KAMCO's Onbid Cumulative Transaction Amount Surpasses 90 Trillion Won... Membership Reaches 2.22 Million

Real Estate Sale Amount 9 Trillion Won... 48% Increase Compared to Previous Year
Highest Bid 1.4598 Trillion Won for Jangangu Apartment Land

Onbid Usage Status Over the Past 5 Years. Photo by Korea Asset Management Corporation (KAMCO)

[Asia Economy Reporter Song Seung-seop] The cumulative transaction amount of 'Onbid,' the public asset disposal system operated by Korea Asset Management Corporation (KAMCO), has surpassed 90 trillion won.

According to KAMCO on the 1st, the Onbid service, which started in 2002, reached 90 trillion won just 11 months after surpassing 80 trillion won in July last year. This is about 6 months faster compared to the approximately 1 year and 5 months it took to go from 70 trillion won to 80 trillion won.

Onbid allows the entire process from item search to bidding to be handled online. Amid the overall rise in real estate prices, it is analyzed that investors flocked to the public auction market where real estate can be acquired at prices relatively lower than market value. Currently, the number of members reaches about 2.2 million.

Onbid Usage Status in the First Half of 2021. Photo by KAMCO

The total amount of real estate sales transactions on Onbid over the past year was 9 trillion won, a 48% increase compared to the previous year’s 6 trillion won. The proportion of rental property transactions also rose by 2.8 percentage points from the end of last year to 20%. The average competition rate increased from 2.6 to 1 to 3.1 to 1. In particular, automobiles, which are traded more than 7,000 units annually on Onbid, tend to have many well-maintained items, leading to a continuous rise in competition rates. The competition rate, which was 9.5 to 1 in 2019, soared to 13.5 to 1 last month.

The highest-priced winning bid in the past year was a multi-family residential site in Jangan-gu sold in November last year for 1.4598 trillion won. The item with the highest competition rate was also a multi-family residential site, with the Shinjinju Station area property recording a competition rate of 710 to 1.

Namgung Young, head of KAMCO’s Public Development Headquarters, emphasized, “Despite the ongoing COVID-19 situation, we have achieved new results thanks to the interest and participation in Onbid,” and added, “We will continue to strive to be a trusted platform for public asset transactions for our customers.”

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