In May, 25,000 Households Nationwide Move In... Seoul Records '0' Cases

Apartment view in downtown Seoul
[Photo by Yonhap News]

원본보기 아이콘

In May, only 10 out of 17 cities and provinces nationwide are scheduled for apartment move-ins. Notably, Seoul is experiencing zero move-ins for the first time since surveys began in 2000, with scheduled move-in complexes concentrated in specific regions, leading to an increasing disparity in supply between areas.

According to Real Estate R114 on the 24th, the nationwide scheduled apartment move-ins next month total 40 complexes with 25,425 households (including rental units). Although the supply increased by 2,163 households compared to last month (23,262 households), it remains below the five-year average May move-in volume of 26,669 households.

원본보기 아이콘

Seoul has no scheduled move-in complexes for the first time on a monthly basis since the survey began in 2000. In the first quarter of this year, the preference for monthly rent and the influx of 9,767 new move-in households caused an accumulation of listings, intensifying downward pressure on jeonse (long-term lease) prices. However, as the supply in the second quarter is somewhat dispersed, the Seoul jeonse market is likely to see a slowdown in price declines and enter a brief pause.

On the other hand, areas like Yangju in Gyeonggi Province and Daegu, where concerns about reverse jeonse remain and supply accumulation is significant, are expected to continue experiencing weakness in jeonse prices.

By region, 15,240 households will begin move-ins in the metropolitan area. Gyeonggi Province leads with 20 complexes totaling 14,898 households moving in, marking an increase of over 5,300 households compared to the previous month and accounting for 98% of the metropolitan area's monthly supply. This contrasts sharply with Seoul, which has zero move-ins, and Incheon, which has the lowest volume since November 2021 (164 households).

In the provinces, Daegu is scheduled for move-ins in 6 complexes totaling 2,810 households, with more than half, 1,549 households, supplied in Buk-gu.

© The Asia Business Daily(www.asiae.co.kr). All rights reserved.