Even after completion, unsold dwellings—called "toxic unsold units" because they fail to sell—exceeded 28,000 nationwide last month, the highest level this year. Unsold dwellings neared 70,000.
According to October dwellings statistics released by the Ministry of Land, Infrastructure and Transport on the 28th, the number of unsold units after completion last month was 28,080 nationwide, up 3.1% from the previous month (27,248). It was the first time this year that toxic unsold units surpassed 28,000.
Unsold dwellings nationwide totaled 69,069. That was up 3.5% from the previous month (66,762). The increase in unsold dwellings in the greater Seoul area was steep. Unsold dwellings in the greater Seoul area reached 17,551, up 14.3% from the previous month. During the same period, unsold units in non-capital regions were 51,518, up 0.2%.
Among the main indicators of dwelling supply, permits and groundbreaking, excluding sales, fell across the board.
Permits totaled 28,042 last month, down 39.8% from the previous month. The greater Seoul area registered 14,079, down 28.7%, while non-capital regions plunged 48.0% to 13,964.
Dwelling groundbreakings also declined. October groundbreakings were 10,777, a sharp drop of 40.6% from the previous month. During the same period, groundbreakings in the greater Seoul area were 10,108, down 38.5%, and non-capital regions recorded 7,669, down 43.1%. However, in Seoul, groundbreakings for 2,851 dwellings were carried out, with performance rising 105.7% from the previous month.
Sales performance increased somewhat. October sales were 24,455 units, up 6.7% from the previous month. The greater Seoul area posted 14,681, up 18.0%, while non-capital regions fell 6.7% to 9,774.
October completions were 21,904 units, down 1.0% from the previous month. The decline in completions was particularly large in the greater Seoul area. The greater Seoul area recorded 7,093, down 12.6% from the previous month, while non-capital regions rose 5.8% to 14,811.
October dwelling sales transactions totaled 69,718, up 10.0% from the previous month. By October transaction volume, it was the highest since 2021 (75,000).
In particular, dwelling sales transactions were concentrated in Seoul. October transactions in Seoul were 15,531, surging 26.7% from the previous month and 58.5% from a year earlier. It appears demand rushed to purchase dwellings before regulations were tightened under the Oct. 15 real estate measures.
October jeonse and monthly rent transactions were 199,751, down 13.4% from the previous month and 5.4% from a year earlier.