Starting this month, it will be possible to identify the supply of apartments scheduled to be occupied in Seoul more accurately and in detail.
On the 1st, the Seoul Metropolitan Government announced that it will improve the criteria for estimating occupancy supply in consultation with the real estate information company 'Real Estate R114' and will unify the indicators for publicly disclosing the number of apartments scheduled for occupancy.
The method will publish the scheduled occupancy numbers calculated based on the same criteria as the figures released by the Seoul Metropolitan Government and the Korea Real Estate Board's own system (REPS 4.0).
In the past, Real Estate R114 estimated numbers primarily based on general sales complexes, leading to some omissions of post-sale complexes, youth housing assurance, and public rental housing. The city explained that this could cause an illusion of supply shortage in the housing market due to the lower-than-actual tally.
Since April, Real Estate R114 has begun to standardize the calculation method by improving the aggregation criteria to include youth housing assurance, post-sales, and some small-scale maintenance projects in the overall sale scale. As a result, it has been confirmed that the figures announced by the Seoul Metropolitan Government from May onwards are the same as those released.
The city expects that improving the criteria for calculating the supply will reduce confusion among citizens caused by differences between public and private supply. It also aims to enhance the public nature and reliability of housing supply information, helping actual buyers make reasonable judgments.
Choi Jin-seok, head of the housing department of the Seoul Metropolitan Government, said, "We concluded that it is essential to improve the situation where some companies have underreported the occupancy figures, raising unnecessary concerns about supply," and explained, "Standardizing the public indicators will help provide citizens with accurate and reliable real estate information, aiding decision-making related to the housing market and contributing to the transparency of market information."