[Exclusive] 180,000 households to move within Seoul over the next five years, raising fears of a rental crunch

It has been confirmed that the number of households displaced by redevelopment and reconstruction projects in Seoul will reach 180,000 from this year through 2030. In particular, the relocation burden is expected to rise sharply after 2028, with more than 50,000 households needing to move in 2030 alone. Related article on page 18.

■180,000 households displaced over five years by redevelopment projectsAccording to data obtained by Financial News on the 26th through Rep. Jeon Yong-gi of the Democratic Party of Korea (DPK), the total number of households expected to relocate in Seoul over the next five years from 2026 will reach 179,310. This is the first time detailed relocation figures for Seoul’s redevelopment projects have been disclosed by year and by district.

By year, the figures stand at 24,844 households this year, 13,446 next year, 45,256 in 2028, 39,102 in 2029, and 56,662 in 2030.

Among Seoul’s 25 districts, Yangcheon District is expected to see the largest number of relocations during this period, with 31,112 households. A large-scale movement is expected as relocations from 14 complexes in Mokdong New Town accelerate in 2029 and 2030. Songpa District follows with 24,708 households, Gangnam District with 15,852, Yeongdeungpo District with 13,395, and Yongsan District with 12,678. In Songpa District, Jamsil Jugong 5 Danji is slated for relocation in 2028, followed by Rose Complexes 1, 2 and 3 in 2029. In Gangnam District, Eunma Town Apartments are among the major relocation sites in 2028.

Even in the first half of this year, more than 6,100 households had already begun moving in Gangnam, Seocho District, Songpa District, Gangdong-gu, Seoul, Dongdaemun, and Yangcheon District. In the second half, more than 18,700 households are scheduled to relocate in the Gangnam area, including Gwanak District and Yongsan District. Seven complexes alone have more than 1,000 households each, including Noryangjin 1 in Dongjak (3,897 households), Sanggye 2 in Nowon District (1,986 households), and Samik Park in Gangdong (1,092 households).
■Rental supply fell 12% this year aloneThe problem is that while relocation demand is surging, the supply of jeonse and monthly rental listings in Seoul continues to shrink because of a shortage of housing. That means displaced residents may not be able to find a place to live within the city.
According to real estate platform Asil, the total number of jeonse and monthly rental listings in Seoul stood at 39,083 as of that day, down 12% from 44,424 at the start of the year. Rental supply has recently shown signs of recovery, but most of the increase is concentrated in the Banpo area, where move-in periods have begun.
Autier Banpo in Jamwon-dong, Raemian Triniwon in Banpo-dong, and The H Bangbae in Bangbae-dong have recently completed or are preparing for move-ins. Outside this area, the decline in rental listings is even steeper. That is why concerns are growing that a relocation crisis could hit in the near future.
An official from the redevelopment industry said, "The problem could become even more serious starting in 2028, when relocation volumes rise sharply," adding, "Even now, there are countless displaced residents who cannot find a place to go and are being pushed to the outskirts of Seoul, Gyeonggi Province, and Incheon."

[email protected] Kwon Jun-ho Reporter