Record-High Competition Rate in Seoul for Mini Complexes under the Sale Price Ceiling System

'Godeok Artes Misozium' First Priority Subscription Average Competition Rate 537.1 to 1

[Asia Economy Reporter Yuri Kim] The impact of the price ceiling on pre-sale apartments is intensifying. The highest-ever subscription competition rate in Seoul was recorded at a super small complex where the private land price ceiling was applied.

According to the Korea Real Estate Board's subscription homepage on the 22nd, 13,964 people applied for the first priority subscription of 'Godeok Artes Misozium' in Godeok-dong, Gangdong-gu, Seoul, resulting in an average competition rate of 537.1 to 1. This is the highest subscription competition rate ever recorded in Seoul. The previous highest average competition rate for first priority subscriptions in Seoul was 340.3 to 1 for 'DMC SK View I-Park Foret,' supplied in Eunpyeong-gu last August.

This apartment complex is the second in Seoul to which the price ceiling on pre-sale apartments has been applied. It is a small-scale complex with a total of only 100 units, and only 26 units were available for general supply.

In particular, the 59㎡ (exclusive area) A-type, with only 2 units supplied, attracted 1,575 applicants, pushing the competition rate up to 787.5 to 1. The 84㎡ units had 8,849 applicants for 17 units, showing a competition rate of 520.5 to 1, and the 59㎡ B-type had 3,540 applicants for 7 units, resulting in a competition rate of 505.7 to 1.

The industry attributes this overheated subscription to the low pre-sale prices. The pre-sale price per 3.3㎡ of this apartment is 25.69 million KRW. The pre-sale price for the 84㎡ unit is only 866 million KRW. Considering that apartments of similar size in the surrounding area have recently been leased at prices exceeding 1 billion KRW, this price is even below the jeonse (long-term lease) price. Previously, the first apartment complex in Seoul to which the price ceiling was applied, 'Seocho Xi Rene' in Seocho-dong, Seocho-gu, recorded an average competition rate of 300.2 to 1 in the first priority subscription on the 19th.

With over 10,000 applicants flocking to super small complexes in Seoul one after another, concerns are growing that the lottery-like subscription competition due to the price ceiling is becoming a reality. In a situation where existing housing prices have surged, many people are looking into the subscription market due to pre-sale prices that are up to about half lower than market prices, causing overheated competition and gradually increasing winning scores. Those who fail to secure a winning spot often turn their attention to the existing housing market out of impatience. The market expects that when complexes such as 'Dunchon Jugong' in Dunchon-dong, Gangdong-gu, which subscription waiters are closely watching, are released to the subscription market, competition rates will skyrocket.

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