This Year, 38,000 Apartments Including 'Dunchon Jugong' in Seoul to Be Moved Into

Seoul City Reveals Apartment Move-in Outlook for This Year and Next
48,000 Units Scheduled for Move-in Next Year

This year, the supply of apartment move-ins in Seoul is analyzed to be 38,000 units. The move-in schedule for the large-scale complex ‘Dunchon Jugong’ in Gangdong-gu has been moved up from next year to this year, increasing the expected number.

On the 4th, the Seoul Metropolitan Government announced the outlook for apartment move-ins in Seoul for this year and next year. This year, it is expected that 37,897 units (20,517 units from redevelopment projects and 17,380 units from non-redevelopment projects) will begin move-ins.

This figure is 12,773 units higher than the amount predicted by the city in November last year (25,124 units). The main reason is the advancement of the move-in schedule for Dunchon Jugong, originally planned for January next year, to November this year. Dunchon Jugong is a large-scale complex with 12,032 units.

[Image source=Yonhap News]

Next year, more than 10,000 units compared to this year are expected to move in, totaling 48,329 units. This includes 32,770 units from redevelopment projects and 15,559 units from non-redevelopment projects.

The city analyzed the move-in supply for 2024-2025 by comprehensively reviewing data from 25 autonomous districts in Seoul and related organizations such as Real Estate R114.

This year’s move-in supply for ‘general building permits, etc. (housing construction, mixed-use residential-commercial projects, district unit plan special planning zones, etc.)’ was estimated at 50% (4,000 units) of the average performance over the past five years (2019-2023), and the final figure was determined by comparing it with the actual number of move-in recruitment announcements by project type.

The number of ‘general building permits, etc.’ confirmed through this year’s move-in recruitment announcements was 6,076 units, exceeding the estimated figure (4,000 units), so the estimate was not included. On the other hand, next year’s figure was calculated as 4,000 units by adding the confirmed number from move-in recruitment announcements (2,205 units) and the estimate (1,795 units).

The city also analyzed and disclosed the move-in patterns of large-scale redevelopment sites with more than 2,000 households. Analyzing three complexes that moved in last year, about 50% of actual move-ins occurred two months after the start date, and the figure rose to 80% by the three-month mark. New listings were found to be concentrated over approximately six months, from three months before to three months after the move-in date.

‘Gangdong Heritage Xi (1,299 households)’ is expected to have actual move-ins in June, and listings in the rental market are expected to start appearing in earnest from April. ‘Dunchon Jugong’ is expected to move in this November, with listings expected from September of this year to February next year.

The outlook for apartment move-ins in Seoul can be checked on the Seoul city website starting today.

Han Byung-yong, Director of the Seoul Housing Policy Office, said, “To prevent cases where move-in outlook information, underestimated by private institutions, is shared as if it were fact, causing confusion among citizens and the real estate market, we are releasing ‘Apartment Move-in Outlook’ data reflecting actual recruitment announcements.” He added, “We will continue to provide housing information to offer useful information to citizens and promote market stabilization.”

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