February Sees Sharp Rise in Unsold Units, Slight Increase in Transactions... Permits Decline

[Asia Economy Reporter Ryu Tae-min] In February, the number of unsold houses nationwide increased by about 16% compared to the previous month, and the volume of sales transactions also rose by 3.5%.

According to the Ministry of Land, Infrastructure and Transport on the 1st, as of February, the total number of unsold houses nationwide was 25,254 units, an increase of 16.2% (3,527 units) compared to the previous month (21,727 units). The number of unsold houses has been on the rise since recording 14,075 units in October last year.

By region, the metropolitan area had 2,318 units, up 74.9% (993 units) from 1,325 units the previous month. In the provinces, the number increased by 12.4% (2,534 units) from 20,402 units to 22,936 units during the same period.

On the other hand, the so-called "malignant unsold houses," which are unsold houses after completion, decreased by 0.4% (32 units) from 7,165 units in the previous month to 7,133 units in February. Looking at the total unsold volume by size, unsold medium-to-large houses over 85㎡ increased by 41.8% (595 units) to 2,019 units from 1,424 units the previous month, and those 85㎡ or less increased by 14.4% (2,932 units) to 23,235 units from 20,303 units.

The volume of housing sales transactions in February was 43,179 cases, an increase of 3.5% from 41,709 cases in the previous month. However, compared to the same month last year (87,021 cases), it decreased by 50.4%. The cumulative housing sales transactions up to February this year were 84,888 cases, down 52.2% from 177,700 cases during the same period last year.

By region, the metropolitan area recorded 16,149 cases, down 0.4% from the previous month and 66.0% compared to the same month last year. Seoul recorded 4,615 cases, decreasing by 4.5% and 63.7% during the same periods. The provinces recorded 27,030 cases, up 6.0% from the previous month but down 31.7% compared to the same month last year.

By housing type, apartments recorded 26,232 cases, up 7.2% from the previous month but down 56.3% compared to the same month last year. Non-apartment houses (16,947 cases) decreased by 1.7% and 37.1% respectively during the same periods.

The combined volume of monthly rental and lease transactions in February (based on the reporting date), including lease reporting system data and fixed-date reporting data, was 240,881 cases. This is an increase of 17.8% from 204,497 cases in the previous month and 21.0% from 199,157 cases in the same month last year.

In the metropolitan area (158,769 cases), transactions increased by 19.6% from the previous month and 21.4% compared to the same month last year, while in the provinces (82,112 cases), they increased by 14.5% and 20.1% respectively during the same periods. Apartment transactions (110,583 cases) increased by 12.0% from the previous month and 20.8% compared to the same month last year, and non-apartment houses (130,298 cases) increased by 23.2% and 21.1% respectively during the same periods.

The number of housing permits nationwide in February was 30,514 units, down 9.3% compared to the same month last year. The metropolitan area recorded 10,795 units, a sharp drop of 41.9% from a year ago, while the provinces recorded 19,719 units, an increase of 30.8% during the same period. Seoul recorded 6,007 units, down 13.0% compared to the previous year.

Housing construction starts nationwide were 25,504 units, down 39.7% compared to the same month last year. The metropolitan area recorded 17,504 units, down 32.7%, and the provinces recorded 8,000 units, down 50.9%.

The supply volume of apartment units nationwide was 24,386 units, up 25.4% from a year ago. The metropolitan area and provinces increased by 3.2% and 54.3% respectively during the same period, recording 11,368 units and 13,018 units. However, Seoul recorded 717 units, down 40.5% from the previous year.

General sales were 19,408 units, up 13.3% from the previous year, and rental housing surged by 3,160.7% to 2,739 units. Cooperative member units increased by 0.2% to 2,239 units.

Housing completions nationwide were 24,678 units, down 25.0% compared to the previous year. The metropolitan area recorded 15,125 units, down 26.5%, and the provinces recorded 9,553 units, down 22.6% respectively.

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