Zigbang "August General Sale Volume Increases by 40% Compared to Same Period Last Year"

Apartment view from Namsan, Seoul./Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Moon Jiwon] The volume of general apartment sales nationwide this month is expected to increase by more than 40% compared to the same period last year.

According to Zigbang on the 3rd, a total of 33,273 housing units will be supplied across 42 complexes nationwide this month, with 24,480 units designated for general sales. This represents an increase of 6,104 units (22%) in total housing units and 7,224 units (42%) in general sales compared to the same month last year.

In Seoul, 5,401 units across 7 complexes are preparing for sales, with 4 of these complexes concentrated in Eunpyeong-gu.

The subscription schedules for complexes that announced recruitment notices at the end of last month are expected to take place in early this month. Recently sold complexes located in prime areas, such as "The H Firstier I-Park" and "Nowon Lotte Castle Signature," showed subscription competition rates in the triple digits depending on exclusive area, with all types closing in the first priority.

Earlier in July, the actual sales volume was 57,006 units across 74 complexes, with 37,724 units for general sales. Compared to the initial survey in June, the actual sales rate was about 75% based on the number of constructed units and 81% based on the general sales volume.

This is a significantly higher rate compared to the 30-40% actual sales rate compared to plans earlier this year. This is believed to be largely due to complexes that could not proceed with sales as scheduled because of issues such as the transfer of subscription work to the Korea Real Estate Board in the first half of the year and the impact of COVID-19, which were supplied in large quantities before the implementation of the private land price ceiling system.

Zigbang explained that sales were concentrated in Seoul, Daegu, and other areas ahead of the private land price ceiling system and the strengthening of resale restrictions starting this month. An industry insider said, "The surge in July sales volume was largely due to a push effect," adding, "With the implementation of the price ceiling system, there is a high possibility that many complexes will postpone sales in the fall."

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