Housing Supply Halved but 'Half' in the Capital Region "Polarization Deepens"

Number of Nationwide Housing Complexes for Sale Halved Compared to Last Year
Seoul Housing Units for Sale Increased 1.8 Times
Daegu, Daejeon, Jeonnam Under 100 Units... Sejong '0'

This year, private apartment sales have dropped to about half of last year's level, and with nearly half of these concentrated in the Seoul metropolitan area, a polarization phenomenon in sales volume is intensifying.

Number of housing complexes for sale by region. (Provided by Real House)

On the 7th, Real House, a specialized sales evaluation company, analyzed the sales complexes on the subscription home platform and found that among 130 private apartment complexes sold from the beginning of this year to July, 49.2% were sold in Seoul, Gyeonggi, and Incheon. This is an increase of 13.3 percentage points compared to the same period last year. This concentration in the metropolitan area is interpreted as construction companies focusing on regions with lower risks of unsold units due to the real estate market downturn.

The sales volume was also concentrated in the metropolitan area. The number of apartment complexes sold by July was only 53.1% of last year's level. Accordingly, the number of units sold decreased from 107,346 units in the same period last year to 58,222 units, but Seoul was an exception. The number of sales complexes increased by 5 compared to last year, and the number of units sold increased by 1.8 times, with 3,206 units sold this year.

Additionally, Gyeonggi Province sold 20,414 units, and Incheon sold 5,137 units, with the metropolitan area accounting for 49.4% of the total sales volume this year.

Subscription demand also concentrated in the metropolitan area. The ‘Yongsan Hoban Summit Edition’ in Yongsan-gu, Seoul, attracted 10,575 applicants for 65 units, recording an average of 162.6 to 1. The ‘Guui Station Lotte Castle East Pole’ in Jayang-dong, Gwangjin-gu, attracted over 40,000 applicants in the general subscription. In Gyeonggi Province, complexes such as ‘Hoban Summit Godeok New Town Phase 3’ received 13,996 applications, showing that complexes with over 10,000 applicants are emerging in the metropolitan area.

Outside the metropolitan area, Busan had the highest number of units sold. By consecutively selling 2,033 units of Doosan We've the Zenith Ocean City and 2,382 units of Daeyeon DIEL, Busan sold 8,803 units this year.

On the other hand, Daegu, Daejeon, and Jeonnam, where concerns about unsold units were rising, only sold complexes with fewer than 100 units, and Sejong has had zero sales for seven consecutive months.

Kim Seon-ah, a team leader at Real House, said, "As the sales market is recovering centered on Seoul, construction companies are prioritizing postponed sales in the metropolitan area. Large-scale redevelopment complexes in Seoul, such as ‘Raemian La Grande’ in Imun-dong, Dongdaemun-gu, and ‘Hillstate e-Pyeonhansesang Munjeong,’ are scheduled for consecutive sales in August, so the concentration of sales in the metropolitan area is expected to continue for the time being."

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