A forecast has emerged that approximately 50,000 households in Seoul will move out and be demolished over the next two to three years due to ongoing redevelopment and reconstruction projects across the city.

On the 23rd, Ham Young-jin, head of the Woori Bank Real Estate Research Lab, analyzed the current status of Seoul's urban maintenance projects. Based on data as of the end of June this year, there are 66 districts in Seoul that have received project implementation authorization. If these projects proceed, the projected volume of demolished units is estimated at 48,249 households.

By autonomous district (gu), Yongsan-gu recorded the highest projected demolition volume with 8,336 households across 7 districts.

This was followed by Gwanak-gu with 6,652 households (6 districts), Yeongdeungpo-gu with 6,215 households (10 districts), Songpa-gu with 5,325 households, and Seodaemun-gu with 5,232 households.

By individual project district, Sillim District 1 (4,410 households), which is awaiting management and disposal authorization, was the largest in scale.

Buk-Ahyeon District 3 (3,530 households), Hannam District 4 (3,423 households), Macheon District 3 (3,036 households), and Singil District 2 (2,790 households) followed closely behind.

Large-scale complexes consisting of 1,000 households or more, including these, accounted for a total of 29,849 households, making up 61.9% of the entire demolition volume.

Once all these units are completed, it is projected that 63,072 new households will be created.

However, because a significant time gap occurs between relocation/demolition and completion, a sudden surge in large-scale relocation demand is bound to impact the local jeonse (lump-sum lease) and monthly rent markets in surrounding areas.

Lab Head Ham diagnosed, "It appears necessary to establish a coordination system between Seoul City and autonomous districts to adjust relocation timings so that the relocation of large-scale districts within the same living sphere does not overlap."

[Copyright (c) Global Economic Times. All Rights Reserved.]