Supply of 13,793 Households Nationwide in October... Lowest Volume Within the Year

Temporary Decline Due to Year-End Concentration of Move-In Volume

[Asia Economy Reporter Kim Min-young] In October, a total of 13,793 households will be supplied nationwide, marking the lowest volume of move-ins this year. It appears that the volume temporarily decreased before the year-end move-in volume concentrates.

According to Zigbang on the 26th, the nationwide apartment move-in volume in October will be 13,793 households, down 53% from the previous month and 39% from the same period last year. This is the lowest move-in volume this year. The October move-in volume is also the lowest since 1987 (10,843 households) and about 5% less than the previous lowest record in 2013 (14,484 households). This is because the move-in volume had been increasing for the previous four months, and it seems to have temporarily decreased before the year-end move-in volume concentrates.

Move-in volumes decrease in both the metropolitan area and provinces. Compared to the previous month, the metropolitan area and provinces have 37% and 70% fewer units, respectively. Move-ins are taking place in only eight regions by city and province. Gyeonggi Province has the highest move-in volume with 7,082 households, followed by Jeonnam with 1,920 households, Incheon with 1,571 households, and Gyeongnam with 1,188 households. In Gyeonggi, large-scale complexes in Yangju and Gwangmyeong are starting to welcome residents. In Jeonnam, a large-scale complex of 1,480 households is moving in at Naju.

A total of 24 complexes will move in during October. In the metropolitan area, there are 15 complexes: 11 in Gyeonggi, 3 in Incheon, and 1 in Seoul. In the provinces, there are 9 complexes: 3 in Jeonnam, 2 in Busan, 2 in Daegu, and 1 each in Gwangju and Gyeongnam.

Among the complexes moving in next month is Seodaemun Prugio Central Park located in Hongje-dong, Seodaemun-gu, Seoul. It is a reconstruction of Hongje 1 District and consists of a total of 832 households with exclusive areas ranging from 49 to 114㎡.

Gwangmyeong Prugio Centville is a complex located in Gwangmyeong-dong, Gwangmyeong-si, Gyeonggi Province, redeveloped from Gwangmyeong 15 District. It consists of 1,335 households with small to medium-sized exclusive areas ranging from 36 to 84㎡. Yangju Okjeong New Town 2nd Dietre Prestige is located in Okjeong-dong, Yangju-si, Gyeonggi Province, in Okjeong New Town. It is the largest complex among the October move-in complexes, consisting of 1,859 households with various exclusive areas ranging from 75 to 181㎡.

Haeundae Central Prugio is located in U-dong, Haeundae-gu, Busan, consisting of 548 households with an exclusive area of 84㎡. Move-ins are scheduled for the end of October. Cheongna Eondeok Station Seohan Forest is a residential-commercial complex located in Dongsan-dong, Jung-gu, Daegu, consisting of 302 households with exclusive areas ranging from 84 to 99㎡.

Naju Bitgaram Kolon Haneulchae is located in Seokjeon-ri, Geumcheon-myeon, Naju-si, Jeollanam-do. It consists of 1,480 households with exclusive areas ranging from 59 to 196㎡.

Sasong Truel is located in Dong-myeon, Yangsan-si, Gyeongsangnam-do, supplied as a newlywed hope town within the Sasong housing district. It is the fourth complex to move in within the Sasong housing district, consisting of 1,188 households with exclusive areas ranging from 55 to 59㎡.

Despite the decrease in move-in volume next month, the impact on the market is expected to be minimal. The previous four months had abundant move-in volumes, and new apartment move-ins will increase again from November. Typically, move-in volumes tend to concentrate at the end of the year. This year, 23,834 households are scheduled to move in November, and 30,688 households in December.

Ham Young-jin, head of Zigbang Big Data Lab, said, "Since it seems difficult for buying sentiment to recover due to concerns about price declines, the current atmosphere is expected to continue for some time. For one-homeowners preparing to move into new apartments, it is becoming harder to sell existing apartments, leading to delays in move-ins. Therefore, the impact of missing housing transactions in the new apartment move-in market is expected to be significant."