36,000 Apartment Units Nationwide Move-In in September... Highest for the Same Month

Real Estate R114 "8 out of 10 households in the Seoul Metropolitan Area are in Gyeonggi Province"

[Asia Economy Reporter Kim Hyemin] The nationwide apartment move-in volume next month is expected to reach about 36,000 units. This is the largest volume for the same month since 2000, and it is anticipated to impact the increase in jeonse (long-term lease) supply in the respective areas.

According to Real Estate R114 on the 17th, a total of 36,094 apartment units will be available for move-in across 11 cities and provinces nationwide in September. This is about double the volume compared to the same month last year (17,682 units). More than half of the move-in volume is concentrated in Gyeonggi-do (13,801 units) and Busan (6,589 units).

The metropolitan area move-in volume is 17,950 units, with 77% of the total coming from Gyeonggi-do. In particular, move-ins are concentrated in Hwaseong-si (3,764 units), Seongnam-si (2,411 units), Namyangju-si (1,960 units), and Suwon-si (1,594 units), leading to a continued decline in jeonse prices in some areas.

In non-metropolitan areas, 18,144 units will be ready for move-in in September, of which 9,953 units are from redevelopment and reconstruction projects. Busan, which has the highest move-in volume, accounts for 90% of its total from such redevelopment projects. Following Busan, Gwangju will supply a total of 3,364 units, followed by Chungnam (2,533 units), Daegu (2,413 units), and Jeonnam (1,181 units).

Yeo Kyung-hee, Senior Researcher at Real Estate R114, said, "Despite the easing of loan regulations for first-time homebuyers, due to interest rate hikes and inflation, apartment sales and jeonse prices are adjusting mainly in the outskirts of the metropolitan area and local regions. In areas with concentrated apartment move-ins, delayed sales of existing homes may cause unoccupied units or reverse jeonse phenomena."