"To Avoid Resale Restrictions" Subscription Frenzy Sweeps Seoul Metropolitan Area and Provincial Metropolitan Cities

'Geomam Station Royal Park City Prugio'
85,000 Applicants Break Incheon’s Highest Record

'Bupyeong SK View Haemoro' 105 to 1
'Jukjeon Station City Pradium' in Daegu 25 to 1, etc.

[Asia Economy Reporter Lee Chun-hee] The enthusiasm for new apartment subscriptions in Incheon shows no signs of cooling, with as many as 85,000 applicants flocking to a single complex. Analysts suggest that demand is surging as buyers try to evade regulations ahead of the ban on resale of pre-sale rights in the metropolitan area and major provincial cities.

According to the Korea Real Estate Board's 'Chungyak Home' on the 10th, the subscription for 'Geomam Station Royal Park City Prugio' in Seo-gu, Incheon, which was held the previous day, attracted 84,730 applicants for 3,134 units, resulting in an average competition rate of 27.0 to 1. The 84,730 subscription applications for this complex, supplied by DK Urban Development and DK Asia, surpassed the previous highest subscription record in Incheon of 58,021 applications set in March at 'Hillstate Songdo The Sky' in Yeonsu-gu.

In the old downtown area of Bupyeong-gu, a complex with triple-digit competition rates also appeared. On the same day, 'Bupyeong SK View Haemoro' attracted 57,621 applicants for 547 units, with an average competition rate of 105 to 1.

Incheon Seo-gu 'Geomam Station Royal Park City Prugio' Model House (Provided by DK Urban Development)

Incheon, where these two complexes are located, is facing a full ban on resale of pre-sale rights in the metropolitan area and major provincial cities, which is expected to be implemented as early as next month. Currently, resale of pre-sale rights is allowed six months after the announcement of winners, but once the full resale ban is enforced, resale will be prohibited except in exceptional cases until the ownership transfer registration after completion.

The subscription fever is also evident in provincial areas. On the same day, 'Jukjeon Station City Pradium' in Dalseo-gu, Daegu, attracted 1,428 applicants for 57 units, achieving a first-priority subscription closing with an average competition rate of 25.1 to 1. Here too, the current resale restriction is only six months, but for complexes sold after next month, resale will be impossible until move-in.

Additionally, 'Seongsan Bando Yubora I-Park' in Changwon, Gyeongnam, received 5,495 subscription applications for 439 units, closing first-priority subscriptions with an average competition rate of 12.5 to 1.

However, some evaluations suggest that this subscription enthusiasm is limited to popular areas. Critics argue that the government's designation of regulated areas effectively points out where demand will concentrate. In fact, among the six complexes that held subscriptions through Chungyak Home on the same day, 'Ian Central Fore Jangyu' in Gimhae, Gyeongnam, and 'Regency Villant' in Hwaseong Namyang New Town C-2 Block, Hwaseong, Gyeonggi, failed to close first-priority subscriptions in all unit types.

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