Gangwon Apartment Supply Plunges to a Quarter of Levels Three Years Ago

Apartment supply in the Gangwon region this year stands at just over 2,000 units, a drop of more than 77% from three years earlier. The number of apartments supplied in Gangwon Province fell from around 9,100 units in 2023 to roughly 3,200 last year. Amid a national housing market slowdown that has dragged on for years, Gangwon is no exception.

Despite the sharp drop in supply, the unsold housing problem persists. Unsold homes in Gangwon Province have exceeded 3,000 units for three consecutive months. Unsold completed homes—built but not sold—have topped 1,500 units for three months in a row, accounting for more than half of all unsold housing.

"Apartment prices have risen sharply, but actual purchasing demand has fallen considerably," said Jung Hwa-ok, head of the Chuncheon branch of the Korea Association of Realtors. "With existing apartments also selling poorly, it is not easy to clear new supply." Ham Young-jin, head of Woori Bank's Real Estate Research Lab, said, "Purchasing sentiment for existing homes remains subdued, and new households appear to be reaching their limits in buying unsold units."