“The trend of avoiding medium or large apartments is becoming more visible as more than 90 percent of newly built apartments in Seoul are provided through reconstruction or redevelopment projects,” said Lee Mi-yoo of Real Estate 114. (image: KobizMedia/ Korea Bizwire)
SEOUL, Aug. 8 (Korea Bizwire) – Nearly half of new apartment units in Seoul are smaller than 60 square meters, industry data showed Monday, reflecting the trend that more people prefer smaller housing.
Of 15,980 apartment complexes built between January and August of this year, 45.1 percent, or 7,205 units, have a total floor area of under 60 square meters, compared to 26.1 percent in 2000, according to the data by Real Estate 114, a real estate information provider.
A typical home for South Koreans is an 82 square-meter or 109 square-meter apartment.
Only 8.5 percent, or 1,353 apartment units, have a total floor area of more than 85 square meters, compared to 31.6 percent in 2000, the data showed.
“The trend of avoiding medium or large apartments is becoming more visible as more than 90 percent of newly built apartments in Seoul are provided through reconstruction or redevelopment projects,” said Lee Mi-yoo of Real Estate 114.
Industry experts also attributed the trend to the increased number of single-person households and small households in the capital region.
According to a separate report, the number of single-person households rose almost eightfold over the past 30 years with the figure likely to continue its upward cycle down the road.
(Yonhap)
