Apartment Applicants in Q1 This Year Increase by 120% Compared to Last Year

Increase in Subscription Participants Despite Concerns Over Real Estate PF Crisis
Regions with Largest Growth: Chungnam, Jeonbuk, Incheon
Over 10,000 Subscriptions in 5 Complexes Including Maple Xi

The number of apartment subscription applicants in the first quarter of this year increased by about 100,000 compared to the same period last year. There were also five apartment complexes with more than 10,000 applicants, two more than last year. This subscription enthusiasm is expected to continue in the second quarter of this year, especially for apartment complexes with favorable conditions.

According to Woori Bank Asset Management Consulting Center on the 18th, as of the 12th of this month, the cumulative total number of apartment subscription applicants nationwide (1st and 2nd priority applicants) was 181,991. This is a 120% increase compared to the same period last year (82,558). The total number of applicants increased by 99,433.

This indicates that the enthusiasm in the sales market has become hotter this year. This result contrasts with concerns that demand flowing into the sales market would decrease due to the real estate PF (Project Financing) crisis, accumulation of unsold units in local areas, and subscription system reforms. Last year's sales market cooled at the beginning of the year due to the base rate hike in the second half of 2022 and the Legoland rehabilitation application. Subsequently, it gradually improved due to the effects of the 1·3 measures and the lifting of regulatory areas.

The regions with the highest number of subscription applicants in the first quarter of this year were Seoul (44,349), Chungnam (36,042), Jeonbuk (35,806), and Incheon (30,196), in that order.

Trend of Total Applicants for Subscription in Q1 2023-2024 (Data= Woori Bank Asset Management Consulting Center)

The regions with the largest increase in subscriptions were Chungnam (36,039), Jeonbuk (34,778), Incheon (27,472), Seoul (21,948), and Gyeongbuk (8,208). In contrast, Gyeongnam (-26,856) and Busan (-8,967) saw significant decreases in applicants. This appears to be influenced by a reduction in supply compared to last year and the accumulation of unsold units.

Among the sales projects in the first quarter of this year, apartment complexes with more than 10,000 applicants included Seoul Maple Xi, Incheon Geomdan Jungheung S-Class Edupark (AB20-2), Jeonbuk Jeonju Seoshin The Sharp Vivaldi, and Chungnam Asan The Sharp Tangjeong Infinity City (A4). These five complexes attracted a total of 130,000 applicants. Last year, about three complexes, such as Seoul Yeongdeungpo Xi Dignity and Gyeongnam Changwon Lotte Castle Forest 1~2 complexes, exceeded 10,000 applicants.

Ham Young-jin, Deputy General Manager of Woori Bank Asset Management Consulting Center, explained, "Although the number of sales units may temporarily decrease this month and next month due to improvements in the subscription system such as the subscription home system reform and the general election impact, subscription enthusiasm is likely to continue, especially in areas with self-sufficient functions and favorable transportation networks."

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