households, a 28% decrease compared to March last year. The move-in supply has been significantly reduced mainly in the metropolitan area. The March apartment move-in supply in the metropolitan area is a total of 9,386 households, a 47% decrease compared to the same month last year.

In particular, the decrease in new apartments in the Gyeonggi area is remarkable. The March apartment move-in supply in Gyeonggi is a total of 5,236 households, down 65% compared to the same month last year. Ham Young-jin, head of Zigbang Big Data Lab, explained, "Last year, large-scale complexes mainly in the southern Gyeonggi area such as Yongin and Dongtan moved in, whereas this year, move-ins are planned mainly for small- and medium-sized complexes." Seoul is scheduled to have 4,150 households move in, and there is no move-in news for Incheon in March.

In the provinces, about 10,060 households will move in, similar to the same period last year, with move-ins taking place in Daegu, Gwangju, Chungbuk, and others.

Zigbang forecasted that the metropolitan area's jeonse market is likely to maintain the current price increase trend for the time being. Lab head Ham explained, "Due to the influx of waiting subscription demanders into the jeonse market and the expansion of regular admissions for university entrance exams, the demand for jeonse in the metropolitan area remains steady, and there will not be many new apartment move-ins until the first half of this year." The monthly move-in supply in the metropolitan area from April to June is all below 10,000 households.

In the provinces, the supply of move-in units is expected to proceed smoothly for the time being, maintaining a relatively stable market trend.

◆ Major Scheduled Move-in Complexes in March 2020

A total of 14 complexes in the metropolitan area are scheduled for move-in. There are 3 complexes in Seoul and 11 in Gyeonggi. None of the complexes are located in the additional adjustment target areas announced by the government on the 20th (Yeongtong-gu, Gwonseon-gu, Jangan-gu in Suwon-si; Manan-gu in Anyang-si; Uiwang-si). In the provinces, 19 complexes in Daegu, Gwangju, Chungbuk, and others are scheduled to start move-ins.

'Mokdong Central I'Park Weave' is located in Sinwol-dong, Yangcheon-gu, Seoul, and is scheduled for move-in at the end of March. It consists of a total of 3,045 households in 35 buildings, with exclusive areas ranging from 52 to 101㎡. Within the complex is Sinnam Elementary School, and Sinnam Middle School and Gangsin Middle School are also nearby. To the south of the complex, residents can enjoy Seoul's Infant Forest Experience Center and Gyenam Park, providing a pleasant environment. The Jemulpo Tunnel near the complex is scheduled to open in the second half of this year, improving accessibility from Sinwol IC to Yeouido.

'Gimpo Hangang Kumho Eoullim Complex 1 and 2' is located in Yangchon-eup, Gimpo-si, Gyeonggi-do, and move-ins will begin at the end of March. Complex 1 has 406 households, and Complex 2 has 467 households, totaling 873 households. It consists of small- and medium-sized units with up to 20 floors and exclusive areas ranging from 59 to 84㎡. Educational facilities such as Shinyang Elementary School and Shinyang Middle School are nearby, and it adjoins an ecological park. Residents can use the Gimpo Urban Railway Gurae Station, and the nearby Hangang New Town living area provides convenient access to amenities.

'Dongcheon The Sharp East Foret' is located in Dongcheon-dong, Suji-gu, Yongin-si, Gyeonggi-do, consisting of a total of 980 households with exclusive areas ranging from 78 to 108㎡. Educational facilities such as Suji Middle School and Suji High School are nearby, and Suji Sports Park is located nearby. Using the Shinbundang Line Suji-gu Office Station or Dongcheon Station, it is convenient to travel to Pangyo and Gangnam Station. Move-ins are scheduled to begin at the end of March.

'Forena Busan Choeup' is a complex redeveloped from Yeonji 1-2 district, located in Choeup-dong, Busan district, Busan. It is a large-scale complex with 11 buildings and 1,113 households, consisting of small- and medium-sized units with exclusive areas ranging from 59 to 84㎡. The Busan Citizens Park, equipped with various facilities including a library, is nearby, and students can commute to Yeonhak Elementary School and Choyeon Middle School. Move-ins will start at the end of March.

'Daegu Yeongyeong Geumseong Baekjo Yemi-ji' is located in Yeongyeong-dong, Buk-gu, Daegu, and move-ins will begin in early March. It consists of a total of 711 households with exclusive areas ranging from 78 to 101㎡. A commercial district is located in front of the complex, which is expected to provide convenient living in the future. Elementary and high schools are also planned near the complex. Donghwacheon Stream and Palgongsan Mountain are located in front and behind the complex, providing a pleasant environment.

'Jungheung S-Class Central' is a complex located in Usan-dong, Gwangsan-gu, Gwangju, consisting of a total of 1,660 households with exclusive areas ranging from 59 to 84㎡. It is convenient to use Gwangju Subway Line 1 Gonghang Station and access the area near Gwangju City Hall via Yudeok IC. Malmisan Mountain is located right next to the complex, and convenience facilities such as E-Mart are easily accessible. Move-ins are scheduled to begin around mid-March.