South Korea apartment occupancy to hit yearly high in October

South Korea is set to see its highest monthly apartment occupancy of the year in October, with 19,178 units scheduled for move-in nationwide. The Seoul metropolitan area will account for 11,237 of these units, a more than threefold increase compared to the same period last year. In Seoul specifically, approximately 5,703 units are expected to be supplied across 10 complexes, including major developments in Eunpyeong, Gangseo, and Gangnam districts.

Despite a general decline in Seoul's total apartment sales volume compared to last year, there is a growing trend in the mid-to-low priced market. Transactions for apartments priced under 1 billion won now account for 55.9% of all Seoul apartment trades, up from 47.2% last year. This shift is attributed to tightened loan regulations, driving demand toward more affordable units in outlying areas such as Nowon, Guro, and Gangseo districts.

Looking ahead to October, the national housing supply is expected to expand significantly. Approximately 38,032 units are scheduled for pre-sale across 50 complexes, representing a 61% increase from the previous year. While the surge in occupancy may provide relief to the rental market in certain areas, experts suggest it may have limited impact on stabilizing overall price volatility and supply instability across the entire Seoul region.