33,000 Households for Sale on October 3... "5% Decrease YoY Due to Strengthened Resale Restrictions"

Strengthened Resale Restrictions in Metropolitan City Urban Areas Starting September
Private Land Price Ceiling System Implementation Leads to Sequential Delays in Redevelopment Project Unit Sales

[Asia Economy Reporter Lim Onyu] Due to the traditional peak season for apartment sales in October during the Chuseok holiday and the strengthened resale restrictions in the metropolitan area and provincial metropolitan cities, 33,000 households will be supplied nationwide, a 5% decrease compared to last year.

According to Zigbang on the 10th, a total of 33,502 households will be supplied across 42 complexes nationwide this month. Compared to the same period last year, the total number of households has decreased by 1,679 units (5%).

Zigbang analyzed that the decrease in supply volume is due to the strengthened resale restrictions in some areas of the metropolitan area and provincial metropolitan cities. Since the 22nd of last month, the revised enforcement decree strengthening resale restrictions in the metropolitan area’s overpopulation control zones, growth management zones, and urban areas of provincial metropolitan cities has been implemented. Previously, houses supplied in private land areas of the metropolitan area and provincial metropolitan cities that were not regulated areas were subject to a 6-month resale restriction period, but with the implementation of this revision, resale of pre-sale rights is prohibited until ownership transfer registration in the metropolitan area’s overpopulation control zones, growth management zones, and urban areas of provincial metropolitan cities.

However, general sales are expected to increase by 2,019 units (7%) to a total of 29,462 households compared to the same period last year. This is the result of the postponement of new apartment sales in Seoul due to the implementation of the private land price ceiling system. The proportion of general sales units to total households is low in redevelopment projects. Due to this cause, the total number of households is expected to decrease, while the number of general sales units is expected to increase.

The 'Dongbu Centreville' reconstruction project in Yeokchon 1 District, Eunpyeong-gu, Seoul, which is scheduled for sale this month, will be the first complex subject to the price ceiling system to be sold. Among the complexes scheduled for sale under the price ceiling system, Raemian One Pentas of Sinbanpo 15th reconstruction in Seocho-gu, Raemian One Bailey of Sinbanpo 3rd-Gyeongnam Apartment reconstruction, and Dunchon Jugong reconstruction in Gangdong-gu are adjusting their sales schedules.

A Zigbang official explained, "Since the price ceiling system cannot be avoided, it is judged that rather than rushing sales, the timing of sales is being adjusted in response to market changes according to government policies."

Meanwhile, the complexes scheduled for sale in September, surveyed in August, were 50 complexes with a total of 40,523 households, including 33,680 general sales units. Upon re-survey, only 27 complexes actually conducted sales, totaling 22,023 households (54%) and 17,228 general sales units (51%).

Among the 33,502 households supplied nationwide this month, 15,920 households are preparing for sale in the metropolitan area. Gyeonggi-do plans the largest supply with 15,168 households. In the provinces, 17,582 households are planned for sale, with Daegu City expected to have the largest supply at 3,636 households.

In Seoul, one complex with 752 households is preparing for sale. Dongbu Centreville, located in Yeokchon-dong, Eunpyeong-gu, Seoul, will have 454 of its total 752 households available for general sale. The exclusive area ranges from 46 to 84 square meters. A Zigbang official added, "Although sales are scheduled for this month, the complex has already postponed its sales schedule several times, so the schedule may change depending on the contractor’s circumstances."

In Gyeonggi-do, 20 complexes with 15,168 households are preparing for sale. Many mammoth complexes with over 1,000 households will be supplied. Uijeongbu Gosan Sujain in Sangok-dong, Uijeongbu, Gyeonggi-do, will have all 2,407 households available for general sale, ranging from 69 to 125 square meters. Pyeongtaek Jije Station Dongmoon Good Morning Hill Mom City Phase 2, located in Chilwon-dong, Pyeongtaek, Gyeonggi-do, will also have all 1,134 households for general sale, ranging from 59 to 84 square meters.

In the provinces, relatively many new apartments will be supplied mainly in Daegu City (3,636 households), Gyeongsangbuk-do (3,613 households), and Chungcheongnam-do (2,961 households).

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