The unsold dwellings classified as 'malicious unsold properties' exceeded 23,000 units last month, reaching the highest level in 11 years and 5 months. The number of permits, considered a leading indicator of dwelling supply, has also halved.
According to the Ministry of Land, Infrastructure and Transport's 'February housing statistics' released on the 31st, the number of unsold dwellings nationwide stood at 70,061, a decrease of 3.5% compared to the previous month. However, during the same period, the number of dwellings that remained unsold after completion rose to 23,722, an increase of 3.7%. This marks the highest level since September 2013 and a 19-month consecutive increase.
Regionally, the number of unsold dwellings in the provinces increased by 4.1% from the previous month to 19,179 units. In the Seoul metropolitan area, the figure rose by 2.2% to 4,543 units. Among the increase in February (850 units), 88.6% (753 units) occurred in the provinces.
The number of permits for nationwide dwellings, a leading indicator of dwelling supply, was 12,503 units in February, a decline of 44.3% from the previous month. Compared to the same period last year, this figure is a decrease of 45.4%. The cumulative total from January to February (34,955 units) showed a 28.3% decline compared to the same period last year.
However, in Seoul, the number of permits in February reached 4,844, an increase of 97.6%, while the cumulative total for January and February rose by 54.0% to 7,627 units.
The completion of dwellings is also at a poor level. The completion of dwellings from January to February was 20,247 units, a dramatic decrease of 40.6% compared to the same period last year. The number of sales also dropped to 12,825 units, reflecting a 67.9% reduction during the same period.
The volume of dwelling sales transactions rose by more than 30% last month due to the lifting of the land transaction permit system (LTPS), which resulted in a surge in apartment sales in Seoul. The volume of dwelling sales transactions in February was 50,698, an increase of 32.3% compared to January.
In particular, apartment sales transactions in Seoul, where LTPS was lifted, amounted to 4,743, marking an increase of 46.7% from the previous month. During the same period, the number of transactions in the metropolitan area reached 24,026, an increase of 34.6%. Transactions in the provinces also rose to 26,672, reflecting an increase of 30.3%.
The volume of lease transactions in February also increased by 38.6% to 278,238. In the metropolitan area, there were 176,506 transactions, which is a 35.4% increase from the previous month. In the provinces, lease transactions also grew to 101,732, marking a 44.6% rise.