April 수도권 Housing Supply Hits Lowest Since May 2017

6,238 Households in the Seoul Metropolitan Area, 16,667 Nationwide Move In
Concerns Over Low Occupancy Rates Due to COVID-19 Impact

[Asia Economy Reporter Onyu Lim] The supply of apartment move-ins in the Seoul metropolitan area in April is expected to hit the lowest level since May 2017.

According to Zigbang on the 23rd, the scheduled apartment move-in volume in the metropolitan area for April is 6,238 units. This is about a 32% decrease compared to 9,132 units in the previous month, marking a decline for two consecutive months. Zigbang stated, "This is the lowest since May 2017 (3,653 units) and about an 8% decrease compared to a year ago."

In particular, the decrease in apartment move-ins in Seoul is notable. In Seoul, 1,123 units across two complexes will be available, which is about a 73% decrease compared to the previous month (4,150 units). Gyeonggi Province will have 5,115 units moving in, similar to the previous month, while Incheon will have no move-ins for two consecutive months.

The total nationwide apartment move-in volume is 16,667 units. As the metropolitan area supply decreases, the nationwide supply is also expected to be the lowest since May 2017 (12,018 units). This is 1,676 units less than the previous month (18,343 units) and 1,300 units less than the same period last year (17,967 units). In the provinces, 10,429 units will move in. This is about a 13% increase compared to the previous month (9,211 units), indicating relatively stable supply and demand.

Major scheduled move-in complexes for April include Sinbanpo Central Xi in Seocho-gu, Seoul; Bucheon e-Pyeonhansesang Onsu Station in Bucheon-si, Gyeonggi; Gwacheon Prugio Summit in Gwacheon-si, Gyeonggi; Vista Dongwon 1st in Gijang-gun, Busan; Hillstate Artium City in Changwon-si, Gyeongnam; and Dujeong Station Hyosung Harrington Place in Cheonan-si, Chungnam.

Sinbanpo Central Xi is a complex rebuilt from Sinbanpo 6th, consisting of seven buildings with a maximum of 35 floors. The complex is near Subway Lines 3, 7, and 9 at Express Bus Terminal Station, and the Central Terminal is close by, providing excellent metropolitan transportation networks. Banpo Hangang Citizen Park and Seoripul Park are nearby, and the school districts include Sehwa High School and Banpo High School, which are highly regarded.

Bucheon e-Pyeonhansesang Onsu Station consists of 921 units across eight buildings with a maximum of 29 floors. It is within walking distance of Onsu Station on Subway Lines 1 and 7, and transportation is convenient with access to Oryu IC and Seobu Expressway. Educational facilities include Donggok Elementary School, and convenience facilities such as Homeplus and CGV are nearby.

Gwacheon Prugio Summit is a complex rebuilt from Gwacheon Jugong 1st Complex. It consists of 1,571 units with exclusive areas ranging from 59 to 151 square meters. It is within walking distance of Gwacheon Station on Subway Line 4, and nearby public institutions include Gwacheon City Hall and the police station. Educational facilities such as Gwacheon Middle School, Gwacheon High School, and Gwacheon Girls' High School are close, and Gwacheon Central Park is located right in front of the complex.

Vista Dongwon 1st consists of 701 units across eight buildings, with medium to large-sized units ranging from 96 to 159 square meters. It is close to Ilgwang Station on the Donghae Line double-track railway connecting Haeundae and Seomyeon, and nearby Gijang IC provides easy access to Ulsan and Pohang.

Hillstate Artium City consists of 1,132 units in four buildings, with a maximum of 49 floors and units sized at 84 square meters. Shin Changwon Station and Changwon Bus Terminal are located right in front of the complex, and shopping convenience facilities such as Homeplus and New Core Outlet are nearby, providing a convenient living environment.

Dujeong Station Hyosung Harrington Place is a large complex with 2,586 units across 16 buildings, ranging from 51 to 84 square meters. It is within walking distance of Dujeong Station on Subway Line 1, and access to the metropolitan area including Asan, Pyeongtaek, and Suwon is easy. Shopping and convenience facilities such as Lotte Mart and Megabox are located around the complex, making it convenient. Move-ins are scheduled to begin at the end of April.

Meanwhile, due to the impact of the novel coronavirus (COVID-19), more complexes are changing their pre-move-in inspection schedules. Pre-move-in inspections involve many prospective residents gathering in confined spaces such as using the same elevator within a set period, raising concerns about cluster infections. Ham Young-jin, head of Zigbang Big Data Lab, said, "There seems to be an increasing number of projects considering measures such as postponing pre-move-in inspections or conducting them sequentially by residents," adding, "However, it is unlikely that many projects will delay their official move-in dates." This is because the move-in dates originally set by the developers and constructors involve financial issues such as delay interest if exceeded.

For complexes moving in areas with a high risk of COVID-19 spread, the occupancy rate may be low. This is because some households may not be able to move in normally due to reasons such as selling existing homes or not securing the remaining balance. Ham said, "As COVID-19 affects new apartment move-ins, uncertainty is expected to continue in the apartment move-in market for the time being."

This content was produced with the assistance of AI translation services.