Only 165 Apartment Units for Sale in Seoul in September... Market Contraction Due to Regulations

[Asia Economy Reporter Moon Jiwon] The number of apartments and other multi-family housing units sold in Seoul last month was only 165 units.

According to the nationwide housing construction performance announced by the Ministry of Land, Infrastructure and Transport on the 29th, the supply of multi-family housing in Seoul in September was 165 units, a 91.5% decrease compared to 1,931 units in the same month last year.

In Incheon, no apartments were sold during this period. The supply of multi-family housing in the metropolitan area last month was 8,895 units, down 8.8% from 9,754 units the previous year. This reflects the impact of the government's successive real estate regulations that have contracted the sales market.

On the other hand, the supply of multi-family housing in provincial areas increased by 42.6% in one year to 16,773 units. Although the metropolitan area decreased, the increase in sales in provincial areas led to a 19.3% increase in nationwide supply (25,668 units).

General sales increased by 130.2% year-on-year to 18,979 units, while rental housing decreased by 67.3% to 2,582 units.

The nationwide housing permits in September were 35,686 units, a 14.1% increase compared to 31,271 units in the same month last year. The metropolitan area decreased by 19.0% to 15,972 units, while provincial areas increased by 70.5% to 19,714 units. Seoul increased by 96.6% to 5,232 units.

While apartments increased by 3.8% to 25,070 units, non-apartment housing increased significantly by 49.0% to 10,616 units.

The nationwide housing starts in September were 45,208 units, an 87.8% increase compared to 20,471 units in the same month last year. The metropolitan area increased by 62.1% to 18,518 units, and provincial areas increased by 111.1% to 26,690 units.

Housing completions were 36,999 units, down 15.5% from 43,766 units the previous year. The metropolitan area decreased by 20.0% to 17,944 units, and provincial areas decreased by 10.7% to 19,055 units.

This content was produced with the assistance of AI translation services.