54,400 Housing Units in Seoul, an 8-Fold Increase in Pre-Sales... Will the Supply Drought Ease?

Due to Over 25,000 Planned Units Carried Over Last Year
Reconstruction and Redevelopment Projects Account for 87.4% of Total

This year, about 54,400 households across 59 complexes are scheduled to be supplied in Seoul, raising expectations that the severe housing supply shortage will ease. This is due to a significant increase in planned supply as approximately 25,000 households that were scheduled last year were postponed.

According to real estate market analysis firm Real Estate Info on the 13th, a total of 54,445 households (based on total private apartment units, excluding rentals) are planned to be supplied through the sales market in Seoul this year. This is about eight times more than the supply volume last year. Among these, 19,305 units are for general sale.

Seoul's supply, which exceeded 40,000 units in early 2017 during the Moon Jae-in administration, shrank to about 19,000 units the following year and remained around 20,000 units in 2019 and 2020. Amid soaring housing prices last year, it shrank further to just about 6,900 units.

Of this year's supply in Seoul, about half, 26,989 units, will be supplied through reconstruction. Redevelopment units amount to 20,623. Reconstruction and redevelopment together account for 87% of the total supply in Seoul.

However, nearly half of the approximately 54,400 units planned this year, about 25,000 units, were originally scheduled for sale last year but were postponed.

The largest sale this year is expected to be the Dunchon Jugong reconstruction. This mammoth complex has a total of 12,032 units, with 4,786 units for general sale. Sales are expected to begin as early as the first half of this year. Other projects preparing for sales this year include Raemian Onepentas in Banpo-dong, Seocho-gu; Jamsil Jinju reconstruction in Sincheon-dong, Songpa-gu; Imun 3 District in Imun-dong, Dongdaemun-gu; Imun 1 District in Imun-dong, Dongdaemun-gu; Haengdang 7 District in Haengdang-dong, Seongdong-gu; Hongun 13 District in Hongun-dong, Seodaemun-gu; and Yeongcheon redevelopment in Yeongcheon-dong, Seodaemun-gu.

Kwon Il, head of the research team at Real Estate Info, said, "This year, including the units that could not be sold last year, a large volume is planned, so the Seoul sales market is expected to breathe easier."

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