SEOUL, 29 July (BelTA - Yonhap) - The total number of housing units
in Seoul grew at the slowest pace ever in 2024 amid a continued increase
in housing prices in the capital, data showed Tuesday.
As of Nov. 1, 2024, the total number of homes in the capital city stood at 3.17 million, up 0.5 percent from a year earlier, according to the census by Statistics Korea.
It marked the slowest growth since 1960, when the agency began compiling relevant data.
The growth rate of housing supply in Seoul has been on a steady decline from 2.1 percent in 2020 to 1.8 percent in 2021 and further to 1.4 percent in both 2022 and 2023.
"The slowing growth in the number of homes reflects a continued drop in the construction completion in Seoul since 2021," an agency official said.
A shortage of homes is seen as one of the key factors driving up housing prices in the capital.
As of Nov. 1, 2024, the total number of homes in the capital city stood at 3.17 million, up 0.5 percent from a year earlier, according to the census by Statistics Korea.
It marked the slowest growth since 1960, when the agency began compiling relevant data.
The growth rate of housing supply in Seoul has been on a steady decline from 2.1 percent in 2020 to 1.8 percent in 2021 and further to 1.4 percent in both 2022 and 2023.
"The slowing growth in the number of homes reflects a continued drop in the construction completion in Seoul since 2021," an agency official said.
A shortage of homes is seen as one of the key factors driving up housing prices in the capital.
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