Apartment Subscription Competition Rates in Gyeonggi and Incheon Reach All-Time High as of January

[Asia Economy Reporter Kim Hyemin] The atmosphere in the metropolitan area apartment subscription market has been hot since the beginning of the year.

According to Real Estate 114 on the 22nd, the average subscription competition rate in the metropolitan area in January this year was 29.7 to 1, marking an all-time high. This is seven times higher than the rate in the provinces (4.4 to 1). The provinces saw a significant drop compared to January last year (18.1 to 1) due to a small supply of preferred metropolitan city units and the emergence of undersubscribed complexes. The average subscription competition rate for 29 complexes with 9,740 households nationwide was 17.1 to 1.

By city and province, although there was no supply in Seoul, the Gyeonggi region led the metropolitan area's heat with a high subscription competition rate of 60 to 1. Incheon also had a high subscription competition rate of 16.9 to 1. Since internet applications became mandatory in 2007, Gyeonggi, Incheon, and Gangwon showed the highest competition rates for January on record.

In the metropolitan area, small to medium-sized apartments with exclusive areas of 60 to 85㎡ were popular, while in the provinces, medium to large-sized apartments exceeding 85㎡ attracted interest. The average subscription competition rate for small to medium-sized apartments in the metropolitan area was 48.7 to 1. On the other hand, in the provinces, the subscription competition rate for medium to large-sized apartments was 8 to 1, higher than other size categories. Real Estate 114 explained, "The popularity of medium to large-sized apartments in the provinces was due to the scarcity, with only 513 general supply households, and the large number of lottery-based units made it easier for one-homeowners to apply."

From after the Lunar New Year holiday, the supply of units will be released in earnest. In March, 63,139 households, the largest supply in the first half of this year, are waiting for sale. Among them, 27,775 households are in the metropolitan area, in the order of Gyeonggi (23,502 households), Incheon (3,000 households), and Seoul (1,273 households).

In Seoul, Godeok Gangil Jeil Punggyeongchae (780 households) will start subscription applications early next month. The sale of Raemian One Bailey (2,990 households), originally scheduled for February, has been postponed to April. In Gyeonggi, large-scale redevelopment complexes such as Gwangmyeong City Wide Area 2 Redevelopment (3,444 households) and Buk Suwon Xi Rex Via (2,607 households) are scheduled for sale.

Real Estate 114 advised, "As the obligation for actual residence of subscribers is strengthened, thorough financial planning must be made before applying." Apartments subject to the price ceiling system in the metropolitan area will have a maximum five-year residence obligation for complexes that apply for resident recruitment approval after February 19. Also, if a mortgage loan is taken in regulated areas, the resident must move in within six months. If a winner of a subscription gives up the contract due to financial difficulties, re-winning will be restricted.

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