Ahead of the Spring Moving Season, 36,000 Households Nationwide Move In March... 960 Households in Seoul
by Han Jinjoo
Published 20 Feb.2024 16:28(KST)
8000 More Households Move In Compared to February
Gyeonggi, Daegu, and Gyeongbuk Lead
Move-in Volume Below 30,000 Households Starting April
As the moving season intensifies in March, about 36,000 households nationwide will begin moving in. This is 8,000 more units than the previous month.
According to Real Estate R114 on the 20th, 49 complexes nationwide, totaling 36,014 households (including rentals), will welcome residents in March. By region, 16,511 households are in the metropolitan area, and 19,593 households are in other provinces.
Although the March move-in volume is higher than February's (28,139 households), it is expected to decrease to the 20,000-unit range in April and May, maintaining the scarcity value of newly built apartments.
By region, the move-in volumes are highest in the following order: Gyeonggi (12,049 households), Daegu (5,023 households), Gyeongbuk (4,313 households), Incheon (3,502 households), and Chungbuk (2,979 households). Seoul accounts for only 960 households.
In Gyeonggi, large complexes such as 'Buksuwon Jailexvia (2,607 households)' and 'Yongin De Mark Desiang (1,308 households)' are scheduled for move-in, which may temporarily lower nearby rental prices.
In Seoul, move-in volumes remain below 1,000 units in both February (593 households) and March (960 households), so rental prices are expected to rise mainly in areas with good school districts and transportation conditions.
Non-metropolitan move-in volumes are concentrated in Daegu and Gyeongbuk. Large complexes such as Daegu’s ‘Hanyang Sujain The Felicity (1,021 households)’, ‘Dongdaegu Station Centum Hwaseong Park Dream (1,458 households)’, and Gyeongbuk Pohang’s ‘Hanwha Forena Pohang (2,192 households)’, ‘Hillstate Chogok (1,866 households)’ are scheduled for move-in. Both sales and rental prices in Daegu and Gyeongbuk are weak, so price declines may be more pronounced in areas with concentrated move-ins.
Among the March move-in units, apartments with exclusive areas of 85㎡ or less account for over 90%. Especially in the metropolitan area, the proportion of small units is high. In the metropolitan area, units with exclusive areas over 40㎡ up to 60㎡ account for 56% (9,305 households), and those over 60㎡ up to 85㎡ account for 37% (6,062 households). In contrast, in other provinces, units over 60㎡ up to 85㎡ account for 84% (16,527 households).
From April, the move-in volume will decrease to below 30,000 units. Of the 332,000 units scheduled for move-in this year, 104,000 units will be supplied in the first quarter, and from the second to fourth quarters, the average quarterly supply is expected to be about 76,000 units.
Yeokyung Lee, senior researcher at Real Estate R114, explained, "After April, the decrease in metropolitan area move-in volumes is expected to drive the rise in rental prices," adding, "The increase may be larger led by apartments with exclusive areas over 85㎡, which have greater scarcity value by size."
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