National Unsold Housing Units Drop Below 20,000... Lowest Level in 18 Years

[Asia Economy Reporter Kangwook Cho] Due to the recent surge in housing prices causing a 'panic buying' effect, the number of unsold houses nationwide has fallen below 20,000 units. It dropped nearly 20% in one month, reaching the lowest level in 18 years.

On the 29th, the Ministry of Land, Infrastructure and Transport announced that as of the end of December last year, the total number of unsold houses nationwide was 19,005 units. This is a 19.5% (4,615 units) decrease compared to the previous month (23,620 units). Compared to two years ago (December 2019, 47,797 units), the figure has shrunk by more than half. In particular, it is the lowest level in 18 years and 7 months since recording 18,756 units in May 2002. The lowest number since 2000 was 17,324 units in April 2002.

The number of unsold houses nationwide peaked at 165,641 units in March 2009, following the global financial crisis, and has gradually decreased since then. In recent years, it has maintained a level of 40,000 to 60,000 units.

However, recently, housing prices have been rising nationwide, and after the amendment of the Housing Lease Protection Act at the end of July, even the jeonse (long-term deposit lease) prices surged, increasing housing demand, which is interpreted as the reason why unsold apartments are disappearing rapidly. The number of unsold houses also decreased by 11.5% in November, marking the lowest level in 17 years and 6 months since May 2003, when it was 22,579 units.

In the metropolitan area, the number was 2,131 units, down 33.1% (1,052 units) from the previous month (3,183 units), and in the provinces, it was 16,874 units, down 17.4% (3,563 units) from the previous month (20,437 units).

By region, unsold houses in Gwangju Metropolitan City sharply decreased by 64.8%, from 88 units in the previous month to 31 units, and Daegu decreased by 58%, from 667 units to 280 units. Jeonbuk and Gangwon increased by 65.3% and 17.6%, respectively.

Post-construction unsold houses, classified as malignant unsold units, were 12,006 units, down 14.6% (2,054 units) from the previous month (14,060 units).

Looking at the total unsold units by size, unsold medium to large houses over 85㎡ were 700 units, down 31.1% (316 units) from the previous month (1,016 units), and those 85㎡ or less were 18,305 units, down 19.0% (4,299 units) from the previous month (22,604 units).

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