Apartment move-ins in Korea's Seoul Capital Area are expected to hit their lowest monthly level this year next month, with supply in Seoul falling short of even 300 units.
According to Zigbang on the 20th, scheduled move-ins next month in the capital area—which includes Seoul, Gyeonggi and Incheon—will total 3,161 units, down 61.4% from 8,193 units this month and marking the lowest monthly figure this year.
In Seoul, a total of 296 units will be available for move-in, including 179 units at The Sharp Songpa Lumista in Garak-dong, Songpa-gu; 64 units at Diatheon in Gil-dong, Gangdong-gu; and 53 units at Bior in Cheonho-dong, Gangdong-gu. Since supply is centered on small complexes, the impact on Seoul's overall supply-demand balance is expected to be limited.
Gyeonggi Province will see 2,064 units supplied in total, including 806 units in Hwaseong, 538 units in Anyang, 400 units in Siheung and 320 units in Seongnam. Key complexes include Bongdam Jungheung S-Class Central Edu with 806 units in Hwaseong; Anyang Xi the Forest with 483 units and Hillstate Anyang Pelus with 55 units in Anyang; Sihwa MTV Prugio the Ocean with 400 units in Siheung; and Elif Segok Sky with 320 units in Seongnam.
In Incheon, a single complex, Luwon City Seohan E-Daum, will see 801 units open for move-in.
"The decline in capital area move-ins is a temporary short-term adjustment, and volumes are likely to recover to the annual monthly average after June," a Zigbang official said. "However, the reduction in move-in supply could stoke instability in the rental market."
Nationwide apartment move-ins are expected to total 11,685 units, down 32.8% from 17,387 units a year earlier and 28.4% from 16,311 units this month.
In provincial areas, a total of 8,524 units will be available for move-in, including 2,888 units in North Gyeongsang, 1,390 units in South Gyeongsang, 1,349 units in Daejeon, 874 units in North Chungcheong, 873 units in North Jeolla, 638 units in Busan, 312 units in Gwangju and 200 units in Daegu. The figure is up 5% from 8,118 units this month and accounts for 73% of the nationwide total.
Major complexes include Changwon Lotte Castle Forest Complex 1 with 967 units in Changwon, South Gyeongsang; Hanwha Forena Daejeon Wolpyeong Park Complexes 1 and 2 with 1,349 units in Daejeon; Wolmyeong Park Epitte on the Park with 874 units in Cheongju, North Chungcheong; and Gunsan Gyeongnam Honorsville the Ocean with 873 units in Gunsan, North Jeolla.
