South Korea apartment occupancy to drop 30% in September

South Korea is expected to see a significant drop in new apartment completions in September. According to data from the real estate platform Zigbang, the national occupancy volume will fall to 10,184 units, a 30.7% decrease from the 14,701 units recorded in August and an 18.2% decline compared to the same month last year.

The decline is more pronounced in non-metropolitan areas, where occupancy is expected to drop by 42.4% from the previous month. This shift increases the proportion of total occupancy occurring in the Seoul metropolitan area to 68.1%. For the full year, non-metropolitan occupancy is projected to decrease by 31.3% compared to last year.

In Seoul, the primary driver of occupancy will be the DH Bangbae complex in Seocho-gu, which accounts for 3,064 of the city's 3,478 total units. Other notable completions include developments in Gwangjin-gu and Seongbuk-gu. In Gyeonggi Province, 3,332 units are scheduled for occupancy, led by the Songnae Station Prugio Centbien in Bucheon.

While September marks a low point, occupancy is expected to recover starting in October, with a monthly average of approximately 14,700 units projected for the remainder of the year.