August Seoul Apartment Sales Down 82% YoY... Permits and Construction Also Decline

[Asia Economy Reporter Moon Jiwon] The supply of apartment units for sale nationwide in August has decreased by nearly 30% compared to the same period last year. In Seoul, the supply volume plummeted by more than 80% during the same period.

According to the August nationwide housing construction performance announced by the Ministry of Land, Infrastructure and Transport on the 4th, the supply volume of apartments and other multi-family housing units was 19,040 units, down 28.8% from 26,733 units in the same month last year.

In the metropolitan area, the number was 9,711 units, a decrease of 46.3% compared to last year. The supply volume in Seoul last month was 663 units, a staggering 82.1% decrease compared to last year.

This is interpreted as an effect of the government significantly strengthening real estate regulations centered on Seoul and the metropolitan area. In the provinces, the supply volume was 9,329 units, an 8.0% increase compared to the same period last year.

By type, general sales were 15,739 units, down 10.0% from last year, rental housing was 660 units, down 79.7%, and cooperative member units decreased by 55.9% to 2,641 units.

The number of housing permits in August nationwide was 28,268 units, also down 1.8% from 28,776 units in the same month last year.

In the metropolitan area, it was 14,413 units, down 26.3%, but in the provinces, it increased by 50.4% to 13,855 units.

The number of apartment permits decreased by 8.0% to 20,002 units, while permits for non-apartment housing increased by 17.6% to 8,266 units.

The number of housing starts in August nationwide was 28,326 units, down 25.8% from 38,189 units in the same month last year.

In the metropolitan area, it was 13,539 units, down 40.3% compared to last year, and in the provinces, it was 14,787 units, down 4.6%.

Apartment starts decreased by 33.1% to 20,381 units, while non-apartment housing starts increased by 3.0% to 7,945 units.

The number of housing completions in August nationwide was 33,804 units, down 6.2% from 36,052 units in the same month last year.

In the metropolitan area, it was 18,406 units, down 2.2%, and in the provinces, it was 15,398 units, down 10.6%.

Apartment completions decreased by 1.8% to 27,047 units, and non-apartment housing completions decreased by 20.6% to 6,757 units.

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