The number of new apartment units ready for occupancy nationwide is set to fall 30% next month from October, with the greater Seoul area seeing supply cut nearly in half while provincial regions keep adding large complexes, led by Ulsan and Jeonbuk State. Seoul's new supply will come in below 500 units, raising the prospect of a continued shortage of listings in the jeonse market.
A total of 11,559 units across 21 complexes are scheduled for move-in nationwide in November, according to data released on the 19th by property platform Zigbang. That is down 30% from October's 16,567 units and 49% lower than the 22,551 units a year earlier.
By region, 4,031 units are due in the greater Seoul area and 7,528 units outside it. Supply in the capital region will drop 49% from 7,924 units in October, while the decline in provincial regions will be limited to 13% from 8,643 units. As a result, 65% of all move-in volume will be concentrated outside the capital region, about 1.9 times the greater Seoul total.
In Seoul, three complexes totaling 488 units are set for occupancy: Gaebong Lubru in Gaebong-dong, Guro-gu (295 units); Hongdae Entrance Station Central Arte Haemoroo in Donggyo-dong, Mapo-gu (123 units); and Hanyang LEEPS in Sinwol-dong, Yangcheon-gu (70 units). All three are small complexes of fewer than 300 units built through redevelopment or rebuilding projects. Incheon is scheduled to have no move-ins in November.
Gyeonggi Province will see six complexes totaling 3,543 units open their doors, up 27% from 2,788 units in October and accounting for most of the capital region's total. By city, Pyeongtaek leads with 1,604 units, followed by Icheon with 1,532, Yongin with 348 and Bucheon with 59.
In Pyeongtaek, Pyeongtaek Prugio Center Pine (851 units) and Pyeongtaek Hwayang District Dongmoon D East (6-2BL) (753 units) will be completed in the Hwayang district. The area also took in new apartment residents in March and July, bringing this year's supply there to four complexes and 4,729 units. In Icheon, Icheon Jungri District B3 Block Kumsung Baekjo Yemiji (1,009 units) and Icheon Station Shinan Inswell Firstige (523 units) are scheduled for occupancy.
Outside the capital region, new supply is concentrated in Jeonbuk State and Ulsan. Jeonbuk State leads with 2,430 units, followed by Ulsan with 2,153. Together the two account for 61% of all provincial volume. Elsewhere, Busan has 1,067 units, North Gyeongsang Province 763, Daejeon 660, Gangwon State 228, South Chungcheong Province 182 and Jeju 45.
Ulsan's 2,153 units across three complexes will mark its largest monthly move-in volume this year, with 48% of its annual total falling in November. The main complexes are Ulsan Daun 2 District Woomi Lynn The Signature in Beomseo-eup, Ulju-gun (1,430 units); Ujeong-dong Hanyang Lips The Central in Jung-gu (531 units); and e-Pyeonhansesang Beonyeongno Leaders Forest in Yaeum-dong, Nam-gu (192 units).
Jeonbuk State will also post its highest monthly total of the year with 2,430 units next month, equal to 40% of its annual supply. Seoshin The Sharp Effete in Seoshin-dong, Wansan-gu, Jeonju (1,914 units) is the largest complex scheduled for occupancy anywhere in the country in November. Bongdong Hanyang Lips Centum Forest in Bongdong-eup, Wanju-gun (516 units) is also set to open.
In December, 16,211 units are scheduled nationwide, a rebound from November. The greater Seoul area accounts for 8,131 units, centered on Incheon and Gyeonggi Province, while Seoul is expected to see only about 600 units.
Total move-in volume for the fourth quarter stands at roughly 44,300 units, 24% more than the third quarter's about 35,700 units but 39% below the roughly 72,400 units in the fourth quarter of last year.
"Regional gaps in move-in volume are likely to affect the jeonse market as well," an official at Zigbang said. "With new apartment supply in Seoul limited, concerns over rising jeonse prices and a shortage of listings may persist."