Sales of apartments in Seoul dropped for 3 consecutive months...Malicious unsold property maxed out in 4 years and 3 months

Seoul apartment transactions shrank for the third straight month as loan restrictions dampened buying sentiment, while provincial transactions rose 24% in the month, the data showed.

According to the "October Housing Statistics" released by the Ministry of Land, Infrastructure and Transport, Seoul apartment sales fell 19.2% to 4,000 households last month from September, the smallest volume in six months since April this year.

However, local home sales transactions rose to 31,568 households last month, up 24.1% from September, as local trading volume, which is less regulated by loans, increased.

In addition, as of October, there were 65,836 unsold homes nationwide, down 1.4% from September, and unsold homes have declined for four consecutive months since July.

However, the number of unsold houses after completion, called malicious unsold houses, continued to increase, and as of the end of October, the number of unsold houses after completion nationwide was 18,37 households, up 6.1% in a month.

This is the highest level in four years and three months since July 2020.

Excluding licensing, the amount of construction, sale, and completion has all increased.

Approvals tallied for the first 10 months of this year were 244,777 households, down 19.1% from the same period last year and housing starts by October were 218,177, up 34% from the same period last year.

By October this year, sales were 182,373 households, up 28.3% from the same period last year, and completion by October was 361,527 households, up 4.3%.