Daegu Also Enters the 900 Million Won Sale Price Era... Lotto Subscription Only Possible for 'Cash-Rich' Buyers

Hillstate Manchon Station Perspective Rendering

In Daegu, there has been a case where the sale price of a small to medium-sized apartment exceeded 900 million KRW. When the sale price exceeds 900 million KRW, group interim payment loans are not available, so buyers must pay the full amount with their own money. There are concerns that the sales markets in prime areas of Seoul and the metropolitan area, as well as in major provincial cities, are increasingly becoming leagues only for cash-rich buyers.

According to the Korea Real Estate Board’s subscription website on the 26th, Hyundai Engineering announced the recruitment of residents for ‘Hillstate Manchon Station,’ scheduled to be supplied in Manchon-dong, Suseong-gu, Daegu, and has officially started sales. This complex is attracting attention not only for its excellent school districts, transportation, and location but also for its high sale prices.

The sale price for an 84㎡ (exclusive area) apartment (26th floor and above) was set at 899.26 million KRW. Including an expansion fee of 30 million KRW, the total reaches 920 million KRW. For the 136㎡ unit, the price is 1.35573 billion KRW (26th floor and above) with an expansion fee of 42 million KRW. The 84㎡ price is the highest ever recorded for small to medium-sized apartments in Daegu. Previously, the highest sale price for small to medium-sized apartments in Daegu was for the ‘Suseong Beomeo W’ complex, sold in 2019, where the 84㎡ type was priced in the 700 million KRW range.

If the sale price exceeds 900 million KRW, interim payment loans backed by public guarantees are not available. Buyers must directly finance about 60% of the sale price as interim payments along with the deposit. In Seoul, apartments priced over 900 million KRW have already appeared not only in the Gangnam area but also in non-Gangnam districts. Last year, ‘Lotte Castle Riverpark Signature’ in Jayang-dong, Gwangjin-gu, ‘Raemian Elinity’ in Yongdu-dong, Dongdaemun-gu, and ‘Heukseok Riverpark Xi’ in Heukseok-dong, Dongjak-gu, all had sale prices exceeding 900 million KRW starting from the 84㎡ units. According to real estate information company Zigbang, the proportion of apartments priced over 900 million KRW in Seoul rose sharply from 10.8% in 2017 to 35.8% last year.

This is why there are concerns that apartment subscriptions have effectively become leagues only for cash-rich buyers. The government’s loan regulations aimed at curbing speculation are instead blocking the dreams of genuine buyers to own homes. Ko Jun-seok, an adjunct professor at Dongguk University, said, “The very purpose of real estate loans is to support those who lack cash immediately to secure housing,” and added, “There is a need to prepare measures to support interim payment loans even if the sale price exceeds 900 million KRW, especially for young people, early career workers, and those without homes.”

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