15,000 People Flocked to Yoon Suk-yeol Government's First Public Sale 'New:Home'

Average Competition Rate Recorded at 11.1 to 1
Youth Special Supply Competition Rate at 36.5 to 1

[Asia Economy Reporter Cha Wanyong] The special supply competition rate for the first public sale housing of the Yoon Seok-yeol administration, ‘New:Home’, recorded an average of 11.1 to 1. The competition rate for the newly introduced special supply for unmarried youth even exceeded 50 to 1.

The Ministry of Land, Infrastructure and Transport announced on the 12th that 15,353 people applied for the special supply (1,381 households) of New:Home’s first pre-sale supply sites in Goyang Changneung, Namyangju Yangjeong Station area, and Namyangju Jinjeop 2 in Gyeonggi Province.

Among the pre-sale recruitment types, the competition rate for the Nanum-type housing recorded 12.8 to 1, showing higher popularity than the general type (3.4 to 1). Last year, the government restructured the public sale subscription method into three types: Nanum-type, Selective-type, and General-type.

The Nanum-type supplies housing at 70% or less of the market price and guarantees up to 70% of the disposal profit or loss if the buyer resells the house to the public. Loans of up to 80% of the sale price can be obtained for up to 40 years at an interest rate of 1.9~3% per annum. The General-type applies a price ceiling system, supplying housing at about 80% of the market price.

The youth special supply, introduced for the first time this time, recorded a high competition rate of 36.5 to 1. Newlyweds and first-time homebuyers recorded 7.2 to 1 and 7.8 to 1, respectively.

By supply site, Goyang Changneung (694 households) recorded a competition rate of 17.7 to 1. The special supply competition rate for youth was the highest at 52.5 to 1, newlyweds at 9.7 to 1, and first-time homebuyers at 10.2 to 1. For youth, the most popular was the exclusive area of 59㎡ with an estimated sale price of 399.78 million KRW. The competition rate reached 64 to 1.

The special supply competition rate for Nanum-type Namyangju Yangjeong Station area (549 units) was 5 to 1. Youth recorded 11.3 to 1, newlyweds 3.3 to 1, and first-time homebuyers 4.1 to 1. By size, the exclusive 84㎡ with an estimated sale price of 428.31 million KRW recorded the highest competition rate of 6.7 to 1.

The General-type supply in Namyangju Jinjeop 2 (252 households) had a relatively low competition rate of 3.4 to 1. The quota for first-time homebuyers recorded 5.6 to 1. By size, the exclusive 59㎡ was 3.9 to 1, and 55㎡ was 1.2 to 1.

The general supply application for the three pre-sale sites including Goyang Changneung will be held from the 13th to the 17th. The winners of the subscription will be announced on the 30th of next month after verifying the eligibility of the subscription savings account. Afterwards, additional screening will be conducted to confirm winners based on income and non-homeownership criteria.

The special supply application period for 500 households in Godeok 3 Complex supplied by Seoul Housing & Communities Corporation (SH) is from the 27th to the 28th. General supply applications will start from the 2nd of next month.