Canada Wood Today | The Canada Wood Group

Housing Construction

Tai Jeong

By Tai Jeong

Country Director, Canada Wood Korea

August 1, 2018

Due to the ongoing government intervention to curb rising house prices and cool down the overheated housing market, South Korea’s housing starts in number of buildings for the first five months of 2018 decreased 15.5% to 35,591 buildings while that in number of units increased 17% to 197,475 units showing a market demand trend toward smaller size of apartment. Housing permits in number of buildings and units for the same period of 2018 also decreased 16.7% and 13.8% respectively to 41,436 buildings and 205,227 units from a year earlier 49,724 buildings and 238,179 units.

Due to the current difficulty in getting building permits for wood structures caused by enhanced requirements for seismic design for small scaled buildings and sound floor for Dagagu housing in coupled with the overall housing market decrease, the number of wood building starts and permits for the first five months of 2018 decreased 12.7% to 5,127 buildings and 23.4% to 5,451 buildings respectively while those for total floor areas decreased 14.6% to 469,185 m2 and 22.9% to 512,483 m2 respectively from the same period of 2017.