February 수도권 Housing Supply Halved Compared to Previous Month

Lowest Level Since Last July
Move-ins Mainly in Small and Medium-sized Complexes

The number of apartment move-ins in the Seoul metropolitan area next month is expected to decrease to about half of this month's level.

According to data compiled by the real estate platform Zigbang, the number of move-ins in the Seoul metropolitan area in February is 7,250 households, which is about half of the previous month’s 13,980 households. This is the smallest scale since July last year (2,318 households). Although there were large-scale move-ins in Seoul and Gyeonggi, next month will mainly see move-ins in small to medium-sized complexes.

Yonhap News

In Seoul, a total of 585 households are scheduled to move in. Besides Acro Samsung (419 households), which was rebuilt from Hongsil Apartment, two other complexes will also have move-ins. In Gyeonggi, 5,908 households will move in, and in Incheon, a total of 757 households will be supplied. In the provinces, 14,154 households will begin moving in next month, accounting for 66% of the total February volume. By region, Gyeongnam (5,422 households), Daejeon (2,763 households), and Jeonbuk (1,431 households) have relatively large numbers of move-ins.

The industry expects the decrease in February move-ins to be temporary. In March, large complexes that have completed redevelopment projects, mainly in Seongbuk-gu and Gwangjin-gu in Seoul, are scheduled for move-ins. Kim Eun-seon, head of the Big Data Lab at Zigbang, explained, "In March, the number of move-ins in the Seoul metropolitan area will increase again, so the impact of the decrease in move-ins next month will be minimal."

She added, "Due to concerns about the economic downturn in Gyeonggi and the aftermath of the impeachment political situation, the market atmosphere will remain quiet," and said, "Recently, risks of construction company insolvency have also emerged, increasing market instability, so it is highly likely that the new apartment transaction market will continue to be sluggish for the time being."