Eight of Seoul's 25 districts, including Yongsan, Seodaemun, and Jongno, saw no new apartment sales this year, as supply shortages continue to fuel housing price instability in the capital.
According to Real Estate R114 on Wednesday, nationwide apartment sales totaled 225,419 units this year, down 7.8% from 244,625 units last year. Seoul recorded only 14,300 units due to delays in redevelopment projects—just 48% of last year's 29,488 units.
Only 17 of Seoul's 25 districts saw new apartment sales, with 34 complexes offering units this year. Seocho District led with five complexes totaling 3,319 units, followed by Eunpyeong (one complex, 2,451 units), Songpa (two complexes, 1,909 units), Dongjak (three complexes, 1,196 units), and Guro (one complex, 983 units).
Meanwhile, eight districts—Nowon, Dobong, Gangbuk, Gwanak, Geumcheon, Seodaemun, Yongsan, and Jongno—recorded zero apartment sales, representing roughly 30% of all Seoul districts.
The sharp decline in Seoul's housing supply appears to be a delayed effect of past redevelopment regulations and rising construction costs. "A significant portion of Seoul's supply comes through redevelopment and reconstruction projects, but policies over the past decade—such as lifting redevelopment zone designations and tightening safety inspections for reconstruction—have reduced the number of approved projects," said Seo Jin-hyung, a professor of real estate law at Kwangwoon University. "Combined with rising construction costs, this has made redevelopment more difficult, leading to fewer groundbreakings and sales."
Apartment groundbreaking figures, a leading indicator of supply, have fallen sharply in Seoul: 44,894 units in 2022, 27,426 units in 2023, and 21,821 units in 2024.
Some projects have postponed their sales schedules to next year following the government's successive loan regulations. The Shop Sinpung Station in Yeongdeungpo District and Acro River Sky in Dongjak District, originally planned for sale this year, have reportedly been pushed to early next year. Market observers attribute the delays to increased uncertainty following the June 27 loan regulations and the October 15 measures. Currently, a 40% loan-to-value ratio applies to both interim and final payments for apartment purchases in regulated areas.
Experts say the supply shortage has contributed to Seoul's sharp rise in housing prices this year. "As it became known that Seoul's apartment supply cliff would begin in earnest this year, sentiment grew that buying homes would become even harder," said Shin Bo-yeon, a professor of real estate and AI convergence at Sejong University. "On top of that, loan regulations made housing transactions more difficult, reducing transaction volume while prices continued to rise."
