First Preliminary Subscription Attracted 93,000 Applicants... Successful Popularity Among People in Their 30s

93,000 Applicants for Issue 4333
Many in Their 30s Apply Despite Hope Torture Controversy
Public Sale 28:1, New Shinta 13.7:1
Keywords: '30s, Mid-size, Incheon Gyeyang'

On the 28th, consultation related to subscription is being conducted at the 3rd New Town pre-subscription reception center set up in Jangji-dong, Songpa-gu, Seoul. Photo by Jinhyung Kang aymsdream@

A total of 93,000 people applied for 4,333 units in the first round of preliminary subscription for new housing sites in the Seoul metropolitan area. The competition rate was 28.1 to 1 for public sale housing and 13.7 to 1 for newlywed hope towns. Despite uncertainties about the move-in schedule and controversies over higher-than-expected sale prices, demand from the younger generation was strong.

Large Unit Sizes Popular in Public Sale... Incheon Gyeyang Region

According to the Ministry of Land, Infrastructure and Transport on the 12th, the first preliminary subscription of the year conducted in Incheon Gyeyang, Namyangju Jinjeop 2, and Seongnam Bokjeong 1 ended with a final competition rate of 21.7 to 1. For public sale housing, a total of 23,88 units were offered, with 67,129 applicants, recording an average competition rate of 28.1 to 1. Special supply for newlyweds and others had a relatively low competition rate of 15.7 to 1, but general supply, which had fewer units, saw fierce competition at 88.3 to 1.

By region, Incheon Gyeyang, a 3rd phase new town, had the highest competition rate among all areas with 37,000 applicants (52.6 to 1) for 709 public sale units. Seongnam Bokjeong 1, which attracted high interest, had about 14,000 applicants (23.9 to 1) for 583 units, and Namyangju Jinjeop 2 had 15,927 applicants (14.5 to 1) for 1,096 units. Incheon Gyeyang was popular due to relatively lower sale prices and better location conditions compared to other areas.

Regardless of the region, preference for larger unit sizes was particularly high. In Incheon Gyeyang, the 59㎡ (exclusive area) units had a competition rate of 26.8 to 1, whereas the 84㎡ units, known as the "national standard size," closed with an astonishing competition rate of 381 to 1. The 84㎡ units in Namyangju Jinjeop 2 also showed a three-digit competition rate of 112.3 to 1. In Seongnam Bokjeong 1, 51㎡ and 59㎡ units were supplied, with competition rates of 11.3 to 1 and 29.3 to 1 respectively, indicating that many applicants preferred slightly larger units.

Newlywed Hope Towns Popular in Wirye and Incheon Gyeyang

Among newlywed hope towns, the Wirye district adjacent to the Gangnam area was the most popular, with 16,000 applicants (38.7 to 1) for 418 units. It was followed by Incheon Gyeyang (12.8 to 1) and Seongnam Bokjeong 1 (7.5 to 1). Seongnam Bokjeong 1 and Uiwang Cheonggye 2 were allocated 747 units, but these were already fully subscribed in the local area application phase, so Seoul residents could not apply.

Most Applicants in Their 30s... Increased Interest from Seoul Residents

Since many units were allocated for newlywed couples in the preliminary subscription, most applicants were in their 30s. For public sale housing, those in their 30s accounted for 46.1%, about half of the applicants, followed by those in their 40s (22.9%), 50s (13.4%), and teens (10.8%). The government expects that the preliminary subscription will reduce 'panic buying' among people in their 30s and stabilize housing prices.

In particular, for newlywed hope towns, 70.9% of applicants were in their 30s and 19.4% in their 20s, making those aged 30 or younger 90.3% of the total. Newlywed hope towns mostly consist of 55㎡ units suitable for newlywed couples with no or young children. Regarding applicants' residence areas, 61.8% were residents of Gyeonggi and Incheon, the preliminary subscription target areas, while 38.2% were Seoul residents. Given the recent sharp rise in apartment prices in Seoul, interest from young Seoul residents was high.

The winners of the subscription will be announced on the 1st of next month. Afterwards, the government will conduct additional screening to confirm eligibility based on income, non-homeownership, and other criteria to finalize the winners. The next preliminary subscription this year will start with a recruitment announcement in October and be conducted in November and December. The second preliminary subscription will accept applications for 9,100 units in Namyangju Wangsuk, Seongnam Nakseong, and Paju Unjeong.

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