Sluggish Local Apartment Market...Slight Increase in 수도권 Region

After the Lunar New Year, About 14,000 Households to Be Supplied Nationwide
Metropolitan Area Accounts for 58% of Total Supply
Provincial Supply Drops by 60% Compared to Last Year

Next month, following the Lunar New Year holiday, a total of approximately 14,000 households are scheduled to be supplied nationwide. While the supply in the metropolitan area is expected to slightly increase compared to the same period last year, the supply in provincial areas is projected to shrink by more than half.

According to Real Today, a real estate market research firm, a total of 14,174 households (including rentals, excluding officetels) will be supplied across the country next month, of which 8,886 households will be offered to the general public. The supply volume is about 67% of the same period last year (13,168 households) based on general sales.

Provided by Real Today

The general sales volume in the metropolitan area accounts for about 58% of the total, with 5,120 households. The provinces account for 3,766 households, about 42%. While the supply in the metropolitan area is expected to increase compared to the same period last year, the provinces are expected to see a decrease of over 60%. This is analyzed to be due to worsened supply conditions caused by political uncertainties and rising construction raw material prices.

In Seoul, Samsung C&T Corporation is accepting applications for Raemian One Perla in Bangbae-dong, Seocho-gu (482 households). This is the first apartment subject to the price ceiling system in regulated areas (Gangnam, Seocho, Songpa, Yongsan) this year. Based on the resident recruitment announcement, the sale price for the 84㎡ D unit was set at a maximum of 2.4507 billion KRW.

Considering that the same size unit in nearby Bangbae Grand Xi was traded for 2.975 billion KRW on December 29, this price is more than 500 million KRW lower than the surrounding market price. Incheon Michuhol-gu City OCELE Phase 7 (1,453 households) and Gyeonggi Uijeongbu-si’s Hillstate Hoeryong Station Parkview (674 households) are also preparing for sales.

A representative from Real Today stated, "The February sales market is likely to continue strong subscription enthusiasm centered on the metropolitan area, and competitive complexes in the provinces are expected to achieve favorable results."