23,197 Apartment Units Nationwide to Go on Sale in May... Developers Rush Sales Ahead of Presidential Election

17,302 Units to Be Released in the Seoul Metropolitan Area
5,895 Units Scheduled for Supply in the Provinces
Sales Concentrated in the Seoul Metropolitan Area

This month, 29 apartment complexes across the country, totaling 23,197 units, are set to be released for sale. Construction companies that had postponed their sales schedules due to the economic downturn and political instability are now resuming sales ahead of the 21st presidential election.

According to Real Estate R114 on May 12, the total number of apartment units scheduled for sale in the Seoul metropolitan area this month is 17,302. By region, Gyeonggi Province leads with 12,494 units, followed by Seoul with 4,047 units, and Incheon with 761 units.

View of apartment buildings in downtown Seoul from Inwangsan Mountain, Seoul. Photo by Yonhap News.

In Gyeonggi Province, the supply is concentrated in public housing sites. In Hwaseong's Dongtan 2 New Town, 'Dongtan Fore Park Jayeon & Prugio' (1,524 units) and 'Dongtan Kkumui Sup Jayeon & Daesang' (1,170 units) are set to be released. Among the third phase new towns, 'Gyosan Prugio The First' (1,115 units) in Hanam Gyosan District and 'E Pyeonhansesang Daejang Firstium' (1,099 units for newlywed hopefuls) in Bucheon Daejang District are also scheduled for sale.

In Seoul, three complexes are expected to be released, including 'Hillstate Mediale' (2,451 units) in Daejo-dong, Eunpyeong-gu, and 'Gocheok Prugio Hillstate' (983 units) in Gocheok-dong, Guro-gu, both supplied through redevelopment projects. In Incheon, 'Incheon Bupyeong Paragon' (761 units) in Sipjeong-dong, Bupyeong-gu is set to be released.

In the provinces, a total of 5,895 units are scheduled for supply this month. By region, Chungbuk has 1,798 units, Daegu 1,577 units, Busan 1,234 units, Gangwon 569 units, Gyeongbuk 418 units, and Gyeongnam 299 units.

Major provincial complexes include 'Eco Delta City Junghung S-Class Edu River' (728 units) in Gangdong-dong, Gangseo-gu, Busan; 'Onadeu Beomeo' (604 units) in Beomeo-dong, Suseong-gu, Daegu; and 'Chuncheon Mancheolli Dongmun The East' (569 units) in Dong-myeon, Chuncheon, Gangwon Province.

Jang Sunyoung, head researcher at Real Estate R114 Research Lab, explained, "Typically, during presidential elections, public attention is focused on the election, which reduces the effectiveness of sales promotions. This is why companies are rushing to release units." She also analyzed, "Due to the slow recovery of the construction market and concerns about unsold units, there is a concentration of sales in the Seoul metropolitan area, where more stable subscription results can be expected."

She added, "In the provinces, where the risk of unsold units and the impact of numerous real estate development pledges during the presidential election period are significant, there is a tendency to prioritize the supply of complexes with strong sales prospects, such as those with good locations, specialized designs, and reasonable prices."