Unchanged Enthusiasm for Subscription in 'Non-Regulated' Areas... Competition Rate Up to 295.5 to 1

Ansan 'Prugio Breepark', Geomdan 'Umirin Ecoview' · 'Nobland Riverpark'
All Close Subscription with High Competition Rates

▲ Perspective view of 'Ansan Prugio Breepark' in Ansan-si, Gyeonggi Province (Provided by Daewoo E&C)

[Asia Economy Reporter Chunhee Lee] Apartments in the Seoul metropolitan area’s non-regulated zones, which are experiencing a balloon effect by bypassing government regulations, continued to show high subscription rates.

According to Korea Real Estate Agency’s subscription website on the 8th, the 'Ansan Prugio Breepark' in Ansan, Gyeonggi Province, and 'Woomeerin Ecoview' and 'Nobland Riverpark' in Geomdan New Town, Seo-gu, Incheon, all recorded double-digit competition rates and closed at the first priority subscription stage.

Ansan Prugio Breepark attracted 14,266 applicants for 342 units, showing an average competition rate of 41.7 to 1. This follows the 34.9 to 1 competition rate recorded by 'ePyeonhansesang Chojijeok Central Foret' in December last year, continuing the trend of closing at the first priority stage this year as well.

The highest competition rate was seen in the 72㎡ (exclusive area) units, of which only 2 units were supplied. With 591 applicants, the competition rate soared to 295.5 to 1. The 84㎡ units, with 19 units supplied, also showed a three-digit competition rate of 199.5 to 1.

Woomeerin Ecoview and Nobland Riverpark, both supplied in Geomdan New Town, once called the "graveyard of unsold units," also succeeded in closing at the first priority stage with competition rates of 27.2 to 1 and 13.5 to 1, respectively. The competition rate for local residents applying for the 59㎡C units in Nobland Riverpark was as low as 7.0 to 1. This contrasts sharply with the large-scale undersubscription incidents that occurred in many complexes supplied in Geomdan at the end of last year.

The subscription fever in Ansan and Geomdan New Town is analyzed as a balloon effect resulting from escaping government real estate regulations. Following the 12·16 real estate measures announced last year, a balloon effect centered on the so-called 'Suyongseong (Suwon, Yongin, Seongnam)' area appeared early this year. Although the government responded with the 2·20 measures, expanding regulated areas and strengthening regulations, the balloon effect seems to be spreading to Incheon and southern Gyeonggi Province.

In particular, Incheon is showing signs of subscription overheating, centered on international city areas such as Songdo, Yeongjong, and Cheongna. The 'Hillstate Songdo The Sky' in Yeonsu-gu, which announced winners on the 1st, recorded an average competition rate of 180 to 1, with the lowest winning score reaching 68 to 71 points.