Seoul Apartments: 23,000 Units to Move In Second Half of Year... Total 40,000 Units Supplied This Year

Seoul City Releases Apartment Move-in Outlook

This year, 23,000 apartment units will be supplied in Seoul in the second half of the year. Compared to last year, this is an increase of about 5,000 units, and a total of 40,000 units are expected to be occupied this year. Over the next three years until 2025, an average of 43,000 units per year is projected to be supplied.

Seoul Apartment Move-in Volume Trends. [Image provided by Seoul City]

On the 24th, the Seoul Metropolitan Government announced that it will disclose the "2023-2025 Apartment Occupancy Performance and Outlook" on its website starting from the 28th. This is the second disclosure since the announcement of apartment occupancy volumes and project sites in February.

Based on results from private real estate companies' independent surveys, the city will provide occupancy forecast information to prevent confusion in the real estate market and among citizens, and to help citizens who are planning to purchase homes or move to make concrete plans and preparations. Starting this year, the city decided to provide information on apartment occupancy volumes.

This year, about 40,000 units are expected to be supplied, an increase of approximately 5,000 units compared to last year. In 2024, 28,000 units, and in 2025, 61,000 units are expected. Thus, an average of 43,000 units per year is anticipated over the next three years (2023-2025). Compared to last year (35,000 units), the average annual supply has increased by about 8,000 units, and the city expects housing supply to gradually stabilize.

The apartment occupancy volume scheduled for the second half of this year includes supply through redevelopment projects (redevelopment, reconstruction, small-scale housing maintenance, redevelopment promotion projects, etc.), as well as non-redevelopment projects identified by the city such as station-area housing projects, youth safety housing, and public housing.

The occupancy volume scheduled for this year increased by about 6,000 units compared to the forecast made in February. This is because the occupancy schedule of large-scale redevelopment sites was adjusted and the number of households in some projects was slightly changed.

For example, among the expected occupancy volume of Gaepo Jugong 1 Complex (6,702 units), the occupancy timing for union members (5,045 units) was moved forward from January 2024 to November this year, contributing to the increase in this year's occupancy volume. The occupancy of Sinbanpo 4 District (3,308 units) was postponed from 2024 to 2025, reducing next year's expected occupancy volume by about 10,000 units. However, with large-scale complexes such as Dunchon Jugong (12,032 units) and Jangwi 4 District (2,840 units) concentrated in 2025, the city analyzed that the impact of supply shortage next year will be minimal.

The city will provide not only the expected occupancy volume but also detailed information such as housing project types, location information, number of units supplied, and expected completion year through the "Expected Occupancy Complex List" and "Expected Occupancy Complex Location Map." Additionally, this time, besides the total number of units, the number of rental and sale units, monthly expected occupancy timing, and apartment complex names will also be provided, making it useful for citizens planning to purchase homes or move.

The "2023-2025 Apartment Occupancy Performance and Outlook" information can be viewed and downloaded from the Seoul Metropolitan Government website starting on the 28th under 'Information by Field → Housing → Housing & Architecture Data Room → Housing Statistics Information.'

Han Byung-yong, Director of the Seoul Housing Policy Office, said, "We provide detailed information on apartment occupancy from 2023 to 2025 to prevent housing market instability and to assist citizens in preparing for housing purchase or moving. We will continue to strive to discover and provide housing information that is essential and useful to citizens."

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