Feb 27 โ€ข 06:16 UTC ๐Ÿ‡ฐ๐Ÿ‡ท Korea Hankyoreh (KR)

Expected number of new housing units in Seoul next year is projected to decrease by 10,000 from this year

The expected number of new housing units in Seoul for next year is projected to decrease by approximately 10,000 compared to this year, according to a report by the Korea Real Estate Agency and Real Estate R114.

Next year's anticipated number of new housing units in Seoul is expected to be around 10,000 less than this year's figures, according to a joint report released on the 29th by the Korea Real Estate Agency and Real Estate R114. This report estimates the nationwide expected supply of new housing units over a two-year period, from January this year to December next year, to be approximately 414,906 units. The estimation is based on various datasets, including housing construction performance, recruitment notices for new residents, and progress on redevelopment projects.

For the current year, it is projected that there will be 198,583 new units nationwide, with next year seeing a slight increase to 216,323 anticipated units. Within the metropolitan area, the expected number of units in Seoul will drop to 41,355 from this year's 61,158 - a decline of about 10,000 units as indicated. The previous data collected in June last year had forecasted 28,885 units for this year, showing the downward trend in housing availability.

The report also details housing unit projections for various regions: Gyeonggi Province is expected to have 146,062 units come online this year and about 83,169 next year, while Incheon anticipates about 30,537 units over the two-year period. Furthermore, other major cities like Busan, Daegu, and Gwangju are projected to deliver thousands of new units as well, reflecting a general trend of fluctuating housing supply potentially influenced by changing project schedules or additional units becoming available later on.

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