This year, in the dwellings sales market, apartments accounted for about 80%, the highest share on record, intensifying the concentration.
According to the Korea Real Estate Board (REB) statistics on sales by dwelling type on the 14th, nationwide dwellings sales from January to October this year totaled 601,811. Of these, apartment sales were 472,373, making up 78.5% of the total. That is the highest share for January to October since REB began releasing the relevant statistics in 2006.
On the same basis (January to October), the share of apartments in the nationwide dwellings sales market rose for three consecutive years, from 58.2% in 2022, 74.7% in 2023, and 76.9% last year to 78.5% this year.
By contrast, the share of non-apartment dwellings sales all fell over the same period. Specifically, the shares for multi-household dwellings (21.3%→11.9%→11.6%→11.5%), detached dwellings (13.4%→8.9%→7.4%→6.3%), row houses (4.6%→3.2%→2.8%→2.6%), and multi-family dwellings (2.4%→1.3%→1.2%→1.1%) all nearly halved over three years.
This pattern was similar in Seoul by region. From January to October this year, of the 110,670 dwellings sales in Seoul, apartment sales were 73,865, accounting for 66.7% of the total.
Seoul's apartment sales share fell to an all-time low in 2022 (26.9%), then more than doubled in 2023 (58.3%), and set a record high again for two straight years last year (63.4%) and this year (66.7%).
However, over the same period in Seoul, the sales shares of multi-household dwellings known as low-rise apartment (55.0%→32.2%→28.8%→26.2%) and row houses (6.9%→4.3%→3.3%→2.9%) fell by more than half in three years.