Number of Unsold Houses Surpasses 100,000

The number of unsold houses nationwide surpassed 100,000. It is the first time that the number of unsold houses has surpassed 100,000 since December 1998 (102,701 houses) immediately after the Asian financial crisis.

The Ministry of Construction and Transportation announced yesterday that the number of unsold houses nationwide was 100,887 as of the end of October, up 2.7 percent or 2,652 from a month ago.

By size of house, on the basis of net square meters, the number of unsold houses below 60m2 was 5,466; the number above 60m2 and below 85m2 was 49,796, and the number above 85m2 was 45,625.

By area, while the number of unsold houses in the metropolitan area, including Seoul, was up by 8.1 percent (MoM), the number in the regional areas merely up by 2.1 percent, a survey result that shows the unfavorable house sale situation is spreading toward the metropolitan area.

The number of unsold houses in the private sector is highest in 12 years and one month since September 1995 (109,995).

koh@donga.com