Abolition of No-Homeownership and Residence Requirements Starts Today... Dunchon Jugong Likely to Benefit Again

[Asia Economy Reporter Cha Wanyong] From now on, multi-homeowners will also be able to participate in non-priority subscription. The residency requirement has also been abolished, allowing applications for non-priority units from anywhere nationwide.

The Ministry of Land, Infrastructure and Transport announced that the revised "Housing Supply Regulations" containing these provisions will be enforced starting from the 28th.

Non-priority subscription is a system that selects residents through a random lottery for units where contracts were canceled or disqualified after 1st and 2nd priority winners gave up their contracts. Although it was revised in May 2021 to allow only non-homeowners in the supply area to apply for non-priority subscription, the regulation has been lifted again after about two years.

Visitors are examining the model of the reconstruction complex at the Dunchon Jugong Apartment (Olympic Park Foreon) model house, which opened in the Dunchon-dong area of Gangdong-gu, Seoul.
[Image source=Yonhap News]

The revised regulations relax subscription qualifications by abolishing the non-homeowner requirement and local residency condition for non-priority subscription applicants. Accordingly, multi-homeowners in provincial areas can now also participate in 'Jupjup' (picking up leftover units) for apartments in Seoul. The regulation applies to complexes that publicly recruit non-priority subscriptions from this date onward.

Dunchon Jugong (Olympic Park Leon) is expected to benefit immediately. This complex plans to announce a non-priority subscription for about 800 small units including exclusive 29㎡, 39㎡, and 49㎡ units that failed contract, as early as the 3rd of next month, and hold the subscription on the 8th. If the non-priority subscription is announced after this date, applicants can enjoy the benefits of abolished non-homeowner and residency requirements.

Industry insiders predict that the easing of non-priority subscription requirements will accelerate the resolution of remaining uncontracted units.

Meanwhile, the expansion of the lottery system ratio for small and medium-sized units in speculative overheated zones and other regulated areas is scheduled to be applied from April. Accordingly, from April, opportunities to win apartments through lottery will increase in Seoul’s Gangnam 3 districts and Yongsan as well.