This year, dwelling construction starts in Seoul increased by 40% from a year earlier.
The Seoul Metropolitan Government said on the 7th that dwelling construction starts in Seoul from January to July this year totaled 19,507 units, up 44.4% from 13,508 households in the same period last year. The figure is also 34.6% higher than the recent three-year average of 14,497 households for the same period.
Apartments totaled 14,995 units, up 36.1%. Redevelopment and reconstruction and other maintenance projects accounted for 12,211 units, or 81.4%. Complexes with 1,000 or more units that broke ground this year include Heukseok District 11 (1,515 units), Sillim District 2 (1,430 units), and Junggye-bondong (3,178 units).
Dwelling permits and approvals reached 28,634 units, up 6.1%. A Seoul Metropolitan Government official explained, "This means that the volume of projects to support expanded dwelling supply is being steadily secured."
The share of maintenance projects was also high in permits and approvals. For apartments, 19,447 units, or 82.8% of the total, were maintenance projects. Jamsil Jugong Complex 5 (6,411 units), Hannam District 5 (2,592 units), and Geoyeo Saemaeul (1,678 units) received permits and approvals this year.
Supply indicators for non-apartments, such as villas, which had been sluggish for a while, showed a clear rebound. From January to July, non-apartment starts were 4,512 units, up 80.9% from a year earlier. Permits and approvals were 5,154 units, up 64.4% from last year and 101.9% from the recent three-year average.
The Seoul Metropolitan Government believes that supply expansion policies, such as the expedited integrated planning and shortening of maintenance project timelines, have helped speed up project progress. Myoung No-jun, head of the Seoul Metropolitan Government's Dwellings Bureau, said, "We will closely manage major projects such as maintenance projects so that the trend of increasing permits and approvals and starts leads to actual move-ins."