In December, Nationwide Housing 'Permits and Construction Starts' Increase While 'Sales and Move-ins' Decrease

Apartment view around Seoul / Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Ryu Tae-min] In December last year, nationwide housing permits and construction starts increased compared to the same period the previous year, while sales and move-in (completion) performance decreased.

According to housing statistics announced by the Ministry of Land, Infrastructure and Transport on the 4th, the cumulative housing permit performance in December reached 545,412 units nationwide, a 19.2% increase compared to 457,514 units in the same period last year.

The metropolitan area recorded 291,348 units, up 15.5%, and the provinces recorded 254,064 units, up 23.8%. By type, nationwide apartments totaled 423,363 units, a 20.4% increase compared to the same period last year, while non-apartment housing increased by 15.3% to 122,049 units.

Construction starts also increased. The cumulative housing construction starts in December were 583,737 units nationwide, a 10.9% increase compared to 526,311 units in the same period last year.

Both the metropolitan area (300,141 units) and the provinces (283,596 units) increased by 7.8% and 14.4%, respectively. Nationwide apartments increased by 11.6% to 472,751 units, and non-apartment housing (110,986 units) increased by 7.9%.

On the other hand, sales and move-in performance showed a slowdown. The sales performance of multi-family housing was recorded at 336,533 units nationwide, a 3.6% decrease compared to 349,029 units in the same period last year. The metropolitan area decreased by 20.2% to 142,133 units, while the provinces increased by 13.8% to 194,400 units.

General sales (258,176 units) slightly increased by 3.5%, and rental housing increased by 12.6% to 38,802 units compared to the same period last year. Sales to association members sharply declined by 39.2% to 39,555 units.

The cumulative housing move-in performance was 431,394 units nationwide, down 8.4%. Both the metropolitan area (247,220 units) and the provinces (184,174 units) decreased by 1.2% and 16.6%, respectively. Nationwide apartment move-ins decreased by 11.1% to 331,971 units, while non-apartment housing increased by 2.0% to 99,423 units.

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