In the local housing market this year, there is a ‘risk of moving in’. After extensive government deregulation of real estate in the metropolitan area, local investment sentiment has cooled rapidly, and even a large-scale occupancy bomb has been hit. In the midst of a vertical fall in house prices due to the economic slowdown, it is noted that there is no breakthrough in the local real estate market due to the combination of shrinking demand and expanding occupancy.
On the 26th, the Korea Economic Daily Real Estate commissioned R114 to count up 349,370 households scheduled to move in nationwide this year. This is an increase of 5.07% (16,856 households) compared to the number of residents last year (332,514 households). Seoul has 24,310 households, an increase of 0.81% (195 households) compared to last year (24,115 households). In Gyeonggi-do, the number of households decreased by 4.21% (4787 households) from 113,767 last year to 108,980 this year.
In the provinces, the number of houses to be moved in will increase by 12.48% (18,979 households) from 152,117 households last year to 171,096 households this year. The increase in the number of planned move-ins in the provinces is much higher than 15 times that of Seoul. Daegu and Ulsan, known as the ‘tombs of unsold sales’, are concentrated in the planned move-in. In Daegu, where 20,653 households moved in last year, 36,059 households are scheduled for this year. This means that the number of residents has increased by 74.59% (15,406 households) in just one year. The increase in Ulsan is greater than in Daegu. It was investigated that the number of households increased by 127.85% (4930 households) from 3856 households last year to 8786 households this year. An official from a local construction company said, “In recent months, house prices have plummeted, and there are many places where the market price is lower than the pre-sale price.
In terms of the increase alone, Jeju jumped the most among cities and provinces across the country. Last year, 132 households moved in from Jeju, and 1094 households are scheduled for this year. The increase in one year reaches 728.79%. In Gyeongbuk (11,231 households), the number of apartments planned to move into this year increases by 136.59% compared to last year, and in Gyeongnam (15,221 households) by 52.19%. Chungbuk (12,097 households) is 44.84%, Chungnam (26,621 households) is 7.30%. Sejong (3092 households) and Gwangju (4559 households) decreased by 18.48% and 66.76%, respectively.
An official from an authorized brokerage office in Pohang, Gyeongsangbuk-do complained, “In a situation where the transaction cliff continues from the second half of last year, the number of unsold units is increasing, and the situation is in a triple high school. a situation where moving in even overlaps.”
Reporter Kim Eun-jeong kej@hankyung.com
