In Incheon, housing license volume decreased by 35.4%
Concerns about adverse effects on supply in 2023-24
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Last year, the number of housing licenses was estimated to be only 457,000 households. This was only 72% of the average for the last five years. The government and the ruling party argue that the Moon Jae-in administration had more housing supply than the previous government, but the number of licenses and permits, which means the future supply figure, showed a clear decline.
The Ministry of Land, Infrastructure and Transport announced on the 29th that last year, the number of housing licenses nationwide was 475,514 households. This is a decrease of 6.2% from 2019. In addition, it is 28.2% less than the average number of licenses and licenses for the last five years (6378,386 households). By region, the number of permits and licenses in the metropolitan area last year was 2,52,301 households, a 7.3% decrease from the previous year. In Seoul and Incheon, the number of licensed and licensed households was 58,181 and 28,745, respectively, down 6.6% and 35.4% from the previous year. The province was found to have 2,052,213 households, a decrease of 4.9% from 2019.
President Moon Jae-in and former Minister of Land, Infrastructure and Transport Kim Hyun-mi and others have emphasized that the current government’s housing supply has increased compared to the previous government. The amount of housing supply is usually collectively referred to as the amount of occupancy and permits, and the number of occupants for the Moon administration was higher than that of the Park Geun-hye and Lee Myung-bak administrations. However, the amount of housing licenses to be supplied in the future is less than that of the previous government. As last year’s licenses were found to be only 70% of the average for the last five years, concerns are expected that housing supply could contract in 2023-2024.
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Last year’s housing start and sales volume increased from 2019. Last year, the nationwide housing start was 526,000, an increase of 9.9% from 2019. Last year, the number of pre-sale units was 349,029, an 11% increase from 2019.
Meanwhile, as housing prices continued to rise at the end of last year, the number of unsold houses was rapidly decreasing. As of the end of December of last year, the number of unsold houses nationwide was 19,005. This is a 19.5% decrease from November. Last month, the number of unsold units in the metropolitan area decreased by 33.1% in one month to 2,131 households. After construction, which is evaluated as’malignant unsold’, the amount of unsold units also decreased by 14.6% from November to 12,006 households nationwide in December.
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/ Reporter Kang Dong-hyo [email protected]
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