A view of a redevelopment construction site in downtown Seoul. Yonhap News
In mid-May, despite heading towards the first half of the year, it has been revealed that the nationwide apartment supply falls short of one-third of the annual plan. Factors such as high interest rates, stagnation in local unsold housing supplies, and concerns over real estate project financing (PF) are hindering the real estate market.
According to Woori Bank’s Asset Management Consulting Center on the 14th, the supply performance (subscription progress rate as of the 9th) of nationwide apartment supply relative to the annual plan is at 27.7%. Out of the planned 335,822 housing units at the beginning of the year, only 92,954 units have been subscribed.
Especially, there was a significant difference in subscription progress by region. Gwangju Metropolitan City achieved a subscription progress rate of 57.1% by supplying 11,889 housing units in four months, exceeding half of the planned supply of 28,110 units. Jeju (49.4%), Jeolla (45.6%), Gangwon (44.1%), Ulsan (39.5%)…