Instead of Seoul, Gwacheon... Eye-catching 'Designated Taxi 1 Billion Lotto'

[Asia Economy Reporter Kim Yuri] As the Seoul housing market has virtually entered a state of suspended operations, the attention of prospective applicants is turning to Gwacheon Jisik Information Town, known as the "1 billion won lotto housing." This is because it is the first private housing supply to allocate a special quota for first-time homebuyers, and some demand for switching from one house to another is expected to be absorbed in the lottery for medium-to-large units, signaling fierce competition already.

According to the housing supply industry on the 6th, 1,698 households in blocks S1, S4, and S5 within Gwacheon Jisik Information Town are preparing for supply around mid-month. Gwacheon Jisik Information Town is located at the southern end of the existing residential district in Gwacheon City, known as a quasi-Gangnam area, attracting the interest of prospective applicants. To the south is the Bukuiwang IC of the 2nd Gyeongin Expressway, and it is adjacent to Provincial Road 309, which connects to Seoul's Gangnam area, making its location excellent.

Block S1's "Gwacheon Prugio Ortus" consists of 435 households with small to medium sizes ranging from 74 to 84㎡ (exclusive area). Block S4's "Gwacheon Prugio Eoullim Lavieno" has 679 households sized 84 to 120㎡, and Block S5's "Gwacheon Prugio Desiang" consists of 584 households sized 84 to 107㎡. The Gwacheon City Housing Price Review Committee recently set the average supply price per 3.3㎡ for these blocks at 24.03 million KRW, 23.76 million KRW, and 23.73 million KRW, respectively. Based on an 84㎡ exclusive area, the price is around 800 million KRW, and the industry expects the price difference upon winning to reach up to 1 billion KRW.

In particular, attention is drawn to the fact that low-score, non-homeowners who have been marginalized in the subscription market and one-homeowners wishing to switch homes also have opportunities. These blocks are the first private housing to apply a special quota for first-time homebuyers. Since the partial amendment to the "Housing Supply Rules" and the amendment to the "Public Housing Special Act Enforcement Rules" took effect on the 29th of last month, 15% of these private housing units on public land are supplied as a special quota for first-time homebuyers. This applies only to units 85㎡ or smaller and requires meeting eligibility criteria such as 130% of the average monthly urban worker income. Winners are selected by lottery among qualified applicants, so it is expected that many non-homeowner applicants aiming to purchase their first home will show high interest.

The door is also slightly open for one-homeowners wishing to switch homes. This applies to the lottery portion of medium-to-large units exceeding 85㎡. There are 541 units over 85㎡ in blocks S4 and S5, of which half (about 270 units) are allocated by lottery. However, within the lottery units, 75% are drawn among non-homeowners, and the remaining 25% are competed for by both non-homeowners and one-homeowners, so the number of units that one-homeowners can realistically aim for is about 67. However, since medium-to-large units are rarely supplied in major areas such as Seoul, one-homeowners are also expected to show great interest in this subscription.

Earlier in July, the first private supply in Gwacheon Jisik Information Town, "Gwacheon Prugio Bellarte," saw 47,270 applicants for 350 units (excluding special supply), including local, other Gyeonggi, and other regions, recording an average competition rate of 135.1 to 1. The average supply price per 3.3㎡ for this block was 23.71 million KRW, similar to the three blocks being supplied this time. A maintenance industry official said, "With the addition of demanders aiming for special quotas such as first-time homebuyers and one-homeowners, competition is expected to become even fiercer," adding, "Conditions such as the 10-year resale restriction should be carefully considered to decide whether to apply according to each individual's circumstances."

Meanwhile, it is known that the simultaneous supply of the three complexes has not yet been decided. If the announcement dates for winners are the same, duplicate applications will not be possible, so prospective applicants should check such details in the resident recruitment announcement.

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