The number of new apartment buildings completed in Seoul from January to July this year fell by 48 percent compared to the same period last year.

Seoul's apartment occupancy decreased by 48% compared to the same period last year from July to July 2023. The leading indicator of housing supply, new apartment construction, increased by 36%, indicating potential improvement in future supply. According to the 7th month housing statistics released by the Ministry of Land, Infrastructure and Transport on July 31st, Seoul's housing construction in 2023 saw a 43.3% decrease compared to the same period last year, down to 1,760,303 units from 3,433,939 units.

Apartment occupancy in 2023 decreased by 48.7% compared to 2022, down to 1,760,303 units from 3,433,939 units. Nationwide housing construction in 2023 decreased by 41.4% compared to the same period last year, down to 13,551,513 units from 23,117,272 units. In the metropolitan area, 7,120,400 units, while in non-metropolitan areas, 6,430,909 units, both down 38.7% and 44.1% respectively from the previous year.

Nationwide, apartment construction decreased by 44.2% compared to the same period last year, while non-apartment construction decreased by 5.9%. Construction of new housing continued to increase, with nationwide housing construction in 2023 up by 11.1% to 13,838,283 units from the same period last year, with metropolitan areas increasing by 2.0% to 7,789,394 units and non-metropolitan areas increasing by 25.5% to 6,489,006 units.

Seoul's housing construction increased by 44.4% to 1,950,707 units, with apartment construction in Seoul increasing by 36.1% to 1,499,500 units. Nationwide housing allocation in 2023 decreased by 7.9% to 14,200,328 units from the same period last year, while Seoul's housing allocation increased by 6.1% to 2,863,400 units. Nationwide housing allocation after completion declined by 2.1% to 2,915,252 units in 2023.

In the metropolitan area, 4,444 units, while in non-metropolitan areas, 2,470,808 units, both down 5.3% and 1.5% respectively from the previous month. Overall, approximately 85% of housing allocation after completion was concentrated in the non-metropolitan area. By region, Daegu had the highest with 3,481 units, followed by Busan with 3,253 units, Gyeongsangnam-do with 3,151 units, Gyeongsangbuk-do with 2,970 units, Jeollanam-do and Gwangju with 2,422 and 2,364 units respectively, and Jeju and Chungnam with 2,364 and 2,336 units respectively.