26,000 Apartment Units Nationwide Move-in in October... Increase in Seoul and Incheon

Real Estate R114 "Similar October Move-in Volume Over the Past 3 Years... Decrease in Provinces"

[Asia Economy Reporter Kim Hyemin] In October, the peak moving season in autumn, 26,000 apartment units nationwide will be ready for occupancy. The number of units in the Seoul metropolitan area has increased, while those in non-metropolitan areas have slightly decreased. Analysts suggest that the difference in apartment supply within regions will affect not only sales but also the volatility of monthly rent and lease prices.

According to Real Estate R114 on the 4th, the nationwide supply for occupancy this month is counted at 26,022 units. Compared to the same period last year, this is 2,260 units more, and it is similar to the October supply levels of the past three years.

The supply in the Seoul metropolitan area totals 18,354 units, an increase of 2,263 units compared to the same period last year. By region, Incheon is expected to see a significant increase from 1,646 units to 4,133 units. Seoul will increase from 2,923 units to 3,066 units. Gyeonggi Province will decrease from 11,522 units last year to 11,155 units this year.

In Seoul, more than half of the supply, 2,205 units, are in Guro-gu. This is due to the occupancy of 'Gocheok I-Park (private rental)' in Gocheok-dong starting this month. However, Real Estate R114 forecasts that the impact on the local market will be minimal since tenants have already been confirmed for this complex. Additionally, 'Seodaemun Prugio Central Park' in Hongje-dong, Seodaemun-gu, has started occupancy, supplying 832 units.

In Gyeonggi Province, occupancy will begin in a total of 19 complexes. Among them, large complexes include ▲Yangju Okjeong 2nd Dieter Prestige in Okjeong-dong, Yangju (1,859 units), ▲Gwangmyeong Prugio Centber in Gwangmyeong-dong, Gwangmyeong (1,355 units), and ▲Ssangyong The Platinum Omokcheon Station in Omokcheon-dong, Suwon (930 units). In Incheon, occupancy will start in four complexes, with 'Dongincheon Park Prugio (private rental)' in Songnim-dong, Dong-gu, being the largest at 2,562 units. Additionally, 1,159 units are scheduled for occupancy in the Geomdan New Town area of Wondang-dong, Seo-gu.

The supply in non-metropolitan areas totals 7,668 units. Last year, 7,671 units were occupied during the same period, showing no difference in volume. Large complexes include ▲Bitgaram Kolon Haneulchae in Naju, Jeollanam-do (1,480 units) and ▲Haeundae Central Prugio in U-dong, Haeundae-gu, Busan (548 units).