KAMCO Onbid Surpasses Cumulative Transaction Amount of 80 Trillion Won

Real Estate Transactions Up 2%p and Amount Up 10%p in H1 Compared to Last Year
Onbid Vehicle Bidding Sees Average Competition Rate of 10.5:1 with Over 7,000 Units Traded Annually

[Asia Economy Reporter Ki Ha-young] Korea Asset Management Corporation (KAMCO) announced on the 9th that through Onbid, a public asset disposal system, it has surpassed a cumulative transaction amount of 80 trillion won and a total of 430,000 transactions in 18 years since the service began in 2002.

The achievement of the cumulative transaction amount of 80 trillion won came 1 year and 5 months after reaching 70 trillion won at the end of January last year, shortening the time by 4 months compared to the 1 year and 9 months it took to reach from 60 trillion won to 70 trillion won.

Despite the worsening economic conditions such as a sharp decline in consumption due to the novel coronavirus disease (COVID-19), Onbid auctions, which allow the entire process from searching for items to bidding to be conducted online, seem to have rapidly surpassed the transaction amount of 80 trillion won, supported by the untact consumption trend.

According to Onbid, as of the end of June 2020, the number of real estate transactions increased by 2 percentage points compared to the previous year to 30.7%, and the transaction amount rose by 10 percentage points to 90.6%, while the average competition rate also significantly increased from 3.7 : 1 to 7.2 : 1.

Additionally, among the cars traded annually over 7,000 units on Onbid, the average competition rate in the first half of this year was 10.5 : 1, making them the most popular auction items. Most cars auctioned are government or public institution official vehicles, which are well-maintained and reasonably priced, leading to an increasing number of buyers each year.

The highest winning bid since 2019 was the Seocho-dong military base site of the Defense Facilities Administration, sold for 1.0956 trillion won in May last year, and the item with the highest competition rate was an apartment in Jangan-gu, Suwon, auctioned in April this year with a record 3,869 : 1.

Namgung Young, Head of KAMCO’s Public Development Headquarters, said, "Despite difficult conditions such as COVID-19, we were able to achieve a cumulative transaction amount of 80 trillion won thanks to the interest and support of Onbid customers. We will continue to improve our services to make Onbid loved by all citizens."

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