Real Estate Agencies Close 1,000 Offices Monthly for 10 Consecutive Months

Since the second half of last year, as the real estate market has contracted, the number of real estate agencies closing nationwide has exceeded 1,000 each month for 10 consecutive months.

After the real estate measures, as the jeonse prices rose and jeonse listings disappeared, on the 20th, the real estate listings at a real estate agency in an apartment in Songpa-gu, Seoul, were completely empty. Photo by Kim Hyun-min kimhyun81@

According to the Korea Association of Realtors on the 1st, more than 1,000 real estate agencies have closed every month for 10 consecutive months from November last year to August this year.

The total number of real estate agencies that closed in the past 10 months reached 12,593. Additionally, 1,201 agencies temporarily suspended operations.

During this period, the number of newly opened real estate agencies was 10,901, which was fewer than those that closed or suspended operations.

In particular, from February to August this year, the number of agencies closing or suspending operations exceeded the number of newly opened agencies for seven consecutive months.

The number of newly registered real estate agents also recorded the lowest level in 1 year and 7 months.

As of the end of August, the number of registered real estate agents was 116,627, the lowest since January last year (116,494).

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