17% of Seoul Apartments Are Over 30 Years Old... 4,124 Buildings Exist

Tae Young-ho, People Power Party Lawmaker: "Urgent Need for Reconstruction and Redevelopment Projects in Seoul"

At the end of last month, Namseoul Apartment in Singil-dong, Yeongdeungpo-gu, Seoul, received approval for the reconstruction project implementation. (Photo by Asia Economy DB)

[Asia Economy Reporter Kum Bo-ryeong] It has been revealed that about 17% of apartments in Seoul are aging buildings over 30 years old.

According to the 'Status of Aging Apartments in Seoul' data received by Tae Young-ho, a member of the People Power Party, from the National Assembly Legislative Research Office on the 13th, as of last year, there were a total of 4,124 apartment buildings in Seoul that were over 30 years old since their approval for use, accounting for 16.8% of the total.

The number of apartments over 30 years old was 3,391 in 2016, but it increased by more than 21% in five years.

By district, the most apartments over 30 years old were in Nowon-gu with 615 buildings. This was followed by Songpa-gu with 453 buildings, Yangcheon-gu with 449 buildings, and Gangnam-gu with 416 buildings.

Among these, apartments over 50 years old were 17 buildings in 2016, but last year, they nearly increased tenfold to 173 buildings.

Apartments over 50 years old were concentrated in Yongsan-gu with 74 buildings. In addition, there were 31 buildings in Yeongdeungpo-gu, 12 buildings in Jung-gu, and 11 buildings in Seodaemun-gu.

Representative Tae said, "In the situation where real estate prices are soaring due to recent housing supply shortages and failures in real estate policies, reconstruction and redevelopment projects targeting aging apartments in Seoul are urgent," adding, "This is a task that must be promptly pursued not only to expand the supply of quality housing but also for the life and safety of citizens."