Last Year Seoul's Top Priority Subscription Competition Rate 89 to 1... Tripled in One Year

First Priority Subscription Competition Rate... From 31.6 to 1 → 88.84 to 1

[Image source=Yonhap News]

[Asia Economy Reporter Kim Hyemin] Last year, the first-priority subscription competition rate for apartments in Seoul nearly tripled in one year. It is the highest ever recorded since statistics began.

According to Real Estate 114 on the 31st, last year's first-priority subscription competition rate in Seoul was recorded at 88.84 to 1. A total of 638,027 first-priority applicants flocked to 7,182 general sale apartments.

This is 2.8 times higher than the previous year. In 2019, the first-priority subscription competition rate for Seoul apartments was 31.6 to 1. A total of 340,911 applicants applied for 10,788 general supply units.

Even when expanded to the entire metropolitan area, the first-priority subscription competition rate is at an all-time high. During the same period, it increased from 13.39 to 1 to 36.13 to 1. Gyeonggi-do rose 2.5 times to 30.46 to 1 compared to the previous year. Incheon’s competition rate soared nearly 3.5 times from 8.34 to 1 to 29.08 to 1.

The most competitive complex in Seoul last year was 'Godeok Artes Misozium' in Sangil-dong, Gangdong-gu, which was sold in October. With 26 units available, 10,964 applicants applied, setting a new record with an average competition rate of 537.08 to 1.

This was influenced by the lower sale prices due to the private land price ceiling system implemented from July 29 last year. The first applied complex, 'Seocho Xi Rene' in Seocho-gu, attracted 10,507 applicants for 35 units, recording a first-priority subscription competition rate of 300.2 to 1.

Complexes sold in Gwacheon Knowledge Information Town, Gyeonggi-do, also led the rise in subscription competition rates. 'Gwacheon Prugio Ortus' recorded 534.86 to 1, 'Gwacheon Le Scento Desiang' 470.27 to 1, and 'Gwacheon Prugio Eoullim BNO' 415.74 to 1.

Last year, the number of general supply units in the metropolitan area was 70,888, down 7.83% from the previous year (76,915 units), but the total number of applicants increased about twofold from 1.04 million to 2.6 million.

Senior Researcher Yeo Kyung-hee of Real Estate 114 analyzed, "Although the number of units supplied last year decreased, the subscription competition rate rose as the sale prices became affordable due to the price ceiling system. Demand concentrated on complexes with reasonably priced units, driving market demand concentration."

Regarding the noticeable rise in Seoul’s subscription competition rate, Senior Researcher Yeo said, "It is a region supported by demand, and there is a strong preference for new apartments, which contributed to the higher competition rate."

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