Next Year’s Apartment Supply Exceeds 300,000 Units for the First Time in 4 Years... 18% Increase from This Year

[Image source=Yonhap News]

[Asia Economy Reporter Kim Min-young] It is forecasted that the nationwide apartment move-in volume will exceed 300,000 units next year for the first time in four years.

According to Zigbang on the 19th, a total of approximately 302,000 apartment units are scheduled for move-in next year, which is about 18% more than this year. By region, the metropolitan area will see about 155,000 units, a 9% increase, while the provinces will have about 146,000 units, 29% more than this year.

In Seoul, the highest move-in volumes are in Gangnam-gu, Eunpyeong-gu, and Seocho-gu, mostly in projects where reconstruction and redevelopment have been completed.

In Gyeonggi Province, move-in volumes are supplied in housing sites such as Yangju, Hwaseong, and Pyeongtaek, and in Incheon, about 41,000 units are expected to move in from areas like Geomdan and Songdo.

In the provinces, move-ins continue mainly in regions that had high volumes this year, with Daegu at about 34,000 units, Chungnam at about 21,000 units, and Busan at about 20,000 units.

Meanwhile, apartment sales volume this year, amid a continued transaction freeze, is expected to record the lowest level ever. From January to October this year, apartment sales nationwide totaled 262,000 cases, not only the lowest ever but also expected to be fewer than apartment lease transactions for the first time.