South Korea apartment move-ins expected to hit 6-year low in September

South Korea is expected to see its lowest level of new apartment move-ins in 6 years and 5 months this September. According to data from Real Estate 114, the nationwide supply is projected to be 14,174 units, marking the lowest monthly figure for the year and the smallest volume since April 2021.

In the Seoul metropolitan area, move-in volume is expected to reach 9,514 units. While this is a 23% increase compared to the same month last year, it represents a 24% decrease from August. Regional breakdowns show 3,438 units in Seoul, 5,950 in Gyeonggi Province, and 126 in Incheon. Notable upcoming developments include ‘The H Bangbae’ in Seocho-gu, Seoul.

Outside the metropolitan area, provincial supply is forecasted at 4,660 units, a 37% decline from the same period last year. This contraction is attributed to reduced new apartment supply in major metropolitan cities such as Busan, Daegu, Daejeon, and Ulsan. Experts warn that as the autumn moving season begins, this supply shortage could increase price volatility and instability in the Jeonse (lump-sum deposit) and monthly rental markets nationwide.