'New:Home' for Youth and Homeless, 4th Pre-Subscription Closes at 19.6 to 1

by Sim NaYoung

Published 26 Jan.2024 10:00(KST)

Seoul Wirye Records 65.1 to 1, Goyang Changneung Records 40.1 to 1

'New:Home' for Youth and Homeless, 4th Pre-Subscription Closes at 19.6 to 1

The Ministry of Land, Infrastructure and Transport (Minister Park Sang-woo) announced on the 25th that the fourth pre-subscription for New:Home, which covered 47,000 housing units in Seoul Wirye, Seoul Daebang, Goyang Changneung, and other areas, has closed with 93,000 applicants, showing an average competition rate of 19.6 to 1. New:Home is a policy to supply 500,000 public housing units for youth and low-income households without homes.

By region, Seoul Wirye recorded a competition rate of 65.1 to 1, Goyang Changneung (Nanum) 40.1 to 1, and Seoul Magok 30.7 to 1. In particular, the 59㎡ general supply in Wirye surged to a competition rate of 159.8 to 1.

The 84㎡ general supply in Seoul Daebang recorded 76.2 to 1, and the 59㎡ general supply in Seoul Magok showed a high competition rate of 66.5 to 1.

By type, Nanum type recorded 24.8 to 1, Selection type 9.2 to 1, and General type 26.2 to 1. The General type showed the highest competition rate. Among special supply types, the youth special supply showed the highest competition rate at 41.5 to 1.

The Nanum type is priced at less than 70% of the market price. After a mandatory residence period of five years, repurchase by the public is possible. At this time, the seller receives 70% of the disposal profit or loss. The Selection type is similar to public rental sale housing. After residing for six years, the resident can choose whether to purchase. The General type is the existing public sale housing.

New:Home has received high interest from youth, with over 75% of applicants in their 20s and 30s for the fourth pre-subscription, following the previous three rounds. The applicant age distribution is 22.7% in their 20s, 54.0% in their 30s, 13.7% in their 40s, and 9.5% aged 50 and above.

The announcement dates for winners are January 31 for Seoul Wirye and Seoul Magok, March 13 for Seoul Daebang, March 20 for Namyangju Wangsuk2, Goyang Changneung (Nanum), and Suwon Dangsuu2, and March 22 for Bucheon Daejang, Goyang Changneung (Selection), and Hwaseong Dongtan2.