17,000 Households Nationwide Move In October... 33% Decrease Compared to Previous Month

With 7,071 Local Households, the Fewest This Year

[Asia Economy Reporter Onyu Lim] In October, a total of about 17,000 newly built apartment households nationwide will move in. This is more than a 30% decrease compared to last month. In particular, the supply in local areas is expected to significantly decrease as COVID-19 and other factors negatively impact the move-in market.

According to Zigbang on the 28th, the total apartment move-in volume nationwide in October is 17,865 households. Considering that the average monthly move-in volume in the third quarter was about 30,000 households, this is a relatively small scale. It is also about 33% less compared to last month’s supply of 26,681 households.

In the metropolitan area, 14 complexes will start move-ins, and in local areas, 15 complexes will begin. In the metropolitan area, 3 complexes in Seoul, 6 in Gyeonggi, and 5 in Incheon will move in. In local areas, move-ins will mainly take place in the Yeongnam region, including Busan, Gyeongnam, and Gyeongbuk.

The decrease in move-in volume is a result of reduced supply in local areas where new move-ins had been concentrated for some time. The local move-in volume in October is 7,071 households, the lowest this year.

In the metropolitan area, where the previous month’s volume was relatively low at 6,770 households, the volume will rather increase by 59% to 10,794 households in October. In Gyeonggi alone, 7,415 households will move in. In Seoul, 3 complexes in Yeongdeungpo-gu will move in with 1,921 households, and in Incheon, 1,458 households will be supplied in areas such as Songdo and Jakjeon-dong.

'Hillstate Classian' is a complex located in Singil-dong, Yeongdeungpo-gu, Seoul. It redeveloped Singil New Town Zone 9 and consists of a total of 1,476 households with exclusive areas ranging from 42 to 114㎡. It is a 7-minute walk to Sinpung Station on Subway Line 7, providing convenient access to Yeongdeungpo Station and Yeouido. Convenience facilities such as Gangnam Seongsim Hospital and Lotte Department Store are nearby, and it is possible to commute to Daebang Elementary School and Daeyoung Middle School. Move-ins will begin on October 6.

'Grang City Xi Phase 2' is a complex located in Sadong, Sangnok-gu, Ansan-si, Gyeonggi-do. It is a mammoth complex with a total of 2,872 households, ranging from 59 to 140㎡. Together with Grang City Xi Phase 1, which moved in this February, it forms a large-scale residential town with 6,600 households. Ansan Haesol Elementary School is located within the complex, and a middle school is scheduled to open around March next year. Siwha Lake is right in front of the complex, and Haneul Park is located inside, providing a pleasant living environment. Move-ins are scheduled to start at the end of October.

'Seomyeon I-Park' redeveloped Jeonpo Zone 2 in Jeonpo-dong, Busanjin-gu, Busan. It is a mammoth complex with a total of 2,144 households, consisting of 1,862 households in Phase 1 and 282 households in Phase 2. It is conveniently located within a 10-minute walk to Jeonpo Station on Busan Subway Line 2. Educational facilities such as Jeonpo Elementary School and Busanjin Girls’ Middle School are nearby, and convenience facilities like Homeplus and Lotte Department Store are adjacent. Hwangnyeongsan Mountain is located near the complex, providing a pleasant living environment. Move-ins will begin on October 15.

Meanwhile, according to the Korea Research Institute for Human Settlements, the outlook index for the nationwide housing move-in business conditions has remained above the 60 mark for two consecutive months (July 76, August 67.5, September 69.6), indicating that the move-in conditions in September are expected to worsen.

Although the spread of COVID-19 has recently been gradually calming down, social distancing continues nationwide, and the new apartment move-in market is expected to be affected.

A Zigbang official said, "Due to the COVID-19 issue, the number of prospective buyers visiting homes has decreased, making it difficult to vacate existing homes, and there may be cases where those scheduled to move in have difficulty securing the remaining payment," adding, "Additional variables are expected, such as limited move-in marketing and pre-inspections to prevent the spread of COVID-19."

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