As COVID-19 Subsides, Apartment Sales Flood in May

Zigbang "A total of 63,560 households scheduled for sale in 88 complexes nationwide in May"
Complexes postponed in March and April due to COVID-19 concentrated in May

[Asia Economy Reporter Onyu Lim] As the spread of the novel coronavirus infection (COVID-19) subsides, 63,000 housing units will be released nationwide in May, the peak season for housing sales.

According to Zigbang on the 4th, a total of 63,560 housing units will be supplied across 88 complexes nationwide in May. This is an increase of more than 20,000 units compared to 42,082 units in the same period last year. General sales will also increase by nearly 30,000 units to 50,672 units compared to 23,257 units in the same period last year.

The increase in May's supply volume is due to the accumulation of units postponed from March and April because of COVID-19. According to Zigbang, only 28 out of 53 complexes scheduled for April sales actually held sales. In terms of units, only 14,584 units, about 28% of the 52,079 units, were supplied.

There are 25 complexes postponed from April to May, totaling 24,187 units. Zigbang explained, "Due to the impact of COVID-19, nearly half of the complexes preparing for April sales adjusted their sales schedules, so the supply volume in May is expected to increase significantly."

Among the 63,560 units supplied nationwide in May, 36,023 units are in the metropolitan area. Gyeonggi-do has the largest supply. A total of 15,484 units will be supplied, including Wirye New Town Umi Lin 2nd Phase in Hakam-dong, Hanam-si. In Seoul, 13 complexes with 9,401 units are preparing for sales. Sales are concentrated in redevelopment complexes such as Heukseok River Park Xi in Heukseok 3 District, Dongjak-gu, and two public sale apartment complexes will be supplied in Gangil District, Godeok, Gangdong-gu. In the provinces, 27,537 units are scheduled for sale. Busan is expected to have the largest supply with 5,267 units, including Yangjeong Forehills Switzen in Yangjeong-dong, Jin-gu.

Due to COVID-19, housing sales marketing methods are also diversifying. Most complexes sold in March and April actively utilized cyber model houses. Gaepo Jugong 1 Complex in Gangnam-gu, Seoul, even held a general meeting of association members using a drive-thru method before sales. Despite this, the sales enthusiasm was intense. Popular complexes such as Hoban Summit Mokdong in Yangcheon-gu, Seoul, and Bupyeong Station Hanla Vivaldi Treviang in Bupyeong-gu, Incheon, recorded subscription competition rates in the triple digits and closed first priority subscriptions in all types.

Ham Young-jin, head of Zigbang Big Data Lab, said, "Once COVID-19 calms down, the housing sales market is expected to become more active," but added, "Depending on regulations and location conditions, subscription polarization is expected to deepen further."

This content was produced with the assistance of AI translation services.