Permits Down 0.6%
Unsold Units After Completion Up 1.8%
The Ministry of Land, Infrastructure and Transport has released housing statistics as of November 2024.
Housing permit performance stood at 28,344 units as of November, down 0.6% from the same month a year earlier. On a cumulative basis for January–November, permits totaled 273,121 units, down 17.6% from the same period a year earlier. However, total permits for 2024 are expected to improve on last year's figure of 429,000 units, considering more than 130,000 public housing units and trends from previous years. By region, the Seoul metropolitan area recorded 13,287 units, up 13.7% from the previous month, while non-metropolitan areas recorded 15,057 units, up 4.2% from the previous month. By type, apartments totaled 25,191 units, up 7.8% from the previous month, and non-apartments totaled 3,153 units, up 14.3% from the previous month. Housing starts stood at 21,717 units as of November, down 37.5% from the same month a year earlier, but on a cumulative basis for January–November they totaled 239,894 units, up 21.4% from the same period a year earlier. By region, the Seoul metropolitan area recorded 10,460 units, down 24.4% from the previous month, while non-metropolitan areas recorded 11,257 units, up 8.9% from the previous month. By type, apartments totaled 18,995 units, down 9.3% from the previous month, and non-apartments totaled 2,722 units, down 15.5% from the previous month.
Sales offerings (bunyang) stood at 29,353 units as of November, up 37.2% from the same month a year earlier, and on a cumulative basis for January–November they totaled 211,726 units, up 29.5%. By region, the Seoul metropolitan area recorded 18,643 units, up 16.0% from the previous month, while non-metropolitan areas recorded 10,710 units, up 146.7% from the previous month. Completions stood at 42,381 units as of November, up 10.4% from the same month a year earlier, and on a cumulative basis for January–November they totaled 403,908 units, up 4.9%. By region, the Seoul metropolitan area recorded 24,153 units, up 55.8% from the previous month, while non-metropolitan areas recorded 18,228 units, up 11.5% from the previous month. By type, apartments totaled 39,412 units, up 36.9% from the previous month, and non-apartments totaled 2,969 units, down 3.0% from the previous month.
Looking at housing transaction volume, sales transactions in November numbered 49,114, down 13.2% from the previous month. By region, they fell 12.9% in the Seoul metropolitan area and 13.4% in non-metropolitan areas. The Seoul metropolitan area recorded 21,777 transactions, down 12.9% from the previous month, while non-metropolitan areas recorded 27,337 transactions, down 13.4% from the previous month. Jeonse and monthly rent transactions numbered 191,172, down 9.5% from the previous month. By region, the Seoul metropolitan area recorded 127,494 transactions, down 10.8% from the previous month, while non-metropolitan areas recorded 63,678 transactions, down 6.7% from the previous month. As of the end of November, unsold housing units totaled 65,146, down 1.0% from the previous month. By contrast, unsold units after completion numbered 18,644, up 1.8% from the previous month. By region, the Seoul metropolitan area recorded 14,494 units, up 3.9% (546 units) from the previous month (13,948 units), while non-metropolitan areas recorded 50,652 units, down 2.4% (1,236 units) from the previous month (51,888 units).