The number of newly completed apartments in Seoul jumped last year. Supply created through redevelopment and reconstruction projects made up a high share at 74% of the total.
The Seoul city government said on the 4th that an analysis of last year's dwelling supply performance showed 55,000 units were completed, up 39.7% from a year earlier (39,000 units). Apartment completions totaled 50,000 units, a 51.5% increase from 33,000 units in 2024.
Of the apartment supply, 37,000 units, or 74%, came from maintenance projects. Observers say maintenance projects have become the core means of supply in Seoul, where land to build dwellings is scarce. The remaining 13,000 units were built through non-maintenance projects such as mixed-use complexes and urban lifestyle dwellings. The non-apartment institutional sector came to only 5,000 units, down 23.7% from 2024 (6,000 units). The construction downturn, blamed on the spread of jeonse fraud damage, rising raw material prices, and interest rate hikes, was cited as the cause.
Choi Jin-seok, head of the Seoul city Dwellings Bureau, said, "We will provide groundbreaking and completion volumes that citizens can feel by continuously monitoring the status by stage and dwelling type based on dwelling construction performance statistics."