[2·4 Supply Measures] 30% Shift to 'Lottery System'... Increased Winning Opportunities for 3040 Generation

Reduce Allocation Concentrated on Special Forces and High Scorers
No Income Conditions for Houses Over 900 Million Won

[Asia Economy Reporter Kangwook Cho] The government has decided to partially revise the housing subscription system through the February 4 supply plan. The main point is to reduce the proportion of special supply in public sales and expand the lottery-based allocation. The intention is to increase the chances of winning for 30s and 40s non-homeowners by reducing some of the excessively concentrated quotas for special supplies such as newlyweds, first-time homebuyers, and multi-child families, as well as high-score applicants. ★Refer to our January 29 issue, pages 1 and 3

First, the proportion of general supply for public sales under 85㎡ (exclusive area) will be raised from 15% to 50%. Currently, for public sales priced under 900 million KRW, 85% of the total units under 85㎡ are special supply, while general supply accounts for only 15%.

Also, 30% of the general supply will be converted to a lottery system. Until now, all general supply units were allocated by selecting winners based on the total savings amount among non-homeowners for more than three years. However, the lottery participation requirement is limited to household members who have been non-homeowners for more than three years. Accordingly, while the proportion of sequential allocation within general supply decreases, the Ministry of Land, Infrastructure and Transport explains that the proportion of sequential allocation in the total supply will increase from 15% to 35%.

For high-priced public sale homes exceeding 900 million KRW within the general supply, income requirements will be excluded. Until now, for units under 60㎡ exclusive area, applicants had to meet strict income and asset requirements such as a monthly average household income below 100% of the previous year's urban worker average, real estate assets below 215.5 million KRW, and automobile assets below 27.94 million KRW, but these regulations will be waived for homes priced over 900 million KRW.

The Ministry of Land, Infrastructure and Transport explained, "To meet the real demand of non-homeowners in their 30s and 40s who have been waiting for housing supply, more than 70-80% of the total units from this plan will be supplied as sale housing, and the supply of affordable public sale housing compared to market prices will be significantly expanded in major urban centers such as Seoul and the metropolitan area."

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