2023 Q3 Building Permits, Construction Starts, and Completions Status
The Ministry of Land, Infrastructure and Transport announced on the 31st that in the third quarter of this year, the nationwide building permit area decreased by 32.8% and the construction start area decreased by 44.2% compared to the same period last year, while the completion area increased by 8.1%.
As of the third quarter, the nationwide permit area was 30,589,000㎡, a decrease of 14,944,000㎡ compared to the same period last year (45,533,000㎡) due to a decrease in permit areas for multi-family housing and row houses, and the number of buildings was 37,242, down 11,639 from 48,881 in the same period last year.
By region, the permit area in the metropolitan area (Seoul, Gyeonggi, Incheon) recorded 15,232,000㎡, down 2,961,000㎡ (16.3%). The provinces showed a decrease rate of 43.8%, with 15,356,000㎡, down 11,982,000㎡.
The nationwide construction start area was 16,279,000㎡, down 12,897,000㎡ compared to the same period last year (29,176,000㎡) due to a decrease in construction start areas for row houses and office facilities. The number of buildings was 27,825, down 8,416 from 36,241 in the same period last year.
By region, the construction start area decreased by 50.7% in the metropolitan area (Seoul, Gyeonggi, Incheon) and by 38.4% in the provinces.
The nationwide completion area was 34,373,000㎡, an increase of 2,573,000㎡ compared to the same period last year (31,800,000㎡) due to an increase in completion areas for office facilities and apartments, but the number of buildings was 32,541, down 7,626 from 40,167 in the same period last year.
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