One in three apartments in Seoul is now over 30 years old, according to new data, raising calls for accelerated redevelopment and reconstruction projects amid the capital's housing supply shortage and aging building stock.
Real estate research firm Real Estate R114 found that 477,596 apartments out of Seoul's total 1,568,029 units were built more than 30 years ago, accounting for 30.46% of the city's apartment housing.
By district, Nowon-gu (61%) and Dobong-gu (60%) had the highest proportion of aging apartments, with more than half of their units exceeding 30 years since construction. In contrast, Seongbuk-gu (5%), Eunpyeong-gu (10%), and Dongdaemun-gu (11%) showed significantly lower ratios of older housing, largely due to large-scale redevelopment projects including Gireum-Jangwi New Town, Eunpyeong New Town, and Imun-Hwigyeong New Town.
New apartment supply in Seoul heavily depends on redevelopment projects. An analysis of annual apartment move-ins (excluding rentals) showed that 91% of last year's supply came from reconstruction and redevelopment projects. While the proportion varied — 78% in 2022, 87% in 2023, and 81% in 2024 — redevelopment has consistently accounted for 80-90% of new supply each year.
"The importance of redevelopment projects is growing in Seoul, where securing new land is difficult, but factors such as the reconstruction excess profit recapture system and floor area ratio incentives favoring public-led projects are affecting project timelines," said Kim Ji-yeon, senior researcher at Real Estate R114. "Public-centered supply structures alone have limitations, so improving project viability through measures such as easing the excess profit recapture system, expanding floor area ratio incentives, and relaxing relocation financing loans is needed to revitalize private redevelopment projects."