Jeju unsold homes doubled, housing sales halved

[한라일보] While housing transactions are frozen across the country due to a series of interest rate hikes and concerns over falling housing prices, the housing market in Jeju remains cold. This is because the number of houses sold in Jeju in October decreased by more than 40% from a year ago, and the number of unsold houses almost doubled.

According to the housing statistics of the Ministry of Land, Infrastructure and Transport on the 30th, the number of housing sales in the province in October was 480, a decrease of 24.5% and 44.4%, respectively, compared to the previous month (636 cases in September 2022) and a year ago (863 cases in October 2021). did. This is the lowest number since September 2019 (548 cases).

While the sales transaction decreased, the cheonsei and monthly rental transaction volume tended to increase. The number of jeonse and monthly rental transactions in the province in October was 1574, up 5.6% and 30.5% from the previous month (1490) and a year ago (1206), respectively. Compared to the five-year average, it increased by 81.2%.

The number of unsold homes in the province is also increasing. As of the end of October, the number of unsold houses in the province was 1722, up 32.6% (423) from the previous month (1299). It doubled from last year’s December (836). The number of unsold houses in the province exceeds 1,000 every year, including 1295 in December 2018, 1072 in December 2019, and 1095 in December 2020.

Among the unsold houses, the number of ‘unsold after construction’ houses, which were not sold even after the construction was completed, was 696 as of the end of October, a slight decrease of 1.0% (7 houses) from the previous month.

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Although the number of unsold houses is increasing, the supply of housing continues through permits and permits and construction starts. The number of permits and permits for housing in the province between January and October of this year was 8982, a 75.5% increase compared to the same period last year (5118). Housing starts were 5998 units, up 60.6% from the same period last year (3735 units), and housing completions were 3231 units, up 3.5% from the same period last year (3122 units). The sale of houses (condominium houses) was 2826 cases, up 211.2% from the same period last year (908 units).

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