Seoul Home Move-In Supply to Hit 26-Year Low Next Year, Fueling New-Build Demand

Seoul’s apartment move-in volume is expected to drop next year to its lowest level in 26 years. As a supply decline is anticipated, demand is concentrating on newly built apartments, while both the subscription market and the jeonse and monthly rental markets are heating up. The background is a reduction in new apartment move-ins in Seoul and the growing scarcity of new homes. When fewer new apartments are available for occupancy, end users are more likely to pursue subscription applications, and pressure can also rise in the existing rental market. As a result, Seoul’s housing market next year may face combined pressure from scarce new builds, stronger subscription competition, and sharp gains in jeonse and monthly rents. Source: hankyung.com