Mid-sized builders to offer nearly 10,000 homes in September, with 77% in greater Seoul area

Mid-sized homebuilders plan to put roughly 10,000 housing units on the market nationwide in September, with more than three-quarters of the supply concentrated in the greater Seoul area, pointing to a sharp rise in pre-sales activity across Seoul, Gyeonggi Province and Incheon.

According to the Korea Housing Builders Association's September pre-sale plan compiled from member companies, 18 builders are set to offer a combined 9,951 units — including apartments and multi-family homes — across 19 project sites nationwide.

The September figure is up 5,328 units, or 115.2 percent, from 4,623 units the previous month, and up 5,925 units, or 147.2 percent, from 4,026 units in the same month last year.

The greater Seoul area is driving the increase. The metropolitan area accounts for 7,669 units, or 77 percent of the total — a jump of 6,174 units, or 413 percent, from 1,495 units the previous month, and up 6,106 units, or 390.6 percent, from 1,563 units in September last year.

By region, Seoul leads with 3,160 units, followed by Gyeonggi Province with 2,560 units and Incheon with 1,949 units.

Outside the capital region, supply stands at 2,282 units, or just 23 percent of the total — down 846 units, or 27 percent, from 3,128 units the previous month, and down 181 units, or 7.3 percent, from 2,463 units in September last year.

Among provincial areas, North Gyeongsang Province leads with 671 units, followed by Daegu with 381 units, Busan with 314 units, South Chungcheong Province with 304 units, Ulsan with 303 units, Gangwon Province with 264 units and Jeju with 45 units.

Notable projects scheduled for pre-sale include 988 rental units at Wonhyo Lumini in Yongsan-gu, Seoul; 1,949 units at Cityociel Block 9 Ocean Park View in Incheon; and 671 units at Irene 8cha in Pohang, North Gyeongsang Province.