38,000 Nationwide General Sales in March... Only 96 Units in Seoul

Significant Increase Compared to the Same Period Last Year
Impact of Base Effect from COVID-19 and Revision of HUG High-priced Sale Review Criteria

[Image source=Yonhap News]

[Asia Economy Reporter Lim On-yu] In March, more than 38,000 households nationwide will begin general sales. However, there is only one complex being sold in Seoul.

According to Zigbang on the 2nd, out of a total of 50,576 households across 51 complexes nationwide this month, 38,534 households will be offered for general sale. Compared to the same period last year, the total number of households is expected to increase by 38,469 households (318% increase), and general sales are expected to increase by 29,288 households (317%).

A Zigbang official explained, "Many of the units scheduled for sale in February were postponed to March, and due to the base effect of a sharp decline in supply last year caused by COVID-19, the supply volume has significantly increased compared to the previous year."

In fact, the complexes scheduled for sale in February, surveyed in January, were 41 complexes with a total of 39,943 households, including 32,824 for general sale, but only 18 complexes with a total of 11,881 households (supply performance rate 30%) and 10,775 households for general sale (supply performance rate 33%) were actually sold.

Zigbang attributed the low supply performance rate to the revision of the high-priced sale review system by the Housing and Urban Guarantee Corporation (HUG). HUG plans to set risk management standards for price fluctuations by considering a certain percentage (85-90%) of the surrounding market price as the upper limit during the high-priced sale review. A Zigbang official explained, "Since the revision ultimately results in an increase in sale prices, the implementation of the revision on February 22 is also believed to have influenced the adjustment of the sales schedule."

Of the 50,576 households supplied nationwide this month, 20,899 households are preparing for sale in the metropolitan area. Gyeonggi-do plans the largest supply with 17,477 households. In the provinces, 29,677 households are planned for sale, with Gyeongsangnam-do expected to have the largest supply of 8,288 households.

In Seoul, only one complex with 96 households is preparing for sale. Ham Young-jin, head of Zigbang Big Data Lab, explained, "With the Seoul mayoral by-election approaching, policy uncertainties regarding redevelopment and reconstruction environment changes are reflected, and maintenance project sites are adjusting their sales schedules with more flexibility rather than selling before the election."

◈ Hillstate Sinbanghwa Station in Banghwa-dong, Gangseo-gu, Seoul

Constructed by Hyundai Engineering & Construction, ‘Hillstate Sinbanghwa Station’ is located at 247-194 Banghwa-dong, Gangseo-gu, Seoul, with all 96 households offered for general sale.

◈ Buk Suwon Jailex Via in Jeongja-dong, Jangan-gu, Suwon-si, Gyeonggi-do

‘Buk Suwon Jailex Via,’ redeveloping the 111-1 district (Jeongja district) in Jangan-gu, Suwon-si, is constructed by GS Engineering & Construction. Out of a total of 2,607 households, 1,598 are for general sale.

◈ Yongin Dmark Desiang in Kimryangjang-dong, Cheoin-gu, Yongin-si, Gyeonggi-do

‘Yongin Dmark Desiang,’ redeveloping the Yongin 8 district, is constructed by Taeyoung Construction. Located at 309-1 Kimryangjang-dong, Cheoin-gu, Yongin-si, Gyeonggi-do, 1,069 out of 1,308 households are for general sale.

◈ City OCELE 3 Complex in Hakik-dong, Michuhol-gu, Incheon

Constructed by HDC Hyundai Development Company, ‘City OCELE 3 Complex’ is located at 587-9 Hakik-dong, Michuhol-gu, Incheon. All 977 households are for general sale.

◈ Hwawon Donghwa I Wish in Hwawon-eup, Dalseong-gun, Daegu

‘Hwawon Donghwa I Wish,’ developed and constructed by Donghwa Construction, is a high-rise mixed-use apartment up to 41 floors located at 230-8 Myeonggok-ri, Hwawon-eup, Dalseong-gun, Daegu. All 568 households are for general sale.

◈ The Sharp Geoje D’Cliff in Sangdong-dong, Geoje-si, Gyeongsangnam-do

Constructed by POSCO Engineering & Construction, ‘The Sharp Geoje D’Cliff’ is located at 765 Sangdong-dong, Geoje-si, Gyeongsangnam-do. All 1,288 households are for general sale.

◈ Raemian Forestige in Oncheon-dong, Dongnae-gu, Busan

‘Raemian Forestige,’ redeveloping Oncheon 4 district, is constructed by Samsung C&T Corporation. Located at 100-13 Oncheon-dong, Dongnae-gu and 511-2 Jangjeon-dong, Geumjeong-gu, Busan, 2,331 out of 4,043 households are for general sale.