About 30,000 Households to Be Supplied in Local Small and Medium Cities in the First Half of This Year

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[Asia Economy Reporter Hwang Seoyul] In the first half of this year, about 30,000 households are expected to be supplied in small and medium-sized cities in the provinces. Due to rising housing prices in the Seoul metropolitan area and strengthened loan regulations, demand for small and medium-sized cities in the provinces is increasing, drawing attention.

According to Real Today, a real estate research firm, a total of 30,281 households will be offered to the public in 49 small and medium-sized cities in the provinces (including rental housing, excluding officetels, based on first-priority subscription) from March 15 to June 30 this year.

By region, 13,720 households, accounting for 45% of the supply volume, will be supplied in the Chungcheong area alone. Chungnam has 7,403 households, and Chungbuk has 6,317 households. ▲Gyeongnam (6,508 households) ▲Gyeongbuk (2,797 households) ▲Jeonnam (2,524 households) ▲Gangwon (2,395 households) ▲Sejong (1,030 households) ▲Jeonbuk (741 households) ▲Jeju (566 households) are also scheduled for supply.

Demanders' interest in small and medium-sized cities in the provinces has grown even more this year. According to the Korea Real Estate Board’s Subscription Home, the first-priority subscription closing rate for small and medium-sized cities in the provinces was 54.84% in January and February this year. This is about 18 percentage points higher than the same period last year (36.36%). On the other hand, the first-priority closing rate in the Seoul metropolitan area fell by 17 percentage points from 75% last year to 58% this year.

There were also complexes showing subscription competition rates comparable to the Seoul metropolitan area. In January, ‘Naju Station Xi River Park’ supplied in Naju-si, Jeonnam, recorded an average subscription competition rate of 22.16 to 1, with about 20,000 applicants in the first priority for 929 households (excluding special supply). In February, ‘Pohang Xi The Ocean’ supplied in Pohang-si, Gyeongbuk, also recorded an average competition rate of 124.02 to 1.

An industry official said, “As housing prices rise sharply centered on the Seoul metropolitan area and loan regulations are strengthened, demanders’ interest is shifting to small and medium-sized cities in the provinces.”

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