[Seoul Economy]
In August, a total of 25,699 apartment units are set to be distributed nationwide. This includes public sales in Jamsil Le El in Songpa-gu, Seoul, along with large-scale planned distributions in places like Gwangmyeong, Anyang, and Yangju.
According to real estate platform Zigbang, 25,699 units are expected to be supplied across 29 complexes countrywide in August, with 18,925 units available for public sale. Compared to the same period last year, August 2024 had a total of 16,266 units and 10,962 units for public sale, marking an increase of 58% in total units and 73% in public sales.
Regionally, the supply consists of 17,544 units in the Seoul Metropolitan Area and 8,155 in other areas. Specifically, Gyeonggi Province will have 13,245 units, Incheon 2,434 units, and Seoul 1,865 units. Outside the metropolitan area, Busan will have 2,776 units, South Chungcheong 1,222 units, Gangwon 1,145 units, Ulsan 1,132 units, South Gyeongsang 994 units, North Gyeongsang 643 units, and North Chungcheong 243 units.
In Seoul, a notable complex this year is Jamsil Le El in Sincheon-dong, Songpa-gu, with 216 units available for public sale out of a total of 1,865 units. This complex is a reconstruction of Misung and Clover Apartments and is expected to have lower prices due to the government-imposed price cap, earning it the nickname “Lotto Apartments.” However, as it involves late-stage sales with occupancy slated for January next year, it poses financing challenges for buyers compared to early-stage sales complexes.
In Gyeonggi Province, upcoming projects include Cheolsan Station Xi in Gwangmyeong (2,045 units), Anyang Xi Heritage On in Anyang (1,716 units), Jiwell Elium Yangju Deokgye Station in Yangju (1,595 units), Osan Segyo U-Mi Lin Lake City in Osan (1,424 units), and Tapseok Prugio Park 7 in Uijeongbu (935 units). In Incheon, Elreif Geomdan Foredu in Western District (669 units) is gearing up for distribution.
Major regional complexes include Busan’s Seomyeon Summit The New (919 units), Wonju Station U-Mi Lin The Stella in Gangwon (927 units), Hanwha Forena Ulsan Mugeo in Ulsan (816 units), Cheonan Ipark City 2 in Cheonan, South Chungcheong (1,222 units), and The Shop New Greenity 2 in Gimhae, South Gyeongsang (695 units).
Zigbang commented that results in the August distribution market could vary based on the financial regulations from June 27 and individual financing conditions. A Zigbang representative noted that complexes applying price caps or manageable within loan limits are likely to attract real homebuyers, while high-priced or financially demanding complexes may see cautious interest.