Increase in Single-Person Households... Micro Housing Remains Popular This Year

[Asia Economy Reporter Choi Dong-hyun] Due to the increase in single-person households, demand for ultra-small living spaces has risen nationwide again this year. Unlike the past when getting married and having children was taken for granted, the number of high-income singles who choose not to marry has significantly increased, reflecting a changed social atmosphere. With landlords seeking stable monthly rental income and wealthy individuals aiming to transfer assets to their children, the preference for ultra-small living spaces is expected to continue.

According to Statistics Korea data on the 25th, the number of single-person households in South Korea increased by about 2 million over nine years, from 4,142,165 in 2010 to 6,147,516 last year. During the same period, their share of total households rose by approximately 6.33 percentage points, from 23.89% to 30.22%.

As a result, interest in ultra-small living spaces suitable for single-person households is growing in the real estate market. In some complexes, competition for ultra-small units is extremely high. In May, the ‘Gwangmyeong Prugio Centber’ 36㎡ (exclusive area) in Gwangmyeong City, Gyeonggi Province, attracted 3,245 first-priority subscription applications for 27 units, recording a competition rate of 120.19 to 1. In April, the ‘Hillstate Doan’ officetel received 5,111 applications for 2 units of 27㎡, resulting in an astonishing competition rate of 2,555.5 to 1.

Prices are also on the rise. In the Gangnam area, where single-person households are concentrated, ultra-small units have already appeared with prices comparable to mid-sized apartments in Gangbuk. For example, the ‘The Rivers Cheongdam’ officetel, 45㎡ located in Cheongdam-dong, Gangnam-gu, Seoul, was sold for 1.45 billion KRW in February. In Gangbuk, the ‘Trimage’ 25㎡ in Seongsu-dong 2-ga, Seongdong-gu, Seoul, was traded for 1 billion KRW in June.

In line with the popularity of ultra-small units, construction companies are continuously launching customized residential spaces such as officetels and apartments for single-person households in key core areas.

Yojin Construction Industry is currently selling ‘Wangsimni Station Yojin Y-House,’ located at 2 Doseon-dong, Seongdong-gu, Seoul, and four other lots. It is a small duplex officetel with 112 units ranging from 23 to 29㎡, spanning from basement level 1 to 19 floors above ground. Wangsimni Station, where subway lines 2 and 5, Bundang Line, Gyeongui-Jungang Line, ITX-Cheongchun Line, and the planned Dongbuk Line intersect, is nearby. Convenient living facilities are concentrated within walking distance, allowing residents to enjoy a complete infrastructure without traveling far.

Eunil General Construction is selling ‘Songpa Wirye New Town Suaju’ in Wirye New Town, Songpa-gu, Seoul. It consists of one building with 279 units of a single size of 18㎡, from basement level 6 to 15 floors above ground. Located in North Wirye, which has excellent access to Gangnam, it is within walking distance of Geoye Station on Seoul Subway Line 5.

The accommodation within the ‘Signature Gwanggyo’ knowledge industry center, constructed by Hanwha Construction, also offers residential spaces perfectly suited for 1-2 person households. Located on block 14-1 of the Gwanggyo Residential Development District’s urban support facility site, it is built on a 15,237.20㎡ land area with 4 basement floors and 10 floors above ground, totaling 60,795.13㎡ in gross floor area. The accommodation, consisting of a separate building, has 144 units ranging from 29 to 40㎡, designed mainly as 1.5-room and 2-room units preferred by actual users such as young people and newlyweds. Shinbundang Line’s Sanghyeon Station is within walking distance, and residents can enjoy a pleasant living environment with Gasan Stream right in front of the complex, as well as Maebongsan Mountain and Gwanggyo Lake Park nearby.

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