Housing Permits Nationwide from January to August This Year Total 312,000 Units... 21% Increase Compared to Previous Year

The cumulative nationwide housing permit approvals as of August this year increased by 21.6% compared to the previous year. Construction starts also rose. However, both sales and completions decreased.

According to the housing construction performance from January to August announced by the Ministry of Land, Infrastructure and Transport on the 1st, the nationwide housing permit approvals totaled 312,860 units, a 21.6% increase compared to the same period last year (257,294 units).

In the Seoul metropolitan area, permits reached 163,064 units, up 20.2% year-on-year, while in the provinces, they increased by 23.1% to 149,796 units. Apartments accounted for 232,869 units, a 23.8% increase compared to the previous year, and non-apartment housing rose by 15.5% to 79,991 units.

Nationwide housing construction starts were also recorded at 347,812 units, a 13.5% increase compared to the same period last year (306,529 units). The Seoul metropolitan area saw a 4.0% increase to 172,021 units, and the provinces experienced a 24.5% rise to 175,791 units.

However, sales and move-ins declined. Sales of multi-family housing nationwide were 201,268 units, down 3.0% compared to the same period last year (207,477 units).

In the Seoul metropolitan area, sales decreased by 19.2% to 92,652 units, whereas in the provinces, they increased by 17.0% to 108,616 units. General sales (149,921 units) rose by 6.2%, while rental housing increased by 41.3% over one year to 27,617 units. Sales to union members dropped by 49.2% to 23,730 units.

Housing completions nationwide totaled 243,545 units, a 25.4% decrease compared to the same period last year (326,611 units). The Seoul metropolitan area saw a 14.5% decrease to 149,098 units, and the provinces experienced a 37.9% decline to 94,447 units.

A Ministry of Land official stated, "Long-term supply indicators such as housing permit approvals and construction starts are increasing compared to last year, and land designation performance is also significantly rising, so future supply conditions are expected to improve further."

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