"Did Deregulation Work?"... Yeongdeungpo Xi Dignity Special Supply Hits a Record 592 to 1

After the 1·3 real estate measures, nearly 5,000 applicants flooded the special supply for ‘Yeongdeungpo Xi Dignity,’ the first apartment complex to be sold in Seoul, driving the highest competition rate up to 592 to 1. It appears to have gained even more popularity as small- and medium-sized apartments in Seoul were selected by lottery for the first time in 5 years and 6 months since the announcement of the August 2, 2017 measures.

According to the Korea Real Estate Board’s subscription website on the 7th, 4,995 people applied for the special supply subscription of the ‘Yeongdeungpo Xi Dignity’ apartment in Yangpyeong-dong, Yeongdeungpo-gu, Seoul, held the previous day. There were 87 households available, resulting in an average competition rate of 57.41 to 1.

For the 59㎡ (exclusive area) first-time homebuyer special supply, 1,776 applicants (from the relevant and other regions) applied for 3 households, recording the highest competition rate of 592 to 1. The newlywed couple special supply for this size had 513 applicants for 6 households, showing a competition rate of 85 to 1. The first-time homebuyer special supply had 1,471 applicants for 4 households, marking a rate of 367 to 1.

Perspective view of 'Yeongdeungpo Xi Dignity' in Yangpyeong-dong, Yeongdeungpo-gu, Seoul [Photo by GS Construction]

This complex attracted great interest from subscription waiters as it is the first to be sold in Seoul after the lifting of the regulated area designation. Yeongdeungpo Xi Dignity, located on the site of Yangpyeong 12 District in Yangpyeong-dong, consists of 4 buildings ranging from 2 basement floors to a maximum of 35 floors above ground, with a total of 707 households. Among them, 185 households sized 59 to 84㎡ are for general sale.

The sale price (based on the highest price) is ▲59㎡ from 858 million to 869 million KRW ▲84㎡ from 1.166 billion to 1.179 billion KRW. This averages 34.11 million KRW per 3.3㎡. Although Yeongdeungpo-gu is not subject to the price ceiling system, the association decided to supply at prices applied under the ceiling system at the end of last year.

In particular, a large portion of the first-priority subscription was allocated by lottery. With Yeongdeungpo-gu lifted from the regulated area by the January 3 measures, small- and medium-sized apartments under 85㎡ are subject to 40% point-based system and 60% lottery system. This is the first time in 5 years and 6 months since the August 2, 2017 measures that small- and medium-sized apartments in Seoul are selecting residents by lottery.

On the 7th, first-priority applications for general supply are accepted, and on the 8th, second-priority applications will be received. The first-priority applications, which were previously divided into relevant and other regions over two days, will be consolidated and accepted on the 7th only. Eligibility for subscription requires at least 12 months of subscription account membership, meeting deposit requirements by region and area, and being a resident aged 19 or older in the metropolitan area (Seoul, Gyeonggi, Incheon). Regardless of the number of houses owned or household head status, first-priority subscription is possible.

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