The nationwide supply of new private apartments in June more than doubled from the previous month, as presale schedules that had been on hold ahead of the June 3 local elections resumed, an analysis showed. While the number of complexes changed little from the prior month, a series of large complexes with more than 1,000 units each drove the overall increase.
RealHouse, a company specializing in apartment presale analysis, said on July 8 that 27 complexes totaling 15,182 units of new private apartments were supplied nationwide in June, based on its analysis of data from the Korea Real Estate Board's Cheongyak Home subscription platform.
That represents a 108.4% increase from 7,284 units the previous month. The number of complexes was similar to the prior month's 26, but the inclusion of six large complexes exceeding 1,000 units each significantly expanded the total supply.
The largest volume came from The Sharp Geomdan Lake Park AB22 and AB23 in Incheon's Geomdan New Town. AB22 offered 1,454 units and AB23 offered 1,403 units, for a combined total of 2,857 units. Penta Hills W Complex 1 in Gyeongsan, North Gyeongsang Province, supplied 1,712 units. Other large offerings included Buk-Osan Xi de Foret in Osan, Gyeonggi Province, with 1,517 units, and Gimhae Sinmun Central IPARK in Gimhae, South Gyeongsang Province, with 1,379 units.
With large-complex presales continuing in provincial areas, the share of supply outside the greater Seoul area also grew. The non-capital region's share of supply expanded from 29% the previous month to 53% in June. In Seoul, Jangwi Prugio Mark One in Seongbuk District accounted for 1,032 units out of the city's total general presale volume of 1,209 units. That means 85% of Seoul's general presale supply came from this single complex.
Sale prices reached record highs again. The average presale price of private apartments nationwide in June stood at 8.57 million won per square meter of exclusive floor area on a 12-month moving average basis, up 0.25% from the previous month. This marks an all-time high.
By region, Jeju posted the largest increase, rising from 6.94 million won to 8.55 million won per square meter. Seoul, by contrast, declined from 24.22 million won to 23.5 million won compared with the previous month. The presale price for Seoul's standard 84-square-meter unit also fell to 1,954,230,000 won, down from 2,116,080,000 won the previous month.
"Supply has recovered as delayed presale schedules resumed, but cost burdens remain significant due to rising oil prices and exchange rates," said Kim Seon-ah, head of the presale analysis team at RealHouse. "Upward pressure on presale prices will continue for the time being, centered on areas with proven demand such as Seoul and adjacent regions."
