Apartment Move-ins in February Up 48% YoY... "70% Located in the Seoul Metropolitan Area"

Real Estate R114 Survey Results
15,000 Households in Gyeonggi... Seoul's Highest in 2 Years

[Asia Economy Reporter Kim Hyemin] Next month, ahead of the spring moving season, a flood of apartment move-ins is expected, mainly in the Seoul metropolitan area. About 15,000 households will be concentrated in Gyeonggi Province, and Seoul is also awaiting the largest number of move-ins in two years, raising the possibility of further declines in rental prices in the metropolitan area.

According to Real Estate R114 on the 19th, a total of 35,748 households (including rental units) from 46 complexes nationwide are scheduled to move in during February. This is a 48.8% increase compared to the same period last year. Among them, the scheduled volume in the metropolitan area is 25,096 households, accounting for 70% of the total.

The number of move-ins in the metropolitan area will increase by 89% (11,809 households) compared to the same period last year (13,287 households). By region, Seoul and Gyeonggi showed increases of more than 1.9 times and 2.2 times respectively, while Incheon maintained a relatively similar level.

In Seoul, large apartment complexes with more than 1,000 households are scheduled for move-in. A total of 7 complexes with 6,213 households, the largest volume since February 2021. More than half of the Seoul move-in volume is Gaepo Xi Residence in Gaepo-dong, Gangnam-gu (3,375 households). In addition, Heukseok River Park Xi in Heukseok-dong, Dongjak-gu (1,772 households) is also preparing for move-in. Hills State Sewoon Central 1 and 2 complexes (535 households) in Ipjeong-dong, Jung-gu will also start move-ins.

In Gyeonggi Province, 17 complexes with a total of 15,009 households will move in. These include Bucheon Illumi State in Beombak-dong, Bucheon-si (3,724 households), Shindongtan Foret Xi in Banwol-dong, Hwaseong-si (1,297 households), and Siheung Geumgang Pentarium Ocean Bay in Jeongwang-dong, Siheung-si (930 households). In Incheon, two complexes with a total of 3,874 households are scheduled for move-in, including Juan Park Xi The Platinum in Juan-dong, Michuhol-gu (2,054 households) and Hoban Summit Songdo in Songdo-dong, Yeonsu-gu (1,820 households).

On the other hand, in non-metropolitan areas, 24 complexes with a total of 10,652 households will move in, similar to last year. In Daegu, the largest scale, a total of 2,401 households are preparing for move-in, of which 1,200 households will be supplied as public rental housing in Daegu Donam A2 Block in Donam-dong, Buk-gu. More than 1,000 households will also move in in Gangwon and Jeonbuk.

Baek Saerom, senior researcher at Real Estate R114, said, "Following last year, the housing price decline is expected to continue this year, and the rental market is likely to remain weak for the time being due to high interest rates and an increase in move-in waiting volumes. Price adjustments are inevitable, especially in some metropolitan areas such as Gangnam in Seoul, Bucheon in Gyeonggi, and Hwaseong and Yangju in Gyeonggi, where large complexes with more than 3,000 households are concentrated in a short period and supply accumulation concerns are deep."