Over 30% of Apartments Over 30 Years Old Concentrated in Gangnam 3 Districts

21% Increase in 5 Years
Nowon-gu Has the Highest Number Among Autonomous Districts

[Image source=Yonhap News]

[Asia Economy Reporter Kim Hye-min] The number of aging apartments in Seoul that have exceeded the reconstruction period is increasing. In particular, about 30% of them are concentrated in the three Gangnam districts.

According to the "Status of Aging Apartments in Seoul" data submitted by the National Assembly Legislative Research Office to Tae Young-ho, a member of the People Power Party, as of last year, there were 4,124 apartment buildings in Seoul that were over 30 years old. This accounts for 16.8% of the total 24,439 buildings. The number increased by 21% over five years from 3,391 buildings in 2016.

By district, Nowon-gu had the highest number with 615 buildings, followed by Songpa-gu with 453 buildings, and Yangcheon-gu with 449 buildings. Expanding the area, aging apartments over 30 years old were concentrated in the three Gangnam districts (Gangnam, Seocho, and Songpa). Songpa-gu had 453 buildings, Gangnam-gu 416 buildings, and Seocho-gu 309 buildings, totaling 1,178 buildings. This means that 28% of aging apartments over 30 years old are concentrated in the three Gangnam districts. This is attributed to the large-scale construction of apartments centered around Gangnam in Seoul during the 1980s and 1990s.

There were 3,097 apartment buildings aged 30 to 40 years, 854 buildings aged 40 to 50 years, and a total of 173 buildings over 50 years old. Apartments over 50 years old increased by 917% over five years from 17 buildings in 2016. By district, 74 buildings were concentrated in Yongsan-gu, followed by 31 buildings in Yeongdeungpo-gu, 12 buildings in Jung-gu, and 11 buildings in Seodaemun-gu.

Representative Tae said, "Due to the failure of real estate policies such as insufficient housing supply, real estate prices have skyrocketed, making reconstruction of aging apartments in Seoul urgent," adding, "This task should be promptly pursued not only to expand the supply of quality housing but also to ensure the safety of citizens."