One after another unsold apartments in Chungbuk area…Increased 10 times in one year

[충북] The number of unsold flats across the country is increasing rapidly. Chungcheongbuk-do is also experiencing a 10-fold increase in unsold homes over the past year. More seriously than this, over the next two years, around 20,000 households are waiting for new sales. In order to stabilize the sale prices of real estate, the timing of the sale must be adjusted before the sale, but the lack of a control tower to manage it on site also emerges as a serious problem.

According to the Korea Real Estate Agency, the status of apartments for sale in Chungbuk in the second half of 2022 is 10 apartment complexes sold in Chungbuk in the second half of last year. Of these, only 3 sold out, and the remaining 7 failed to reach the single digit competition rate as a result of undersubscription. Just six months ago, if the sales were sold at a high double-digit competition rate, the appearance that led to box office success is gone.

As only 33 cases were received in the recruitment of 1,000 flats in the Eumseong area, the sale of flats ended in the worst recession. This great shortage continued to occur.

The Chungbuk branch of the Korea Association of Realtors said, “Since the situation is like this, the number of unsold apartments in the province is continuously increasing.”

According to the Ministry of Land, Infrastructure and Transport, in December last year, the number of unsold apartments in the province increased by 22% to 3,225 households in one month. Compared to December 2021, when there were 300 homes unsold, this is an increase of more than 10 times.

The serious thing is that the unsold stock will increase further in the future. Around 27,000 apartments are scheduled for sale in the province by 2024.

Builders are delaying or not completing sales schedules as the real estate slump is prolonged. However, it is unclear whether demand will be supported if these quantities are released all at once.

Kim Se-jin, chairman of the Korea Home Builders Association, North Chungcheong Province, said, “The number of unsold apartments in Chungbuk Province will increase significantly in the future.” It is expected that there will be many unsold sales because there are many.”

In the middle of the trading cliff, an endless fall continues. The number of “unsold unsold homes” that cannot find owners after completion is expected to increase, raising concerns about the real estate market.

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