Housing Supply Rate in Seoul Falls for 4th consecutive Year...the effect of a shortage of supply

The housing supply rate in Seoul has fallen for four consecutive years due to the increase in single-person households and the lack of housing supply.

The National Statistical Office said that as of the end of 2023, Seoul's housing supply rate was 93.6%, which has fallen for four consecutive years since 2019.

The housing supply rate is a calculation of the number of houses relative to the number of households and is an indicator that quantitatively determines whether the housing stock is sufficient.

As of the end of 2023, the number of households in Seoul was 4,147,700, compared to 3,878,500, which is about 260,000 short of homes.

The Korea Asset Management Institute said that rising construction and labor costs have made it difficult to supply housing, adding that more active measures such as price management and overseas manpower supply are needed.

The Korea Institute of Construction Industry emphasized the importance of maintaining a stable policy direction because housing supply is effective over a long period of time compared to demand policies.