Revival of Private Land Price Ceiling System Sparks Subscription Frenzy in Popular Areas

[Asia Economy Reporter Yoo In-ho] A subscription frenzy is sweeping popular areas such as Hanam Gam-il District. With the revival of the private land price ceiling system expected to reduce the supply of units for sale, the subscription fever for these areas is heating up.

According to the industry on the 8th, 140,000 people applied for the special supply and first-priority subscription of 'Gam-il Prugio Markver' in Hanam-si, Gyeonggi-do on the 3rd and 4th.

'Gam-il Prugio Markver' in Hanam-si, Gyeonggi-do, which received first-priority subscriptions, had 114,955 applicants for 284 units, closing subscriptions for all housing types with an average competition rate of 404.7 to 1. The highest competition rate was for 114㎡A (576.5 to 1), followed by 114㎡B (472.5 to 1), 84㎡A (274.7 to 1), and 84㎡B (255.4 to 1).

On the day before, the special supply subscription recruited 180 units (excluding 32 units recommended by institutions) and received 27,608 applications, recording an average competition rate of 153 to 1.

In particular, the ‘First-time Homebuyer Special Supply,’ which selects by lottery without considering points, saw 15,426 non-homeowners apply for 49 units, recording a competition rate of about 315 to 1. Additionally, the ‘Newlywed Couple Special Supply’ attracted 9,441 applicants for 66 units, showing fierce competition at 143 to 1.

The sale price of Gam-il Prugio Markver, subject to the price ceiling system, is 16.36 million KRW per 3.3㎡, about 60% of the market price.

With the supply volume in the metropolitan area significantly reduced and the expectation of a ‘lottery subscription’ promising several hundred million KRW in capital gains upon winning, many non-homeowners and newlywed couples flocked to apply. The possibility of overlapping subscriptions with the designated area in Gwacheon also influenced the rise in subscription competition rates.

Previously, three complexes simultaneously supplied in Galhyeon-dong, Gwacheon-si, Gyeonggi-do, at Gwacheon Knowledge Information Town (Gwacheon Prugio Ortus, Gwacheon Prugio Eoullim Lavieno, Gwacheon Le Sento Desiang) had about 570,000 applicants combined for special supply and first priority.

Furthermore, Sejong Hanlim Full Ever, located in M8 block of Goun-dong (1-1 living zone), Sejong City, attracted 25,910 applicants for 169 units in the first-priority subscription the day before, recording an average competition rate of 153.3 to 1. The highest competition rate was for the exclusive 136㎡ unit, with 686 applicants for 2 units (343.0 to 1).

This complex is the first apartment to be supplied in Sejong City in 1 year and 4 months since Sejong Haneulchae Centreville was supplied in the 2-1 living zone in July last year, with an average sale price set at 11.36 million KRW per 3.3㎡.

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