The number of housing units in Seoul reached 3.17 million as of November 1, 2024, marking a mere 0.5% increase from the previous year. This represents the slowest annual growth since Statistics Korea began tracking such data in 1960. The slowdown reflects a continued decline in construction completions since 2021, contributing to a persistent housing shortage.
From 2020 to 2023, Seoul’s housing supply growth steadily dropped—from 2.1% to 1.4%—before hitting its current low. Officials attribute this trend to reduced construction activity, which has failed to keep pace with demand. As a result, housing prices in the capital have continued to climb, widening the affordability gap for residents.
Nationwide, South Korea saw a 1.7% increase in housing units, totaling 19.87 million. Nearly half of these—46.7%—are concentrated in the greater Seoul metropolitan area, including 4.96 million homes in Gyeonggi Province.
Apartments remain the dominant housing type, accounting for 65.3% of all homes nationwide, with a 2.2% year-on-year increase. Detached houses make up 19.3%, while row houses and multiplex homes comprise 14.3%.
The data underscores growing pressure on Seoul’s housing market, where limited supply and rising demand continue to drive prices upward. Urban planners and policymakers face mounting challenges in balancing development with affordability.
