The Seoul Metropolitan Government recently announced that a total of 72,000 apartments are expected to be newly occupied in Seoul by next year, with 23,000 units set to be occupied in the second half of this year. This information was released through the Seoul Metropolitan Government website and mobile web platform, ‚Seoul Map‘, starting on the 23rd of this month.
The decrease in the total number of occupancy forecasts compared to the figures released in March is attributed to various factors such as high interest rates, rising construction costs, and delays in non-redevelopment projects like the Youth Safety Housing program. These delays have pushed back the completion of these projects by 6 months to 1 year, impacting the overall supply of new apartments in the city.
To minimize confusion in the real estate market caused by differing information from various organizations, the Seoul Metropolitan Government conducted mutual verification with the Korea Real Estate Board and other credible agencies before releasing this occupancy forecast. This collaborative effort aimed to ensure the accuracy and reliability of the information provided to the public.
According to the forecast, a total of 23,000 units will be supplied by the end of this year, including 17,000 units in redevelopment projects and 6,000 units in non-redevelopment projects. Looking ahead to 2025, a total of 49,000 units are expected to be supplied, with 33,000 units in redevelopment projects and 17,000 units in non-redevelopment projects.
While the number of units to be occupied in the second half of this year has decreased compared to the initial forecast in March, there is a slight increase expected for next year. This discrepancy is mainly due to delays in non-redevelopment projects, with more units being pushed back from 2024 to 2025 than from 2025 to 2026.
The Seoul Metropolitan Government explained that the slight differences in this announcement compared to other forecasts are due to the inclusion of estimates based on past performance to prevent undercounting of expected volumes. This approach ensures a more accurate representation of the actual supply of apartments in the city.
In conclusion, the Seoul Metropolitan Government is actively working to address conflicts and streamline the redevelopment project process to ensure that projects are completed efficiently and without interruption. By providing transparent and reliable information on apartment occupancy forecasts, the government aims to support citizens in making informed decisions in the real estate market.