Nationwide Housing 'Permits and Construction Starts' Increase, 'Sales and Completion' Decrease... Move-ins Down 17%

Housing Construction Performance as of November Last Year

As of November last year, housing permits and construction starts significantly increased compared to the previous year, but sales and completions (move-ins) decreased.

According to the housing construction performance data released by the Ministry of Land, Infrastructure and Transport on the 4th, the cumulative housing permit performance nationwide as of November last year was 448,092 units, a 24.2% increase compared to the same period the previous year (360,711 units).

In the metropolitan area, there were 227,455 units, an 18.7% increase compared to the previous year, while the provinces saw 220,637 units, a 30.4% increase. By type, nationwide apartments totaled 339,235 units, up 28.4%, and non-apartment housing was 108,857 units, up 12.8%.

Construction starts also increased. The cumulative housing construction starts nationwide as of November were 501,878 units, a 19.5% increase compared to the same period last year (420,122 units).

The metropolitan area recorded 249,428 units, up 16.1%, and the provinces had 252,450 units, up 23.0%. Apartments increased by 18.0% to 384,769 units, while non-apartment housing surged 24.5% to 117,109 units.

On the other hand, sales performance slowed somewhat. Sales of multi-family housing nationwide were 289,022 units, a 1.4% decrease compared to the same period last year (293,001 units).

In the provinces, sales increased by 14.8% to 160,029 units, but the metropolitan area saw a sharp decline of 16.0% to 128,993 units compared to one year earlier.

General sales rose 5.6% to 219,147 units, rental housing increased significantly by 33.9% to 35,398 units, while cooperative member sales dropped 41.6% to 34,477 units compared to the previous year.

Looking at completion performance during this period, nationwide completions were 356,036 units, a 17.1% decrease compared to the same period last year (429,701 units).

The metropolitan area decreased by 9.2% to 206,026 units, and the provinces fell 26.0% to 150,010 units. Nationwide apartments decreased 21.9% to 267,095 units, while non-apartment housing increased slightly by 1.6% to 88,941 units.

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