Seoul's dwellings supply rate recorded 93.6%, falling for the fourth consecutive year. While the number of households increased due to the diversification of single-person households, the supply of dwellings did not keep pace, leading to a decline in the dwellings supply rate.
According to new dwellings supply rate statistics from the Statistics Korea released on the 12th, the national dwellings supply rate was 102.5% as of the end of 2023, up 0.4 percentage points from 2022.
The dwellings supply rate is an indicator that quantitatively assesses whether there is sufficient dwellings inventory, calculated by dividing the number of dwellings by the number of households and multiplying by 100.
The national dwellings supply rate showed an upward trend from 100.5% in 2010 to 104.8% in 2019. It fell to 103.6% in 2020, indicating a downward trend, but reversed its decline after three years.
Seoul's dwellings supply rate decreased for four consecutive years, from 96.0% in 2019 to 94.9% in 2020, 94.2% in 2021, 93.7% in 2022, and 93.6% in 2023. The dwellings supply rate in Seoul at the end of 2023 (93.6%) marked the lowest level in 14 years since 2009 (93.1%).
As of the end of 2023, the number of households in Seoul was 4,141,700, while the number of dwellings was 3,878,500, showing a shortfall of 263,000 dwellings compared to the number of households.
The decline in Seoul's dwellings supply rate is interpreted as a result of the supply of dwellings failing to keep pace with the rate of household diversification.
The number of dwellings completed (occupied) in Seoul in 2023 was 41,218, the lowest in 14 years since 2009 (35,390). This amount is half compared to the 81,406 dwellings completed in 2020.
In addition to Seoul, there are four areas with a dwellings supply rate below 100%: Gyeonggi (99.3%), Incheon (99.1%), and Daejeon (96.4%). The dwellings supply rate in Gyeonggi rose by 0.7 percentage points in 2023, and Incheon by 1.2 percentage points, while Daejeon fell by 0.8 percentage points.
The regional dwellings supply rate declined from 110.1% in 2019 to 108.9% in 2020, 107.4% in 2021, and 107.5% in 2022, but rose again to 107.7% in 2023.