Looking for a Jeonse Home in This Area? Listings May Be Gone by Year-End

[Financial News] As residents begin moving out of major redevelopment and reconstruction project sites across Seoul in succession from the second half of this year, supply and demand pressures in the city's jeonse and monthly-rental market are expected to intensify toward year-end. Thousands of households are set to relocate from large-scale redevelopment projects in Noryangjin New Town and Bukahyeon New Town, while major reconstruction complexes in Gangnam are preparing for relocations next year.
According to the redevelopment industry on the 6th, the Noryangjin District 3 Redevelopment Promotion Zone redevelopment association has set the relocation period from October 29 to March 28 next year. It will send out relocation-plan information booklets on the 7th and begin accepting applications for relocation loans on the 14th.
Nearby Noryangjin District 1 began relocations earlier, on August 31. The process is scheduled to continue for approximately six months, through February 28 next year.
Noryangjin New Town is a major redevelopment project in southwestern Seoul, covering parts of Noryangjin-dong and Daebang-dong in Dongjak-gu and comprising approximately 9,000 households. General sales have been completed in Districts 2, 6 and 8, while demolition is under way in Districts 4, 5 and 7, with each district's project moving forward at a different pace.
Large-scale relocations are also scheduled in Bukahyeon New Town. Bukahyeon District 2 will post a relocation notice and send out information booklets on the 21st. Applications for relocation loans will be accepted from the 29th through October 12. Relocations will take place from November 9 through March 8 next year.
Following redevelopment, Noryangjin Districts 1 and 3 and Bukahyeon District 2 are planned to comprise 3,103, 1,250 and 2,320 households, respectively. Together, the three districts total 6,673 households. This means relocation schedules at large-scale redevelopment sites in southwestern and northwestern Seoul will overlap in succession from year-end through early next year.
Such large-scale relocations are expected to continue across Seoul. According to data submitted by the Seoul Metropolitan Government to Jeon Yong-gi of the Democratic Party of Korea, the total number of households scheduled to relocate due to redevelopment and reconstruction projects from this year through 2030 is 179,310.
Several major projects are also approaching their relocation stages. Eunma Town Apartments in Daechi-dong, Gangnam-gu, with 4,424 households, aims to begin relocations in the first half of 2027. Jamsil Jugong Complex 5, with 3,930 households, is also scheduled to enter the approval process for its management and disposal plan next year. In addition, relocations at other large-scale projects are awaiting their turn, including Sillim District 1 with 4,410 households, Bukahyeon District 3 with 3,530, Jangmi Complexes 1–3 with 3,522, and Mokdong Complex 14 with 3,100.
The concern is that if the relocation periods for these projects overlap in succession, large-scale rental demand could emerge within a short period. The number of jeonse and monthly-rental listings in Seoul has continued to decline. According to real estate big-data platform Asil, Seoul apartment rental listings stood at 37,671 as of that day, down 63,754, or 62.9%, from 101,425 on January 1 this year.
An industry official said, "If large-scale redevelopment sites such as Noryangjin and Bukahyeon relocate around the same time, jeonse demand in nearby areas will inevitably surge all at once. If major complexes in Gangnam also begin relocating, demand could spread to adjacent areas and potentially put upward pressure on jeonse prices."
[email protected] Choi A-young Reporter