Revived Seoul Housing Market... Construction Companies Gear Up to Enter in July

Seoul National University Venture Town Station Prugio First Priority Sold Out
Concerns Over Unsold Units Dispelled... Yeongdeungpo Xi Ranks First in Competition Rate
5,641 Units Including Lotte Castle East Pole to Be Supplied in July

Last year, the Seoul subscription market, which had been experiencing a decline in unsold units due to the real estate market slump, is now reviving. From the first half of the year through July, units in both Gangnam and Gangbuk areas have been closing with first-priority subscriptions one after another. The subscription fever has even driven up the prices of pre-sale rights, prompting construction companies that had postponed sales to prepare to launch their projects one after another.

According to the industry on the 7th, Daewoo E&C conducted subscriptions on the 4th for 'Seoul National University Venture Town Station Prugio' in Sillim-dong, Gwanak-gu, Seoul. The result was a highest competition rate of 93.5 to 1 and an average of 31.1 to 1, with all types closing at first priority. Excluding special supply, 3,080 applicants competed for 99 units. The housing type with the highest competition rate was the 74㎡B type, with 187 applicants for 2 units, recording a 93.5 to 1 ratio. As a result, the second-priority subscription scheduled for the 5th was not conducted.

A Daewoo E&C official analyzed, "This sale marks the beginning of the 6,100-unit Sillim New Town development, and concerns that prices may rise further attracted many subscription accounts."

Yeongdeungpo Xi Dignity Subscription Site

In this way, the concern over unsold units that grew last year in the Seoul sales market has almost disappeared. Most units are closing at first priority, leading to fierce competition among applicants. The unit with the highest subscription competition rate in the first half of the year was Yeongdeungpo Xi Dignity in Yangpyeong-dong, Yeongdeungpo-gu, which was sold in March. This complex recorded an average competition rate of 198.76 to 1 and closed at first priority. Next was DMC Gajaeul I-Park in Seodaemun-gu, sold in June, with a rate of 89.85 to 1, followed by Hwikyung Xi Decencia in Hwikyung-dong, Dongdaemun-gu, sold in April, which closed with an average of 51.71 to 1.

The government’s 1.3 real estate measures significantly shortened the resale restriction period for pre-sale rights and eased interim payment loan regulations, clearly contributing to the rebound in the subscription market. Recently, the surge in construction material costs has also caused rapid increases in sale prices, further driving up competition rates among applicants.

As the Seoul sales market recovers, construction companies are also starting to launch projects they had postponed. According to Real Estate R114, nine complexes totaling 5,641 units (excluding rentals) will be sold in Seoul this month alone. Excluding the already subscribed Seoul National University Venture Town Station Prugio (571 units), the market will see △ Lotte Castle Eastpole (1,063 units) in Gwangjin-gu △ Hillstate e-Pyeonhansesang Munjeong (1,265 units) in Songpa-gu △ Sangdo Prugio Clavenue (771 units) in Dongjak-gu △ Cheongnyangni Lotte Castle High Luce (761 units) in Dongdaemun-gu △ Cheonho The Sharp Central City (670 units) in Gangdong-gu △ Cheonggye SK View (396 units) in Seongdong-gu △ Hoban Summit Edition (110 units) in Yongsan-gu △ and Dunchon Hyundai Surinna (34 units) in Gangdong-gu.

Yeo Kyung-hee, senior researcher at Real Estate R114, said, "With government regulation easing, the mood is reviving mainly in the metropolitan area, leading to the release of sales volumes. However, demand is concentrating on complexes with strong location and price competitiveness, so it is expected to be difficult for subscription enthusiasm to spread nationwide."

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