Seoul Housing Subscription Account Sign-ups Rise for Four Consecutive Months... Upward Trend to Continue Under Yoon Administration

Last Month, Increased by 5,355
Yoon Administration's Youth Subscription System Boon

[Asia Economy Reporter Hwang Seoyul] The number of subscription savings account holders in the Seoul area has increased for four consecutive months. Unlike the decline seen at the end of last year, it appears to have entered a recovery phase. The market widely expects the upward trend to continue as the new government shows commitment to improving the subscription system to help young people purchase their own homes.

According to the Korea Real Estate Board's Subscription Home on the 17th, the number of comprehensive savings subscription account holders in Seoul in April was recorded at 6,253,492, an increase of 5,355 from the previous month. Since January, the number of subscribers has increased for four consecutive months, maintaining an upward trend. Compared to the previous month, the increases from January to March were 51, 7,232, and 5,040 respectively.

This year, the number of subscription savings account holders has shown signs of recovery, contrasting with the decline at the end of last year. The number of subscription savings account holders in Seoul showed an increasing trend until September last year (6,242,654), with 10,895 new subscribers compared to the previous month. However, in October (6,244,312), the increase narrowed to 1,656 compared to the previous month. Subsequently, in November (6,243,666) and December (6,235,814), the numbers decreased by 646 and 7,852 respectively compared to the previous month.

Photo by Yonhap News

The increase in Seoul subscription savings account holders seems to be driven by first-priority subscribers. The total number of comprehensive savings subscription account holders is the sum of first-priority and second-priority subscribers. Last month, the number of first-priority subscribers was 3,824,487, an increase of 24,514 from March. On the other hand, the number of second-priority subscribers decreased by 19,939 to 2,529,005. This indicates that more subscribers have moved from second priority to first priority.

For speculative overheated zones and subscription overheated areas, the subscription period (number of payments) for first-priority subscription savings accounts is 24 months (24 payments) for national housing and 24 months (deposit amount by region) for private housing. In the metropolitan area excluding these zones, the minimum requirement is 12 months (12 payments) for national housing and 12 months (deposit amount by region) for private housing. Second-priority subscribers who meet the subscription period and payment count requirements are granted first-priority status.

There are expectations that the number of subscription savings account holders will increase further with the Yoon Seok-yeol administration. At the inauguration ceremony on the 16th, Won Hee-ryong, the new Minister of Land, Infrastructure and Transport, pledged to support young people’s home purchases by introducing loan products covering up to 80% of the sale price and expanding the subscription lottery system. Park Jimin, head of the Monthly Subscription Research Institute, said, "Given the current shortage of housing transactions, the new government’s policies such as expanding the lottery system are expected to continuously increase the number of subscription savings account holders during this administration’s term."

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