3,000 Fewer Apartments Scheduled for Move-In in Seoul Next Year Compared to 3 Months Ago... "25,000 Units to Be Supplied"

The expected number of apartment move-ins in Seoul next year is projected to be 25,000 units. The completion dates of some apartments have been delayed, resulting in a decrease of about 3,000 units compared to the estimate made last August. However, in 2025, a significant increase is expected with 64,000 units scheduled for move-in.

[Image source=Yonhap News]

On the 14th, the Seoul Metropolitan Government announced that, based on this month's data, the expected apartment move-in volume is projected to be 25,000 units next year and 64,000 units in 2025.

Seoul discloses the expected apartment move-in volumes twice a year, in February and August, categorized by redevelopment projects and non-redevelopment projects. However, reflecting recent changes in project conditions, the city recalculated and released the expected move-in volumes announced in August. The redevelopment project move-in volumes include redevelopment, reconstruction, and small-scale housing maintenance projects. Non-redevelopment project move-in volumes are calculated by categories such as youth safety housing, public housing, and long-term lease housing near subway stations.

By project type, next year’s redevelopment projects account for 8,572 units, and non-redevelopment projects for 16,552 units. In 2025, redevelopment projects are expected to have 46,302 units, and non-redevelopment projects 17,289 units. The expected move-in volumes may vary depending on the conditions of each project site.

Due to changes in conditions at some project sites, there have been some adjustments compared to the forecast volumes announced by the city last August. For example, the completion dates of large-scale redevelopment projects such as ‘La Grande (3,069 units)’ in Dongdaemun-gu and ‘Lotte Castle Eastpole (1,363 units)’ in Gwangjin-gu were postponed from December next year to January 2025, resulting in a decrease of 4,251 units. Additionally, the public housing project ‘Gangnam Seoul Suseo KTX A2 Block’ was delayed from this year to next year, leading to a total decrease of 3,193 units compared to August.

The increase in the 2025 volume is due to the two large-scale redevelopment projects mentioned above being shifted from 2024 to 2025, while the completion dates of five public housing projects were adjusted from 2025 to 2026, excluding them from the 2024 volume, resulting in a total increase of 2,106 units compared to August.

Although the expected move-in volume for next year has decreased, approximately 16,464 units are expected to be completed and ready for move-in in January 2025, including large-scale projects such as Olympic Park Foreon (Dunchon Jugong, 12,032 units), La Grande (Imun 1, 3,069 units), and Lotte Castle Eastpole (Jayang 1 Redevelopment, 1,363 units). The city explained that the difficulties caused by the decrease in 2024 volume are expected to be resolved in early 2025.

Detailed lists of project sites and location information for Seoul’s expected apartment move-in volumes are available for viewing and download starting today on the Seoul city website under 'Information by Category → Housing → Housing Construction → Housing Construction Data Room → Housing Statistics Information.' After this release, the city plans to recalculate and disclose the expected apartment move-in volumes again in February 2024.

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