Seoul apartment move-ins fall 48% in first seven months of the year

Seoul’s apartment move-ins dropped by nearly half in the first seven months of the year, even as new construction starts increased sharply.

Housing statistics released by the Land Ministry on the 31st showed that Seoul completed 20,916 homes from January through July. That represented a 43.3% decline from the same period a year earlier. Apartment completions fell even more, to 17,603 units, down 48.7% from 34,339.

The decline extended across South Korea. National housing completions fell 41.4% to 135,513 units. Completions dropped 38.7% in the capital region and 44.1% in other areas. Apartment completions nationwide fell 44.2%, while non-apartment completions declined 5.9%.

Construction starts offered a more positive signal for future supply. National housing starts rose 11.1% to 138,383 units. Starts increased 2% in the capital region and 25.5% outside it. Seoul recorded 19,507 housing starts, up 44.4%, while apartment starts rose 36.1% to 14,995 units.

New apartment sales also increased. Nationwide sales reached 128,019 units, up 41.1% from a year earlier, while Seoul sales rose 109.7% to 14,489 units. National housing approvals fell 7.9%, but Seoul approvals increased 6.1% to 28,634 units.

Unsold homes completed but still on the market totaled 29,152 units, down 2.1% from the previous month. About 85% were outside the capital region. Daegu had the largest number, followed by Busan, South Gyeongsang, North Gyeongsang, Jeonnam and Gwangju, Jeju, and South Chungcheong.