Incheon Apartment Move-in Volume This Year 42,000 Units... 405,000 Units to be Supplied by 2030

Incheon Songdo Apartment
[Photo by Incheon Free Economic Zone Authority]

[Asia Economy Reporter Park Hyesook] The number of apartment move-ins in Incheon this year is expected to reach the highest level in the past five years.

Incheon City announced on the 13th that the number of apartment households scheduled to move in this year in Incheon is 41,943 units, more than double last year's 20,088 units.

According to the Housing Supply Statistics System, the number of apartment move-ins in Incheon was similar at 19,686 units in 2017 and 20,720 units in 2018, but decreased to 13,679 units in 2019 and 11,429 units in 2020, before increasing to 20,088 units last year.

This increase in move-in volume is analyzed to be due to active apartment construction in the Free Economic Zone and Geomdan New Town, as well as increased redevelopment and reconstruction in other areas.

Furthermore, to accelerate the housing supply speed, the public sector plans to supply 3,000 pre-sale units this year in the 3rd New Town (Gyeyang) and Geomam Station area.

The city plans to actively supply housing through urban development projects, private sales, and public housing, aiming to provide 45,000 units in 38 complexes next year, 28,000 units in 33 complexes in 2024, and 70,000 units in 53 complexes in 2025, totaling more than 185,000 units over the next three years.

Incheon City intends to steadily supply 405,000 units by 2030, targeting a total of 1.52 million housing units in Incheon, to raise the number of houses per 1,000 people to above the OECD average of 466 units.

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