In May, while nationwide housing permits and completions decreased, the number of housing starts, sales, and transactions increased.
According to the Ministry of Land, Infrastructure and Transport's "May 2026 Housing Statistics" report, housing permits across the country totaled 19,323 units in May, marking a 33.9% decrease from the previous month and a 5.4% decline from the same month last year. Cumulatively, from January to May, permits reached 98,694 units, down 10.6% compared to the same period last year.
Regionally, permits in the metropolitan area rose to 14,152 units, a 64.0% increase from the same month last year, while non-metropolitan areas saw a 56.2% decrease to 5,171 units. In Seoul, permits surged to 6,292 units, up 147.5% year-over-year.
Housing starts also saw an increase, with 22,717 units initiated in May, a 49.3% rise from the same month last year. The cumulative total for January to May reached 94,367 units, up 27.0% from the previous year.
The sales figures improved as well. Nationwide, the number of multi-family housing units sold in May was 14,731, a 30.4% increase compared to the same month last year. The cumulative sales from January to May reached 86,348 units, up 63.0% year-over-year. In Seoul, cumulative sales for the same period were 11,377 units, a 102.7% increase from last year.
Conversely, completions saw a significant decline. In May, nationwide housing completions totaled 12,913 units, down 51.0% from the same month last year. The cumulative total for January to May was 88,143 units, a 46.7% decrease year-over-year. In Seoul, completions in May fell to 1,914 units, down 42.9% from the previous year.
Housing transaction volumes decreased from the previous month but increased compared to last year. In May, the nationwide housing transaction volume was 66,490, a 4.7% decrease from the previous month but a 6.0% increase from the same month last year. In the metropolitan area, transactions rose to 38,477, an 18.9% increase year-over-year.
The increase in apartment transactions in Seoul was particularly notable. In May, apartment transactions in Seoul reached 8,946, up 18.9% from 7,521 in April and a 23.9% increase compared to the same month last year.
However, rental transactions decreased. The nationwide rental transaction volume in May was 209,754, down 10.5% from the previous month and 17.0% from the same month last year. For the cumulative period from January to May, the share of monthly rental transactions was 68.6%, up 7.6 percentage points from the previous year.
The number of unsold homes saw a slight increase. By the end of May, the total number of unsold homes nationwide was 65,239, an increase of 60 from the previous month. The number of unsold homes after completion decreased by 154 to 29,350.
As permits and completions decline while housing starts, sales, and apartment transactions in Seoul rise, the housing supply indicators and market demand indicators are showing diverging trends.
* This article has been translated by AI.
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