New apartment move-ins in Seoul hit a 13-year low; presale prices nearly double in five years

[Financial News] The number of Seoul apartments slated for move-in has fallen to its lowest level in 13 years, while presale prices have nearly doubled over the past five years, according to the data. The decline in new apartment supply, coupled with rising prices, is making it harder for homebuyers seeking a place to live to buy a home of their own.
According to Real Estate R114 on the 29th, 17,698 Seoul apartments are scheduled for move-in this year, the lowest figure in 13 years; in 2013, there were 16,321 units. That is a decrease of about 45.3% from last year’s 32,370 units.
Compared with 2019, when move-in supply peaked at 46,118 units, this year’s supply stands at just 38.4% of that level. In other words, the recent decline in housing supply is also becoming apparent at the move-in stage.
The number of units scheduled for move-in toward the end of the year is also low. According to Zigbang, a total of 488 Seoul apartments across three complexes are scheduled for move-in next month.
The decline in supply is expected to continue. The number of Seoul apartments scheduled for move-in next year is 18,329, a slight increase from this year, but it will fall again to 13,212 in 2028. That would be the lowest level since 1990.
While move-in supply is declining, presale prices continue to rise. According to Real Estate R114, the average presale price for Seoul apartments rose from 27.99 million won per 3.3 sq. m. in 2021 to 34.77 million won in 2022 and 48.19 million won in 2024. After reaching 51.31 million won last year, it climbed further to 54.01 million won this year. In effect, prices have nearly doubled in five years.
An industry official said, “With move-in supply shrinking and home prices also rising, it is becoming increasingly difficult for homebuyers seeking a new apartment to get one.” The official added, “Given the situation, demand is concentrating on new apartments in Seoul offered at reasonable prices compared with nearby market rates, with subscription competition reaching several hundred to one.”
As interest in the supply of new apartments grows, new projects are scheduled to go on sale in key areas of Seoul before the end of the year.
LOTTE Engineering & Construction Co., Ltd. will offer Seocho Lotte Castle Art Palace for sale this November on and around 1448-1 Seocho-dong, Seocho District. The complex will have two buildings, with five basement levels and up to 36 floors above ground. Of its 835 units, 146 units with exclusive-use areas of 35–46 sq. m. will be offered for general sale.
The DH Shinbanpo Estella, built by Hyundai Engineering Co., Ltd., will be offered for sale in Jamwon-dong, Seocho District. Developed through the reconstruction of Shinbanpo 22nd Apartment Complex, it will comprise two buildings, with three basement levels and up to 35 floors above ground, and a total of 160 units. Of these, 28 units with an exclusive-use area of 84 sq. m. will be offered for general sale.
In Sangbong-dong, Jungnang District, POSCO E&C will supply 308 officetel units at The Sharp First World Seoul, on the former site of the Sangbong Bus Terminal. In Mullae-dong 3-ga, Yeongdeungpo District, Hyosung Heavy Industries plans to offer Harrington Place Mullae for sale in November. The complex will be built on and around 27-1 Mullae-dong 3-ga, with three basement levels and 29 floors above ground, and will have 218 units, all with exclusive-use areas of 84 sq. m.

[email protected] Choi A-young Reporter