Over 30,000 Public Housing Units in the Seoul Metropolitan Area This Year... Largest in 20 Years

[Asia Economy Reporter Kim Hyemin] The volume of public sale housing supplied in the Seoul metropolitan area this year has been recorded as the largest in 20 years.

According to Real Estate 114 on the 11th, the total public sale housing supply in the Seoul metropolitan area this year is 30,138 units, accounting for 83% of the nationwide supply. As the supply in the metropolitan area has significantly increased, the gap in supply compared to non-metropolitan areas has widened the most since the survey began in 2000. Excluding the first round of preliminary subscription units, this is the highest since 2013 (29,595 units).

In Gyeonggi Province, excluding the first round of preliminary subscription units, a total of 18,189 units are planned to be supplied. This is the second highest level following 21,765 units in 2019. At that time, the public sale supply included large redevelopment complexes in the old downtown area of Seongnam. Considering only the number of general units, this year's supply is 19,205 units, which is more than two years ago.

In Incheon, for the first time since 2000, more than 6,000 public sale units will be released this year. Excluding 1,285 preliminary subscription units, the total is 5,473 units. This is also the highest in 20 years.

Public sale apartments are supplied at prices lower than the surrounding market prices by applying the price ceiling system. This is why a large number of subscription competitions are expected for the newlywed hope town scheduled to be supplied in Seoul this November.

However, public sale apartments have stricter subscription eligibility requirements compared to private sales. To apply for special supply and general supply for units with exclusive areas of 60㎡ or less, income and asset criteria must be met. There are also restrictions on the type of subscription savings accounts (subscription savings, comprehensive housing subscription savings). After winning, resale restrictions and residence obligations apply. Kyunghee Yeo, senior researcher at Real Estate 114, said, "It is necessary to check the conditions in advance before applying."

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