In March, the supply of housing units in the metropolitan area is expected to be more than three times higher than the previous month.
According to a survey by Zigbang on the 24th, the nationwide supply of apartment units in March of this year is reported to total 26,142 units, which is an increase of 46% compared to the previous month. In terms of individual complexes, 42 complexes nationwide are set to be occupied, marking the highest number this year.
In Seoul, Gyeonggi, and Incheon, the supply of housing units is increasing, with 14,395 units expected to start occupancy, more than three times the 4,293 units that were occupied last month. In Seoul (4,666 units), five complexes located in districts like Seongdong and Gwangjin, where maintenance projects have been completed, are set to occupy. In Gyeonggi (7,492 units), occupancy is proceeding mainly in southern areas such as Suwon, Osan, and Yongin. In Incheon (2,237 units), three complexes will begin occupancy only in the Songdo area.
In March, the provinces, which had a high volume in January and February, will see 11,747 units occupied, a decrease of about 14% compared to the previous month (13,632 units). By region, 2,995 units in Chungbuk, 1,497 units in Jeonbuk, 1,467 units in Chungnam, 1,415 units in Busan, and 1,142 units in Gyeongbuk are slated to begin occupancy.
Looking at the main complexes scheduled for occupancy by detailed region, in Seoul, the Jangwi Xi Radiant with 2,840 units, which was redeveloped from the Jangwi 4 District in Seongbuk, will begin occupancy. This is the largest complex among those set to occupy in March, and recent negotiations on construction costs have been settled, so the occupancy is expected to proceed as planned in March. Additionally, in Gwangjin, the Lotte Castle East Pole with 1,063 units, and the Jamsil The Sharp Ruben with 327 units in Songpa will also be occupied.
In Gyeonggi, occupancy will occur mainly in southern areas, with 1,566 units in Yeongtong-gu, Suwon City, 1,358 units in Osan City, and 1,164 units in Cheoin-gu, Yongin City. The Yeongtong Prugio Trescent with 796 units and Yeongtong Prugio Pine Bird with 770 units, located in Mangpo-dong, Yeongtong-gu, Suwon City, will begin occupancy. These large brand-name complexes are set to start occupancy at the end of March. In Osan, the Osan Seogyo 2 Hanshin The Hue with 844 units and the Osan Seogyo 2 Cantabil First with 514 units will begin occupancy in the Seogyo 2 district.
In Incheon, three complexes will begin occupancy only in Songdo. The Songdo Lux Ocean SK View with 1,114 units, The Sharp Songdo Ark Bay (B3BL) with 775 units, and Songdo Station Seohae Grandble The Park with 348 units are included.
A total of 19 complexes will begin occupancy in the provinces. The Jinchun Gyoseong District Inwon Tree Nium with 2,450 units will start occupancy in Jincheon-eup, Chungbuk at the end of March. The Iksan Station Sky Channel The First with 1,382 units in Pyeonghwa-dong, Iksan City, the Baekyangsan Seohui Star Hills with 1,295 units in Busanjin-gu, Busan, and the Hills State Dujeong Station with 997 units in Seobuk-gu, Cheonan City, are also set to occupy.
In March, the supply of housing units is expected to increase significantly, centered around the metropolitan area. A Zigbang official noted, "The occupancy of large-scale complexes is drawing attention. However, due to the overall wait-and-see stance in the market, the atmosphere in the occupancy market is expected to be somewhat quiet," adding that "the decreased transaction in dwellings and delays in selling existing homes may lead to a lower occupancy rate. Depending on the speed of short-term supply depletion, there may be adjustments in the lease market by region."
Meanwhile, on Feb. 19, the government announced a "construction market normalization plan" that includes provisions for the Korea Land and Housing Corporation (LH) to directly purchase some unsold apartments after completion in the provinces. As of December 2024, the nationwide unsold inventory after completion stands at 21,480 units, the highest level since 2014. The government plans to purchase these units to stimulate the construction market.
Unsold units after completion are those that have not found owners even after occupancy, which places a significant burden on construction companies. A Zigbang official explained, "This measure is expected to have a positive impact on the provincial construction market," but added that "given the current market downturn, demanders may lack incentives to actively purchase apartments, making it difficult to expect a quick activation of transactions or stimulation of demand in the short term."