In Nov., even after completing apartment construction, unsold homes classified as "toxic unsold" after completion neared 30,000. It was the highest in 13 years and 8 months.
In Seoul, the real estate transaction market is freezing fast. With zero new-unit sales last month in Seoul, there was no new supply. Apartment sale transactions plunged more than 60% in a month.
According to the "Nov. dwellings statistics" released on the 31st by the Ministry of Land, Infrastructure and Transport, nationwide unsold units after completion stood at 29,166, up 3.9% from the previous month. It was the highest in 13 years and 8 months since Mar. 2012 (30,438 units).
The increase in unsold units after completion was concentrated in the provinces. In Nov., toxic unsold units in the provinces rose by 1,082 (4.6%) from the previous month to 24,815. Unsold volume in the greater Seoul area came to 4,351 units, up only 4 units (0.1%) from the previous month.
Nationwide unsold dwellings totaled 68,794 units. That was down 0.4% (275 units) from the previous month (69,069 units). The greater Seoul area had 16,535 units, down 5.8% (1,016 units) from the previous month (17,551 units), while the provinces had 52,259 units, up 1.4% (741 units) from the previous month (51,518 units).
Unsold units over 85㎡ numbered 10,632, down 9.9% from the previous month (11,803), while units 85㎡ and under totaled 58,162, up 1.6% from the previous month (57,266).
◇ Dwellings supply indicators improve... Seoul sales "0"
Last month, dwellings supply indicators showed some improvement from the previous month. Dwellings permits were 30,681 units, up 9.4% from the previous month. In Seoul, where supply shortages have deepened, 3,517 units received permits, up 22.2% from the previous month. The greater Seoul area recorded 15,434 units, up 9.6%, and the provinces had 15,247 units, up 9.2%.
Groundbreaking also rose 12.0% from the previous month to 19,912 units. Groundbreaking in the greater Seoul area increased 44.2% to 14,571 units, while the provinces fell 30.4% to 5,341 units.
Pre-sales (approved) were 27,430 units, up 12.2% from the previous month. While pre-sales in the greater Seoul area increased 24.1% to 18,225 units, Seoul had no pre-sale results.
Nationwide completions were 22,804 units, up 4.1% from the previous month. The greater Seoul area recorded 14,832 units, up 109.1%, while the provinces posted 7,972 units, down 46.2%.
◇ Seoul dwellings transactions halved... apartments down 60%
In Nov., Seoul dwellings transactions totaled 7,570, down 51.3% from the previous month. Of these, apartment sale transactions were 4,395, down 60.2% from the previous month (11,041).
Total sale transactions in the greater Seoul area also fell 30.1% from a month earlier to 27,697. Apartment transactions in the greater Seoul area dropped 33.5% to 20,772.
By transaction type, sale transactions were 61,407, down 11.9% from the previous month. In non-capital regions, transactions rose 12.1% from the previous month to 33,710, showing some recovery in provincial sales activity.
In the rental market, the preference for monthly rent became clearer. Nationwide monthly rent and jeonse transactions in Nov. were 208,002, up 4.1% from the previous month, but jeonse (75,621) fell 5.3% from the same period a year earlier.
Seoul's Nov. monthly rent and jeonse transactions totaled 60,891, up 2.3% from the previous month. Of these, jeonse was 22,333, down 0.3% from a year earlier, while monthly rent was 38,558, up 11%.
The nationwide cumulative share of monthly rent also rose 5.3 percentage points (p) year over year to 62.7%. The greater Seoul area's Nov. monthly rent and jeonse transactions were 189,57, up 3.9% from the previous month. Of these, jeonse was 51,491, down 3% from a year earlier, while monthly rent surged 17.6% to 87,466. In non-capital regions, monthly rent and jeonse transactions were 69,045, up 4.5%.
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