National Unsold Housing Units Decrease for the First Time in 11 Months... Transaction Volume Increases for the Second Consecutive Month

72,104 Unsold Houses Nationwide in March
Decrease for the First Time in 11 Months Since April Last Year
Increase in Problematic Units, 84.7% Concentrated in Provinces

The nationwide increase in unsold housing units has reversed after 11 months. This is attributed to the full-scale easing of regulations following the government's 1·3 real estate measures. However, the number of unsold units after completion, known as 'malignant unsold housing,' increased compared to the previous month.

View of downtown apartments from Namsan, Seoul / Photo by Yonhap News

According to the 'March Housing Statistics' announced by the Ministry of Land, Infrastructure and Transport on the 27th, the number of unsold housing units nationwide last month was 72,104, a 4.4% (3,334 units) decrease from the previous month. This is the first monthly decrease in unsold housing units in 11 months since April last year.

In particular, unsold units in Seoul sharply decreased from 2,099 to 1,084 units. This appears to be because all remaining units of 'Olympic Park Foreon (Dunchon Jugong Reconstruction)' in Gangdong-gu, Seoul, which were included in the February unsold housing, were sold out. Gyeonggi Province recorded 6,385 units, down 12.4% from the previous month, while Incheon increased by 13.0% to 3,565 units.

In the provinces, unsold units also decreased by 1,827 units to 61,070 compared to the previous month, but accounted for 84.7% of the total volume compared to the metropolitan area. In particular, Daegu (13,199 units) saw a 5.6% decrease in unsold units during the same period but still had the highest number among all cities and provinces.

However, unsold units after completion nationwide increased by 1.1% (96 units) to 8,650 units compared to the previous month. The metropolitan area increased by 8.7% to 1,612 units, with Gyeonggi at 755 units, Incheon at 465 units, and Seoul at 392 units. Incheon saw the largest increase nationwide, rising 34.4% (119 units) from the previous month.

March Nationwide Unsold Housing Statistics / Image provided by the Ministry of Land, Infrastructure and Transport

Housing transaction volume (sales) appears to be recovering, centered on the metropolitan area. The total nationwide housing transaction volume in March (based on the reporting date) was 52,333 cases, a 27.0% increase from the previous month. Compared to the same month last year, it decreased by 2.1%. Housing transactions had declined for eight consecutive months from May last year to January this year but have been increasing again since February.

The metropolitan area recorded 22,722 cases, and the provinces recorded 29,611 cases, increasing by 31.8% and 23.6%, respectively, from the previous month. By type, apartment transactions increased by 24.2% to 38,926 cases, and non-apartment housing transactions increased by 36.1% to 13,407 cases. Among these, apartment transactions in Seoul were 3,234 cases, 41.5% more than the previous month.

On the other hand, the volume of Jeonse and Wolse (lease and monthly rent) transactions decreased. The combined volume of Jeonse and Wolse transactions in March (based on the reporting date), including lease report data and fixed date report data, was 264,220 cases, down 3.3% from the previous month. Compared to the same month last year, it increased by 5.7%. By lease type, Jeonse transactions were 120,516 cases, and Wolse transactions were 143,704 cases. The cumulative proportion of Wolse transactions from the beginning of this year to March is 54.9%.

Monthly Nationwide Housing Transactions / Image provided by the Ministry of Land, Infrastructure and Transport

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