Decrease in Both Building Permits and Groundbreaking Areas in the First Half of This Year

The construction permits and groundbreaking area, which indicate the supply in the housing market, significantly decreased in the first half of this year compared to the same period last year.

On the 2nd, the Ministry of Land, Infrastructure and Transport reported that the nationwide construction permit and groundbreaking area for the first half of this year (January to June) decreased by 22.6% and 38.5%, respectively, compared to the same period last year. The completion area increased by 3.3% compared to the same period last year.

The permit area in the first half was 72.029 million square meters, down by 21.009 million square meters from 93.038 million square meters in the same period last year. The number of buildings recorded was 77,501, a decrease of 28,125 buildings from 105,626 buildings in the same period last year.

The groundbreaking area was 35.92 million square meters, a decrease of 22.533 million square meters from 58.453 million square meters in the same period last year. The number of buildings was 58,475, down by 23,561 buildings from 82,036 buildings in the same period last year.

The nationwide completion area was 70.471 million square meters, an increase of 2,259 square meters compared to 68.212 million square meters in the same period last year, influenced by the increase in completion areas of apartments and multi-family housing. However, the number of buildings was 66,130, a decrease of 9,986 buildings compared to 76,116 buildings in the same period last year.

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