Seoul's Housing Completions Halved in First Half, While Starts and Sales Increase

[Economy 365]

The volume of new housing move-ins in Seoul dropped to half the level of the previous year during the first half of this year.

According to the Ministry of Land, Infrastructure and Transport, housing completions in Seoul reached 15,160 households in the first half, marking a 52.1% decrease compared to the same period last year.

Among these, apartment completions fell by 58.4% to 12,251 households.

On the other hand, housing starts and sales, which serve as indicators for future supply, increased.

Seoul housing starts rose by 2% and multi-family housing sales surged by 110%, while approval volumes decreased by 9.8%.

In the lease market, the trend centered around monthly rent became even more pronounced.

The proportion of monthly rent transactions among all jeonse and monthly lease transactions in the first half reached 68.4%, up 7 percentage points from a year ago.

Nationwide, unsold housing increased by 3.4% over a month to 67,464 households, while completed unsold housing—referred to as so-called toxic unsold units—also rose for the second consecutive month to 29,786 households.

*This article was produced with AI audio.
※ Please note: This article was translated by AI and may contain errors.