20,385 Apartment Units Nationwide Move-in in August... 31% Decrease Compared to Previous Month

Next month, 20,385 apartment units nationwide will be occupied. This represents a 31% decrease compared to the previous month. However, in Seoul, due to the large volume of apartment move-ins scheduled for the second half of this year, it is expected that the weakness in jeonse prices will be difficult to avoid for the time being.

[Image source=Yonhap News]

According to the real estate platform 'Zigbang' on the 31st, the number of apartment move-ins nationwide in August was counted at 20,385 units. This is a 31% decrease from the July move-in volume (29,463 units). By region, 10,460 units will be occupied in the metropolitan area, and 9,925 units in the provinces, representing a decrease of 26% and 35%, respectively, in move-in volume.

By area, Gyeonggi-do has the highest number of move-ins with 6,171 units. The order is Hwaseong with 1,874 units, Uijeongbu with 1,022 units, and Gapyeong with 977 units. Next, Seoul, which has the second largest move-in volume, is expected to have 3,071 units occupied. Notably, the 2,990-unit Raemian One Bailey attracts attention. Raemian One Bailey is a complex rebuilt by integrating Sinbanpo 3rd and Gyeongnam, and will begin move-ins at the end of next month, becoming the third largest complex in Seocho-gu.

Move-in volume in August this year. [Image provided by Zigbang]

In the provinces, Gyeongnam will have 3,014 units, Daegu 2,834 units, Busan 1,338 units, and Jeonnam 1,213 units moving in, in that order. In Gyeongnam, large-scale complexes will move in at Changwon (1,538 units) and Gimhae (1,400 units), marking the largest supply since July 2020 (when 4,223 units moved in).

The number of apartment move-ins in Seoul in the second half of this year is 16,670 units, which is more than the first half (13,644 units), making it unlikely to avoid weakness in jeonse prices for the time being. In particular, about 10,000 units will be supplied only in the Gangnam and Seocho areas. Next month, 'Raemian One Bailey' (2,990 units) and in November, the 6,702-unit 'DH Firstier I-Park' are scheduled for move-in.

A Zigbang official said, "With the move-in of large-scale complexes, the number of jeonse listings will increase, and jeonse prices are likely to be adjusted mainly in the Gangnam area," but added, "However, the number of move-ins in Seoul in 2024 is 13,841 units, which is about 54% less than this year (30,314 units), so jeonse prices may rise again next year."

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