In May, the nationwide apartment occupancy in South Korea is set to increase by 19% compared to the previous month, with a significant rise in the capital region as it triples in size.
According to Zigbang on the 21st, the nationwide occupancy for May is projected to be 16,205 households, up 19% from April’s 13,591 households. Over half of the occupying households, 8,436 (52%), are clustered in the Gyeonggi area.
During this period, the occupancy in the capital region will reach 9,277 households, a 3.2 times increase compared to the previous month’s 2,893 households. Most of this is in Gyeonggi, with Seoul expecting small-scale occupancy, such as 841 households, and Incheon having no new apartments.
In Seoul, three apartment complexes will welcome new tenants: ‘Seoul National University Venture Town Prugio’ in Sillim-dong, Gwanak-gu (571 households), ‘Sangwolgok Station Jangwi Art Fore’ in Seokgwan-dong, Seongbuk-gu (191 households), and ‘Yangpyeong Dongmoon The East’ in Yangpyeong-dong, Yeongdeungpo-gu (79 households).
In Gyeonggi Province, major complexes are scheduled for occupancy in five areas including Gwangmyeong, Uiwang, Hwaseong, and Paju. The ‘Cheolsan Xi Heritage’ in Cheolsan-dong, Gwangmyeong-si, with 3,804 households, is the largest development set to occupy in May.
‘Uiwang Indukwon Xi SK View’ with 2,633 households is also set to open in Naeson-dong, Uiwang-si. Other developments include ‘e-Pyunhan Sesang Heyri’ in Tanhyeon-myeon, Paju-si (1,057 households), and ‘Bongdam Xi La Zenne’ in Bongdam-eup, Hwaseong-si (862 households).
Outside of the capital region, occupancy is expected to decrease by 35% compared to the previous month’s 10,698 households, down to 6,928 households. Scheduled occupancy by region includes 1,741 households in Gyeongbuk, 1,206 in Gangwon, 1,058 in Daegu, 936 in Busan, 799 in Daejeon, 704 in Jeonbuk, 258 in Chungbuk, and 226 in Jeju.
For the year, Gyeonggi’s occupancy is expected to reach 63,469 households, concentrated in areas such as Pyeongtaek, Gwangmyeong, and Hwaseong. This clustering is attributed to ongoing supply in new housing sites and the overlap of large-scale complex occupancy arising from redevelopment projects.
Kim Eun-sun, head of Zigbang’s Big Data Lab, noted that a concentration of occupancy in a single area over a short period can lead to market instability, such as a temporary increase in lease listings, sluggish existing home sales, and delayed occupancy, depending on local demand conditions. Therefore, analyzing the market situation in each region is essential.