Gangwon Apartment Sales Market Stalls for Fourth Month

The apartment sales market in the Gangwon region has virtually ground to a halt this year. With no new sales taking place for four consecutive months, a sentiment of stagnation has spread throughout the market, and not a single apartment has been sold in Gangwon this year. Jeong Hwa-ok, the head of the Chuncheon chapter of the Korea Licensed Real Estate Agents Association, reported the on-site situation, stating that apartment sales in Gangwon have effectively been suspended for months.

Construction companies are trending towards significantly reducing new sales due to concerns about unsold inventory, but the volume of unsold apartments in Gangwon is not decreasing. As of February, there were approximately 2,800 unsold apartments in Gangwon Province.

Over 12,000 new apartment units are scheduled for completion in Gangwon Province by next year. This is leading to an increase in existing home listings, acting as a factor that slows down the recovery of the sales market. With sales effectively suspended, compounded by the burden of unsold inventory and upcoming new constructions, concerns are growing about the prolonged stagnation of the Gangwon region's apartment market.