55,763 People Disqualified from Subscription Over 3 Years... "Pre-Filtering Must Be Strengthened"

It has been reported that nearly 60,000 people have been disqualified from subscription applications over the past three years.

A banner in Seoul providing information about bank subscription / Photo by Yonhap News

According to data received by Min Hong-cheol, a member of the National Assembly's Land, Infrastructure and Transport Committee from the Democratic Party of Korea, from the Korea Real Estate Board, a total of 55,763 people were disqualified after winning subscription applications from 2020 to June of this year.

By year, the numbers were ▲19,101 in 2020 ▲21,211 in 2021 ▲13,813 in 2022 ▲1,628 from January to June 2023. Notably, the figures sharply declined this year, which is attributed to the Korea Real Estate Board's revamp of the Subscription Home website last year to reduce disqualified winners, as well as a decrease in supply compared to previous years.

By supply type, the 'Special Supply for Supporting Elderly Parents' had the highest disqualification rate relative to applicants. Yearly rates were ▲3.8% in 2020 ▲5.3% in 2021 ▲5.8% in 2022 ▲7.0% from January to June 2023, showing a rapid increase. The 'First-Time Homebuyer Special Supply' also rose from 0.5% in 2020 to 2.3% in the first half of this year.

Rep. Min stated, "A large number of disqualifications are still occurring, and certain supply types are seeing significant increases in disqualification rates. It is necessary to review difficulties during application submissions by type and further strengthen pre-filtering systems."

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