[Pre-Subscription Q&A] If Mandatory 2-Year Residence Is Met, Moving to Another Region After Pre-Subscription Is Allowed

Income Requirements Are Based on Announcement Date
Exceeding Them Is Allowed at the Final Subscription

[Asia Economy Reporter Tae-min Ryu] The government’s pre-sale of apartments on public land in the Seoul metropolitan area will begin in July this year. However, since the eligibility requirements for pre-sale differ from those of the main sale, applicants need to exercise caution. Questions related to the pre-sale are summarized in a Q&A format.

▲ What are the eligibility requirements for pre-sale?

- Basically, they are the same as the main sale eligibility requirements. Applicants must be members of a household without homeownership, reside in Seoul, Gyeonggi, or Incheon, and have a subscription savings account for national housing (exclusive area of 85㎡ or less). For the subscription savings account, applicants must have been enrolled for more than 6 months and have made at least 6 recognized payments. Special supply requires meeting separate criteria depending on the supply type. For example, the special supply for newlyweds requires a marriage period within 7 years; the first-time homebuyer special supply requires all household members to be without homeownership; the multi-child family special supply requires three or more minor children; and the elderly parent support special supply requires supporting parents aged 65 or older for more than 3 years. In the case of the newlywed special supply, prospective newlyweds who plan to marry and can prove their marriage within one year from the announcement date can also apply.

▲ If I meet the income requirements at the time of pre-sale but my annual salary exceeds the limit at the time of the main sale, will my winning be canceled?

- No. Income requirements are only assessed based on the announcement date of the pre-sale resident recruitment. For the newlywed special supply, it is sufficient to meet the marriage period within 7 years at the time of pre-sale.

▲ If I live in the relevant area at the time of pre-sale but move to another area, is that not allowed?

- You must fulfill the mandatory residence period of 2 years by the time of the main sale. Even if you win the pre-sale, if you do not meet the mandatory residence period by the main sale, your winning will be invalidated.

▲ Can I apply for multiple pre-sales simultaneously?

- Winners of pre-sale and their household members cannot apply for other pre-sales of different housing units. However, applying for other general sales or housing purchases is allowed. In that case, you cannot move into the house won through pre-sale because you will no longer meet the no-homeownership requirement.

▲ If I win the pre-sale, am I prohibited from applying for other sales?

- You are not subject to re-winning restrictions until the main sale. Once your final move-in is confirmed at the main sale, re-winning restrictions will apply from that point onward.