Housing Supply Approaches 800,000 Units Over 2 Years... Expected to Increase by 26%

Real Estate R114-Korea Real Estate Board Joint Survey

[Asia Economy Reporter Kim Hye-min] Approximately 800,000 housing units are expected to be supplied over the next two years. This represents a 26% increase compared to the past two years.

According to the 'Apartment Move-in Schedule' jointly released by Real Estate R114 and the Korea Real Estate Board on the 31st, the scheduled move-in volume nationwide from January this year to December next year is 795,822 units. The metropolitan area accounts for 400,276 units, and non-metropolitan areas account for 395,546 units.

The total apartment move-in volume for 2021-2022 was 633,021 units, and it is projected that the volume will increase by 26% over the next two years.

By region, Gyeonggi has the highest number with 257,848 units. This is followed by ▲Incheon 80,676 units ▲Daegu 63,858 units ▲Seoul 61,752 units ▲Chungnam 50,659 units ▲Busan 40,596 units ▲Gyeongnam 39,480 units ▲Gyeongbuk 38,054 units.

Gangwon (19,581 units), Gwangju (19,082 units), and Ulsan (18,150 units) each have fewer than 20,000 units. Sejong (9,123 units) and Jeju (3,336 units) are expected to have fewer than 10,000 units.

Meanwhile, this statistic is provided by linking housing construction performance information, move-in recruitment announcement information, and redevelopment project progress data held by both Real Estate R114 and the Korea Real Estate Board under a business agreement. Kim Hee-bang, CEO of Real Estate R114, said, "This statistic is meaningful in that it can predict the supply level by region and help alleviate housing market instability."