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[Asia Economy Reporters Kim Hyemin, Kim Dongpyo] After the Lunar New Year holiday, the housing market sees a large influx of non-priority subscription units, commonly known as ‘Jupjup (picking up and picking up again)’. According to the Korea Real Estate Board’s subscription website on the 3rd, non-priority subscriptions are being held at a total of six complexes nationwide on this day alone, totaling over 450 units.

Non-priority subscription is a system where winners are selected 100% by lottery without any ranking. These units come from cancellations or terminations of contracts after official contracts have been signed, or from unsold units, and are offered as ‘Jupjup’. Unlike general subscriptions, no subscription savings account is required, and anyone aged 19 or older can participate, making it popular last year especially in the Seoul metropolitan area.

However, unlike in the past when it was called a ‘lottery subscription’, most of the units available this time are unsold units that failed to be sold even during the main subscription. Four out of the six complexes fall into this category. In particular, ‘Dongdaegu Station Centum Hwaseong Park Dream’ in Sinam-dong, Dong-gu, Daegu, offers 290 non-priority subscription units out of a total of 952 units. This complex had 68 units left unsold even after combining the 1st and 2nd priority subscriptions for general units in December last year.

‘Uijeongbu Station River County’ in Uijeongbu, Gyeonggi Province, is holding its sixth non-priority subscription. This complex has been conducting non-priority subscriptions at one-month intervals since October last year, but two units have yet to find owners.

Incheon’s ‘Songdo Xi The Star’, which was sold out during the main subscription but experienced a large number of cancellations during the official contract process, also has some remaining units on the non-priority subscription market. This complex recorded an average competition rate of 13 to 1 in the 1st priority subscription last November, but attracted attention as about 530 units, approximately 35% of the winners, did not sign contracts. The current non-priority subscription units available total 84, all but one of which are 84㎡ in exclusive area.

‘CLIO Switzen’ in Daejeon, which recorded an average competition rate of 27.04 to 1 during the main subscription, is also conducting non-priority subscriptions for 12 units on this day. This is the second time following last month. On the 10th, some units with relatively lower prices, known as vacant units, will also be released. These are units that the Korea Land and Housing Corporation (LH) sold to the private sector after 5 to 10 years of rental and conversion to sale, which became vacant due to tenant move-outs.

The targets include 6 units in Incheon (△Incheon Gwanggyo Hansin Hue Plus △Incheon Ganseok LH △Incheon Dongsan LH), 7 units in Goyang (△Goyang Wondang Raemian Hurest △Goyang Wondang e-Pyeonhansesang), 4 units in Gwangmyeong (Gwangmyeong Jeil Punggyeongchae), and 2 units in Bucheon (△Bucheon Wonjong Kumho Eoullim △Bucheon Jungdong Palace County), totaling 19 units. The sale prices range from 170 million to 610 million KRW, with exclusive areas between 39㎡ and 59㎡.

Winners can purchase a home at prices cheaper than market value. Among the vacant units, the most expensive unit (about 612 million KRW) at Bucheon Jungdong Palace County (59㎡) currently has asking prices as high as 900 million KRW. The Goyang Wondang e-Pyeonhansesang unit priced at 570 million KRW has asking prices ranging from 640 million to 750 million KRW.

Unlike the 100% lottery-based non-priority subscription, winners of vacant units are determined according to ranking requirements. 1st priority applies to those who have paid subscription savings for 24 months or more, are heads of households without a home, and have not won a house in the past 5 years. In case of competition within the same rank, priority is given to those who have lived in the relevant area for more than 2 years, have been members of a non-home-owning household for more than 3 years, and have the highest total subscription savings.

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