September Seoul Metropolitan Area Housing Supply 'Plummets'... Lowest in 2 Years

The nationwide apartment move-in volume in September is expected to decrease significantly compared to last year. This is attributed to the reduction in move-in volumes in the Seoul metropolitan area, including Seoul and Gyeonggi.

[Image source=Yonhap News]

According to Real Estate R114 on the 23rd, the nationwide apartment move-in volume in September is expected to be 24,986 households, a 27% decrease compared to the same period last year (34,097 households).

In particular, the scheduled move-in volume in the metropolitan area in September is 8,431 households, down 48% from the same period last year, marking the lowest since September 2021 (7,776 households). It has also significantly decreased compared to the previous month (13,187 households).

Monthly Apartment Move-in Volume Trends. [Image provided by Real Estate R114]

By region, the changes are as follows: ▲ Seoul decreased by 99% (3,095 households → 32 households) ▲ Gyeonggi decreased by 33% (8,874 households → 5,944 households) ▲ Incheon increased by 102% (1,218 households → 2,455 households).

The scheduled move-in volume in the provinces for September is a total of 16,555 households, down 1,316 households compared to the same period last year (17,871 households).

However, the move-in volumes in October and November, the peak moving season, are expected to reach the highest monthly levels this year (about 40,000 households per month), so the decrease in September is likely to be temporary.

A Real Estate R114 official stated, "Until September, the apartment move-in volume in the metropolitan area is confirmed to be lower than the average year, so the recovery trend in rental prices is expected to be prominent during the upcoming autumn moving season." However, they added, "Unlike September, the move-in volumes in October and November are expected to be higher than the average year, so it is necessary to maintain attention to the risk of reverse lease."