'Moving Season' March 17,081 Households... 65% Located in Provinces

This Year's Local Supply 20% Higher Than Last Year

Daegu Sees Apartment Prices Decline for Three Consecutive Months

House Prices Unlikely to Rebound Soon

[Asia Economy Reporter Kim Min-young] In the spring moving season of March, a total of 17,081 households nationwide are expected to move in. However, 11,037 households, accounting for 65% of the total supply, are scheduled to start moving in the provinces, raising concerns about oversupply. In particular, Daegu, where apartment prices have been declining for three consecutive months since November last year, is about to see the largest monthly supply, making it difficult for house prices to rebound in the near future.

According to Zigbang on the 28th, the total apartment move-in volume nationwide in March is 17,081 households, of which 11,037 households, or 65% of the total, will begin moving in the provinces. This is 64% more than the previous month’s provincial move-in volume and 27% more compared to last year.

By region, 6,044 households will move in the metropolitan area. This is 34% less than the previous month and similar to the same period last year. In Seoul, 2,399 households will be supplied as residents begin moving into four complexes where redevelopment projects have been completed. Gyeonggi Province will see 3,375 households move in, 13% less than the previous month, and Incheon will have 270 households starting to move in.

This year, the local supply is 117,573 households, 20% more than last year, with active move-ins in Busan, Gwangju, Daegu, and Daejeon. Gyeongnam has 1,859 households, Gangwon 1,175 households, and Chungnam 1,067 households scheduled for move-in. Among them, in Busan and Daegu, move-ins are actively progressing at sites where new sales and redevelopment projects have been carried out in the past 2-3 years, and the upward trend in supply volume is expected to continue until next year.

In particular, Daegu, where 19,389 households will move in this year, is expected to supply the largest monthly volume of 4,912 households. With loan regulations and a sharp increase in supply, Daegu’s housing prices have turned downward since the end of last year. According to the Korea Real Estate Board, Daegu’s apartment sales price index recorded a change rate of -0.07% in November last year, followed by -0.17% in December and -0.34% in January this year, declining for three consecutive months and increasing the rate of decrease.

A Zigbang official explained, "While the increase in Busan is expected to slow down from next year, Daegu is about to see the largest ever move-in volume of 32,819 households, so the upward trend in supply volume is expected to become more prominent. Concerns about oversupply, including housing market prices and housing supply resolution in the area, are expected to remain high for the time being."

Among the complexes moving in next month, DMC Central Ja-i is located in Jeungsan-dong, Eunpyeong-gu, Seoul, consisting of a total of 1,388 households with small to medium-sized units ranging from 55 to 84 square meters. Cheolsan Station Lotte Castle & SK View Class Tige is located in Cheolsan-dong, Gwangmyeong-si, Gyeonggi Province, redeveloped from Cheolsan Jugong Complex 7. It consists of 1,313 households with small to medium-sized units ranging from 59 to 98 square meters.

In addition, Hillstate Geumjeong Station in Geumjeong-dong, Gunpo-si, Gyeonggi Province (total 843 households) and Namsan Ja-i Haneulchae in Namsan-dong, Jung-gu, Daegu (1,368 households) are also waiting for move-in next month. Changwon Seongsan Bando Yubora Ivy Park (total 1,045 households) is the first new apartment supplied in Seongsan-gu, Changwon-si, Gyeongnam since 2019. Forena Cheonan Dujeong is located in Dujeong-dong, Seobuk-gu, Cheonan-si, Chungnam, with a total of 1,067 households supplied.