March housing permits totaled 33,648 units nationwide, down 33.8% from the same month a year earlier (50,863 units). With the spread of COVID-19 since this past January, the March housing construction figures appear to partially reflect the impact of COVID-19. Going forward, if the real economic downturn continues to widen due to COVID-19, negative effects on housing permits and supply cannot be ruled out.
The Seoul metropolitan area recorded 16,442 units, down 50.9% year-on-year and 38.8% from the five-year average, while provincial regions recorded 17,206 units, down 1.1% year-on-year and 28.7% from the five-year average. By type, apartments totaled 24,643 units, down 34.4% year-on-year and 28.7% from the five-year average, while non-apartment housing totaled 9,005 units, down 32.4% year-on-year and 45.2% from the five-year average.
March housing starts totaled 36,014 units nationwide, up 26.3% from the same month a year earlier (28,510 units). The Seoul metropolitan area rose 30.0% year-on-year to 20,910 units but fell 11.6% from the five-year average, while provincial regions rose 21.5% year-on-year to 15,104 units but fell 30.6% from the five-year average. By type, apartments rose 49.0% year-on-year to 26,108 units but fell 8.8% from the five-year average, while non-apartment housing totaled 9,906 units, down 9.9% year-on-year and 41.0% from the five-year average.
March apartment (multi-family housing) sales totaled 12,252 units nationwide, down 52.8% from the same month a year earlier (25,944 units). The Seoul metropolitan area recorded 7,897 units, down 30.9% year-on-year and 58.5% from the five-year average, while provincial regions recorded 4,355 units, down 70.0% year-on-year and 74.0% from the five-year average. By type, general sales totaled 9,451 units, down 39.5% year-on-year; rental housing totaled 150 units, down 97.8% year-on-year; and cooperative member allocations totaled 2,651 units, down 27.3% year-on-year.
March housing completions totaled 31,348 units nationwide, down 15.8% from the same month a year earlier (37,233 units). The Seoul metropolitan area fell 21.1% year-on-year to 16,687 units but rose 12.8% from the five-year average, while provincial regions recorded 14,661 units, down 8.9% year-on-year and 24.2% from the five-year average. By type, apartments fell 19.3% year-on-year to 23,512 units but rose 4.8% from the five-year average, while non-apartment housing totaled 7,836 units, down 3.0% year-on-year and 33.0% from the five-year average.