As South Korea’s capital faces a severe housing supply mismatch, Gangnam-gu’s Eunma Apartment—comprising 4,424 households—alongside major redevelopment projects prepares for massive tenant relocations. With nearly 3만 가구 vacating properties across Seoul by early next year, tighter owner-occupancy regulations and plunging rental inventories are driving severe upward pressure on lease prices.
The Bottom Line
- Imminent Relocation Wave: Approximately 2만7901 households across Seoul are slated to vacate properties between the second half of this year and the first half of next year, with Gangnam-3 districts housing 34.8% of this total.
- Inventory Depletion: Seoul’s rental (jeonse and monthly lease) listings dropped 11.8% year-over-year to 3만7686 units, fueled by stricter owner-residency requirements under local land transaction permit zones.
- Macro Supply Mismatch: Seoul’s new housing completions are projected to contract from 2만6523 units this year down to 1만5388 units by 2028, creating a multi-year structural deficit against cumulative redevelopment displacements.
The Mechanics of Gangnam’s Relocation Squeeze
Property markets across Seoul are bracing for a severe liquidity and supply shock as multi-thousand-unit reconstruction projects simultaneously clear their occupants. According to data released by Democratic Party lawmaker Jeon Yong-gi from the Seoul Metropolitan Government, exactly 2만7901 households are scheduled for relocation between the second half of this year and the first half of next year. The concentration is heaviest in the affluent Gangnam-3 districts (Gangnam, Seocho, and Songpa), which account for 9724 displaced households, or 34.8% of the citywide total.
At the center of this displacement wave is the 4,424-unit Eunma Apartment in Daechi-dong, Gangnam-gu. Following its upcoming management disposal general meeting, the complex is scheduled to begin its evacuation by the first half of next year. Alongside Eunma, other high-profile sites such as the 1,960-unit Gaepo Jugong complexes 6 and 7, and the 2,862-unit Bukahyeon District 2 in Seodaemun-gu, will compound local supply strains. Real estate data firm Asil reports that total Seoul jeonse (lump-sum lease) listings have fallen to 2만259 units—representing a 12.0% contraction compared to the previous year. Here is the math: project delays compounded by strict residency mandates have collided with normal moving cycles, leaving incoming tenants scrambling for rapidly vanishing inventory.
| Metric / Indicator | Current Data | YoY Change / Projected Trend |
|---|---|---|
| Seoul Relocation Volume (H2 this year–H1 next year) | 2만7901 households | Gangnam-3 accounts for 9724 households (34.8%) |
| Seoul Jeonse Inventory (Asil data) | 2만259 units | Declined 12.0% YoY |
| Seoul Jeonse Price Index Growth (Jan–Aug) | 7.36% increase | Measured by Korea Real Estate Board |
| Projected Seoul Housing Completions | 2만6523 units (this year) | Shrinking to 1만5388 units by 2028 |
Spillover Effects Across Seoul Submarkets
The displacement shock is not confined to Gangnam. In Dongjak-gu, the 3,897-unit Noryangjin District 1 completed relocations at the end of last month, with the adjacent 1,038-unit Noryangjin District 3 following suit next month. Local brokerage reports indicate that nearby complexes like Daebang Daelim have completely exhausted their jeonse inventory, while Sindongah Riverpark lists a meager four available units. Consequently, jeonse prices for an 84㎡ unit in the area have surged from the early 600 million won range to 7억3000만원, marking a near 1억 won jump in months.
According to Park Won-gab, senior real estate specialist at Kookmin Bank, “Large-scale maintenance projects that were previously delayed are now being pushed forward simultaneously, concentrating relocation demand into specific windows.” He warns that without parallel interventions such as staggered relocation schedules, expanded public rental utilization, and eased owner-occupancy burdens, lease market instability will persist.
Structural Deficits and Policy Responses
The balance sheet tells a difficult story for policymakers attempting to engineer a soft landing. Over the next four years, cumulative redevelopment displacement across Seoul is projected to reach 8만3546 households by 2028, dwarfing the anticipated 5만9700 incoming completion units over the same timeframe. Total projected relocations will climb further to 4만832 households in 2028, 3만9102 in 2029, and 5만6662 in 2030, totaling roughly 15만 가구 displaced households.
Yoon Su-min, a real estate specialist at NH Nonghyup Bank, notes that supply expansion remains severely constrained. “Through fast-track integrated planning and Moa Town designations, the construction of new multi-family villas is restricted across most of Seoul, making it difficult to organically scale supply,” Yoon explains. To mitigate the crunch, municipal authorities are actively monitoring transaction prices and reviewing relocation timeline adjustments. Meanwhile, central authorities plan to allocate 6만6000 of the 9만 planned metropolitan public purchase-lease housing units to key districts in Seoul and Gyeonggi province over the next two years.
As the relocation countdown ticks closer for Eunma and its peers, the window for market stabilization narrows. Without aggressive regulatory flexibility and coordinated timing adjustments, the capital’s rental market faces an extended period of high-cost volatility.
