▲ Apartment complex in downtown Seoul
The number of completed (moved-in) apartments in Seoul dropped by 23% in the first eight months of this year compared to the same period last year.
However, leading supply indicators such as project approvals and housing starts are showing signs of improvement.
According to housing statistics for August released by the Ministry of Land, Infrastructure and Transport today (the 30th), the cumulative nationwide housing completions from January to August, including non-apartment housing, totaled 150,664 households, down 27.2% from a year earlier.
During the same period, completions fell by 21.6% in the Seoul metropolitan area (80,075 households) and 19.1% in Seoul (25,630 households).
For apartments specifically, cumulative nationwide completions this year stood at 132,326 households, down 29.3% from the previous year.
Completions decreased by 23.4% across the entire metropolitan area (71,774 households) and by 23.3% in Seoul (21,933 households).
In August alone, nationwide housing completions reached 15,151 households, dropping 52.3% from the previous month and 10.7% from the same month last year.
Seoul recorded 4,714 households, which was down 18.1% from the previous month but up 178.1% compared to the same month last year.
Nationwide housing approvals from January to August reached 163,935 households, a 4.6% decrease from the same period last year.
However, approvals in Seoul (39,940 households) rose by 40.4% over the same period.
For apartments, cumulative approvals through August nationwide (141,852 households) fell 5.6% year-on-year, while Seoul (34,017 households) saw a 37.4% increase.
In August alone, nationwide approvals (21,607 households) decreased by 16.0% from the previous month but increased by 25.6% year-on-year.
Seoul saw a sharp increase, with approvals (11,306 households) surging 41.7% from the previous month and 604.4% from the same month last year.
Apartment approvals in Seoul for August alone (10,537 households) also jumped 48.3% from the previous month and 938.1% from the previous year.
An official from the Ministry of Land, Infrastructure and Transport said, "Thanks to the government's easing of construction regulations and financial and tax support packages, housing approvals—a leading supply indicator—are showing a clear upward trend, particularly in regulated areas such as Seoul." The official added, "In particular, Seoul's cumulative approvals from January to August reached 106% of the 2016–2025 long-term average (38,000 households), and if the current trend continues, it is expected to surpass the annual long-term average of 63,000 households by the end of the year."
Cumulative housing starts through August reached 156,396 households nationwide, up 10.8% from the same period last year.
Apartment starts (136,996 households) increased by 14.1% over the same period.
Apartment starts in Seoul stood at 661 households in August, down 88.1% from the previous month, but cumulative starts from January to August rose by 34.3% to 15,656 households.
Condominium and housing presales totaled 146,314 households through August this year, representing a 35.3% increase from the same period last year.
During the same period, presales rose by 78.5% in Seoul (15,962 households) and 39.9% in the metropolitan area (88,578 households).
In August alone, nationwide presales amounted to 17,295 households, down 8.2% from the previous month but up 3.7% from a year earlier.
Seoul recorded 14,073 households in August presales, a 105.7% increase from the previous month.
This was 27.6% lower than in August of last year.
Nationwide housing transactions in August totaled 48,359 cases, a 23.5% decrease from the previous month.
Seoul saw a 27.3% decline in transactions, recording 7,884 cases.
Apartment transactions nationwide (37,502 cases) fell 25.2% from the previous month, while Seoul (4,589 households) saw a 30.1% decrease.
Nationwide Jeonse and monthly rent transactions (199,204 cases) were also tallied down 5.6% compared to July.
Jeonse and monthly rent transactions for apartments in the metropolitan area decreased by 11.9% to 52,732 cases, and in Seoul by 11.7% to 19,871 cases.
Jeonse (lump-sum deposit lease) transactions (59,749 cases) dropped 12.7% from the previous month and 17.7% from the same month last year, while monthly rent transactions (139,445 cases) decreased by 2.2% from the previous month and 1.2% from the same month last year.
Amid deepening shortages of Jeonse units in Seoul, August Jeonse transactions (17,921 cases) were found to have fallen 14.1% from the previous month and 18.4% from the same month last year.
The proportion of monthly rent transactions, including semi-Jeonse with deposits, among cumulative Jeonse and monthly rent transactions from January to August rose to 68.5%, up 6.3 percentage points from the same period last year.
Seoul recorded a monthly rent proportion of 69.9%.
Unsold housing units nationwide stood at 69,134 households as of the end of August, marking a 1.3% increase from the previous month.
Completed unsold units (28,080 households), commonly referred to as "malicious unsold properties," decreased by 3.7%.
The region with the highest number of completed unsold units was Daegu (3,375 households), followed by South Gyeongsang Province (2,973 households), Busan (2,969 households), North Gyeongsang Province (2,814 households), Jeonnam-Gwangju (2,381 households), and Jeju (2,336 households).
Meanwhile, the final housing construction performance statistics for last year showed that nationwide approvals (approx. 388,000 households) increased by about 8,500 households compared to the preliminary figures, while housing starts (approx. 272,000 households) decreased by 500 households and completions (300,000 households) dropped by 42,000 households.
In the metropolitan area, approvals (approx. 229,000 households) increased by 6,100 households, and the revision for housing starts was minimal, but completions were finalized at 166,000 households, down 22,200 households from preliminary figures.
The Ministry of Land, Infrastructure and Transport stated, "When compiling preliminary completion figures, duplicate entries such as temporary occupancy approvals previously caused a wider discrepancy between final and preliminary statistics. Starting with the statistics from October of last year, we have improved our methodology to compile completion figures based on the initial approval date for use, preventing duplication and producing more accurate statistics."
(Photo: Provided by Ministry of Land, Infrastructure and Transport, Yonhap News)
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