Nationwide Move-in Volume 19,916 Households
Seoul Move-in Volume 296 Households in 1 Complex
Zigbang "December Move-in Volume Also Below Average, Unable to Solve Jeonse Crisis"
[Asia Economy Reporter Onyu Lim] In November, the nationwide housing supply is estimated to be about 20,000 units, with Seoul's supply expected to hit its lowest point in 2 years and 7 months. Concerns are rising that the disappearance of the new construction move-in effect will continue to cause jeonse (long-term lease) instability due to supply and demand imbalances.
According to Zigbang on the 26th, the nationwide housing supply next month is 19,916 units, an 11% increase compared to the previous month. By region, the metropolitan area will have 11,438 units, and the provinces will have 8,478 units moving in, increasing by about 17% and 5% respectively from the previous month.
However, in Seoul, the supply is only one complex with 296 units, the lowest in 2 years and 7 months since April 2018 (55 units). The single complex is 'Bukhansan Doosan We’ve 2nd Phase,' a reconstruction of Hongneundong 6 District in Seodaemun-gu.
Unlike Seoul, Gyeonggi and Incheon will see an increase in supply. Gyeonggi will have 8,225 units and Incheon 2,917 units moving in, increasing by about 28% and 100% respectively compared to the previous month.
By size, 96% (19,121 units) of the nationwide supply consists of units under 85㎡, which are small to medium-sized units preferred by buyers. Among 28 complexes, 12 are medium-sized complexes with over 500 units but fewer than 1,000 units.
About 22,000 units are scheduled to move in this coming December. While year-end typically sees a concentration of move-ins, this year is expected to have fewer units supplied compared to last year. The December supply is about 33% less than the average December supply (32,677 units) from 2016 to 2020.
Ham Young-jin, head of Zigbang Big Data Lab, expressed concern, saying, "With the recent jeonse crisis increasing instability in the housing market, the smaller supply of units moving in December compared to previous years is unlikely to significantly help the supply of jeonse listings."
Next year's supply is also expected to be about 16% less than this year's (267,513 units), raising concerns about the jeonse crisis. Approximately 224,000 units are scheduled to move in next year, with 125,000 units in the metropolitan area and 99,000 units in the provinces.
◆ Major complexes scheduled for move-in in November
'Bukhansan Doosan We’ve 2nd Phase' is located in Hongneundong, Seodaemun-gu, Seoul, reconstructed from Hongneundong 6 District. It consists of 296 units sized 56?59㎡, with the 56㎡ units including terraces. It is accessible via Nokbeon Station on Subway Line 3 and allows commuting to Hongje Elementary School. Located at the foot of Bukhansan Mountain, it offers a pleasant residential environment. Move-in is expected to start around the end of November.
'Ilsan Xi 2nd Phase' is located in Siksadong, Ilsandong-gu, Goyang, Gyeonggi Province, consisting of 802 units sized 59?84㎡. It is a newly supplied apartment complex in Goyang after a long time and is expected to form a large-scale complex together with Ilsan Xi 3rd Phase (moved in February 2022) nearby. Dongguk University Ilsan Hospital is nearby, and commuting to Wonjung Elementary School and Yangil Middle School is possible. It is convenient to use the wide-area buses running to Gwanghwamun and Gangnam Station. Move-in will proceed at the end of November.
'Gwangmyeong Eco Xi We’ve' is located in Gwangmyeong-dong, Gwangmyeong, Gyeonggi Province, consisting of 19 buildings with a total of 2,104 units sized 32?84㎡. It is the first move-in complex in Gwangmyeong New Town, redeveloped from District 16, with move-in starting at the end of November. It is accessible via Gwangmyeongsageori Station on Subway Line 7, and bus services to Yeouido and other areas are convenient. Commuting to Gwangmyeongnam Elementary School and Gwangmun Middle School is possible, and nearby convenience facilities such as E-Mart are close by.
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