"Will Jeonse Prices Rise Again?"... Next Month's 수도권 Move-in Volume Halved

The number of apartment move-ins scheduled for next month in the Seoul metropolitan area is reported to be about half of last year's level. In particular, the number of move-ins planned in Seoul next year is predicted to decrease to about one-third of this year's volume. Analysts suggest that the reduction in move-in volume will act as a factor driving up jeonse (long-term lease) prices.

[Image source=Yonhap News]

According to Real Estate R114 on the 28th, the nationwide apartment move-in volume scheduled for December was tallied at 24,509 households, more than 10,000 fewer than the same period last year (35,475 households). Among these, the Seoul metropolitan area saw a 53% decrease compared to the previous year, marking the lowest volume since January of this year (9,376 households).

Especially in Seoul, where jeonse prices have been rising continuously since August, the number of move-ins planned for next year is expected to drop to about one-third of this year's 32,819 households. This reduction in new apartment supply is likely to further intensify the pressure on jeonse price increases. Consequently, ahead of the moving season in spring next year, tenants seeking to secure rental housing 2 to 3 months in advance are expected to face increased housing cost burdens.

[Image provided by Budongsan R114]

In the Seoul metropolitan area, 9,595 households are set to welcome residents. Except for one complex in Bulgwang-dong, Eunpyeong-gu, Seoul?‘Eunpyeong Prugio Ballad’ (private rental, 120 households)?all scheduled move-ins in the metropolitan area are concentrated in Gyeonggi Province. Gyeonggi is expecting move-ins in 12 complexes totaling 9,475 households. These include large complexes with over 1,000 households such as ‘Ssangyong The Platinum Premier’ (1,696 households) in Gongdo-eup, Anseong-si; ‘Paju Unjeong 3A16’ (1,498 households) in Mokdong-dong, Paju-si; and ‘The Sharp Opo Centriche’ (1,475 households) in Gosan-dong, Gwangju-si.

In Incheon, the public sale apartments in Geomdan New Town scheduled for December move-ins have undergone a complete reconstruction process following a collapse accident, effectively concluding the 2023 move-in season.

In Seoul, the volume significantly decreased as the move-in for ‘Suseo Station Area 2BL’ (1,080 households) in Gangnam-gu, originally planned for the end of the year, was postponed to next year. A Real Estate R114 official stated, “Seoul’s move-in volume scheduled for next year is expected to be 10,921 households (including rentals), marking the lowest level since surveys began in 2000, which is likely to continue stimulating the jeonse market that is already showing price increases.”

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