Zigbang "About 16,000 Households Scheduled for Sale This Month"

by Kwon Hyeonji

Published 04 Mar.2024 09:07(KST)

Subscription Home Revamp Sees 37% Decrease from February, but 24% Increase Compared to a Year Ago

The number of housing units scheduled for sale this month has been surveyed at around 16,000, a decrease of about 37% compared to the previous month.

According to Zigbang on the 4th, the planned supply for March this year is 16 complexes nationwide, totaling 16,281 units. This is about a 37% decrease compared to last month's sales performance (25,974 units). This is analyzed to be due to the temporary pause in the sales market caused by the revamp of the Korea Real Estate Board's subscription home system from the 4th to the 22nd of this month.

However, compared to the same month last year (13,083 units), it increased by 24%. Zigbang explained, "It cannot be seen simply as a low planned supply," adding, "There is concern that market interest may be dispersed due to the April general election, so construction companies are actively moving to complete sales in the first quarter."

In the metropolitan area, 4,161 units will be put up for sale. There are no planned complexes in Seoul, while in Gyeonggi Province, a total of 3,614 units will be sold, including Gwacheon’s ‘Gwacheon Jisik Jeongbo Town S2 Block (783 units)’ and Suwon Jangan-gu’s ‘Buksuwon Imok District Dietre Deriche I, II (2,512 units)’. In Incheon, ‘Yeongjong A23BL Jinarehi (547 units)’ in Jung-gu is preparing for sale.

In the provinces, 12,120 units will be supplied. Gwangju has the largest number with 3,214 units, followed by Daejeon with 2,495 units, Busan with 2,216 units, Gyeongnam with 1,509 units, Jeju with 1,401 units, Jeonbuk with 648 units, and Daegu with 637 units.

Meanwhile, a total of 25,974 units were sold last month, recording a supply performance rate of 92%. For general sales, a total of 20,825 units (supply performance rate of 87%) were supplied. This is analyzed to be because projects preparing for first-quarter sales hurried to proceed with sales before the revamp of the subscription home system. The first-priority subscription competition rate for complexes sold in February showed a nationwide average of 9 to 1, similar to the previous month (average 8.2 to 1).

The subscription system will be revised starting from the 25th of this month. Changes include the aggregation of spouse subscription account subscription periods, relaxation of multi-child criteria, and the establishment of a special supply for newborns. Zigbang advised, "Prospective subscribers should identify the most competitive type even within the same special supply category and establish a winning strategy for the complexes they plan to apply for."

[Image source=Yonhap News]