This Year, 100,000 Housing Units to Be Supplied in Gyeonggi-do... 62% Increase Compared to Last Year

[Asia Economy Reporter Ryu Tae-min] This year, about 100,000 households are expected to be offered for sale in Gyeonggi Province, an increase of approximately 62% compared to last year.

According to real estate information company Real Estate Info's survey on apartment supply in Gyeonggi Province this year, 103,981 households will be generally offered across 156 projects. This represents an increase of 48 projects and 40,530 households (62%) compared to last year's supply of 64,149 households in 109 complexes. Once the general sale quantities for redevelopment and reconstruction projects, which have yet to be finalized, are confirmed, even more units are expected to be supplied to the public.

By region, 115 complexes with 75,390 households are planned for supply in the southern part of Gyeonggi. This accounts for 72.5% of the total supply in Gyeonggi Province. Hwaseong City, which produced the top nationwide subscription competition complex last year, Dongtan 2 New Town’s ‘Dongtan Station Dietre’, will supply 13,501 households. Other areas with significant planned supply include Pyeongtaek City (10,861 households) and Gwangju City (7,973 households). Osan will also supply 6,735 households next month, including ‘Osan Segyo Hanyang Sujain’. These four areas alone account for about 39,000 households, nearly half of the total supply in the southern region.

In the northern part of Gyeonggi, 41 complexes totaling 28,591 households will be supplied. Of these, 70.1%, or 20,049 households, are concentrated in the northeastern Gyeonggi areas including Yangju City (7,055 households), Namyangju City (5,343 households), Uijeongbu City (5,190 households), and Guri City (2,461 households).

By timing, 57,361 households (55.1% of the total) will be supplied in the first half of the year, and 43,432 households (41.7%) in the second half. Five projects with 3,188 households have not yet set their supply schedule.

The increase in supply volume in Gyeonggi Province this year is interpreted as influenced by the sharp rise in Seoul housing prices. Demand for purchasing apartments in Gyeonggi, which are relatively affordable compared to Seoul, has significantly increased, leading construction companies to expand supply.

According to Statistics Korea data, since the current government took office and the sharp rise in Seoul housing prices began, the population in Seoul decreased by about 409,000 people up to last year, while the population in Gyeonggi Province increased by 690,000 over the past five years. Additionally, among 173,002 apartment sales transactions in Gyeonggi from January to November last year, 32,790 purchases were made by Seoul residents, accounting for about 18.9% of the total, marking the highest level in the past decade.

Kwon Il, head of the research team at Real Estate Info, explained, “The housing market in southern Gyeonggi is centered along the Gyeongbu Line and is larger in scale than northern Gyeonggi. Due to recent mid- to long-term positive factors such as the expansion of metropolitan transportation networks, demand for home purchases is expected to continue, focusing on supply units that have price competitiveness compared to existing apartments.”

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