430,000 Multi-Family Housing Units to Be Supplied Nationwide Over Next 2 Years... 58,000 Units in Seoul [Real Estate AtoZ]

Occupancy Volume from the Second Half of This Year to the First Half of 2027
Over 200,000 Units to Be Supplied Next Year Alone?Nearly Double This Year's Second Half
About 230,000 Units Concentrated in the Seoul Metropolitan Area, Including Over 58,000 in Seoul
Estimated Occupancy Volume May Differ from Actual Figures Depending on Future Project Changes

Over the next two years, more than 430,000 units of multi-family housing are expected to be newly supplied nationwide. More than half of these units will be concentrated in the Seoul metropolitan area, including Seoul and Gyeonggi Province, and there will be significant regional disparities. However, the actual number of units available for occupancy may vary depending on variables such as changes in construction schedules or a switch to post-sale, so the impact on the market remains to be seen.

According to the Korea Real Estate Board and Real Estate R114 on August 29, from the second half of this year through the first half of 2027, a total of 432,736 units of multi-family housing (apartments, row houses, and multiplex housing with 30 units or more) are scheduled to become available nationwide over the next two years. This figure is an estimate based on the two organizations' data on construction performance, occupancy recruitment announcements, and urban renewal project progress.

By period and region, 123,743 units will be supplied in the second half of this year, 206,923 units in 2026, and 102,070 units in the first half of 2027. The largest supply is scheduled for next year.

In the Seoul metropolitan area, more than half the total-about 233,000 units-will be concentrated. Specifically, Seoul will have 58,284 units, Gyeonggi Province 140,133 units, and Incheon 34,576 units. In Seoul, 18,982 units will be supplied in the second half of this year, 28,885 units in 2026, and 10,417 units in the first half of 2027. Compared to the projections in March, Seoul increased by 4,423 units, Gyeonggi by 5,911 units, and Incheon by 252 units, for a total increase of 10,586 units in the metropolitan area.

There is also a significant supply in major cities and provinces. Busan will see the largest number with 28,410 units, followed by South Chungcheong Province (24,621 units), North Chungcheong Province (20,781 units), Daegu (18,585 units), Gangwon Province (16,122 units), Daejeon (15,470 units), Gwangju (13,711 units), South Gyeongsang Province (13,574 units), and North Gyeongsang Province (12,818 units). North Jeolla Province (12,845 units), South Jeolla Province (11,699 units), Ulsan (9,530 units), and Jeju (1,339 units) were also counted. Sejong had the lowest number nationwide, with only 238 units scheduled for occupancy in the second half of this year.

This projection is an estimate based on planned projects and recruitment announcements, so the actual number of units available for occupancy may change depending on future modifications to construction plans, delays in permits or groundbreaking, or a transition to post-sale.

A representative from the Korea Real Estate Board explained, "The occupancy volume is only an estimate, and there may be discrepancies from the actual figures due to changes in the timing of sales or project schedules."