Seoul General Apartment Supply Nears Triple Last Year's Volume, But "Still Not Enough"

General apartment supply in Seoul this year is projected to reach nearly three times that of last year.

According to real estate platform Zigbang, which analyzed private and public housing supply plans as of the end of September, general housing supply in Seoul this year totals 10,887 households. This is 2.7 times (173.6%) higher than last year's 3,979 households.

Compared to the five-year average from 2021 to last year (7,176 households), the figure increased by 51.7%.

General supply in Seoul rose from 2,902 households in 2021 to 10,120 households in 2024, but plummeted 60.7% year-on-year to 3,979 households last year.

This decline was attributed to a chilling effect on the housing market, driven by significantly tightened real estate loan regulations under the June 27 and October 15 measures, compounded by rising inflation and construction costs.

This year, delayed supply carried over from last year, combined with so-called "major subscription" projects, is driving market expectations.

Acro Seocho, which went on sale in April, recorded an average competition rate of 1,099.1 to 1, marking the highest competition rate ever for a private apartment complex in Seoul since 2015.

Other complexes, including Hauter Banpo (710.2 to 1), Ichon Lotte Castle (135.0 to 1), and Dongjak Central Dongmun The East (114.8 to 1), also sold out consecutively amid high competition rates.

Next month, The H Banpo 124 (5,007 households, formerly The H Class), a reconstruction project of Banpo Jugong Complex 1, Districts 1, 2, and 4 in Seocho-gu, Seoul, is scheduled to hit the market.

However, critics in the market point out that the general supply in Seoul is still insufficient.

The proportion of general supply relative to the total volume—combining public housing and union member allocations alongside general sales—stood at 36.0% in Seoul this year, marking only a slight increase from last year's 31.9%.

The nationwide general supply ratio (66.3%) reached 1.8 times that of Seoul.
※ Please note: This article was translated by AI and may contain errors.