In the era of high interest rates, the sale price has become a key factor determining subscription performance. While complexes with prices lower than the surrounding market prices attract tens of thousands of applicants, those with high prices face large-scale undersubscription, showing a stark contrast.
According to the Korea Real Estate Board's Subscription Home on the 9th, the streak of sold-out complexes offered at prices lower than the surrounding market continues.
Yeongdeungpo Xi Dignity in Yangpyeong-dong, Yeongdeungpo-gu, the first complex to be sold in Seoul after the government's real estate regulation easing, attracted 19,478 subscription applications for 98 units on the 7th (first priority subscription). The average sale price of this complex was 34.11 million KRW per 3.3㎡, about 10 million KRW lower than the surrounding market price.
On the 7th (first priority subscription), Yeongdeungpo Xi Dignity attracted 19,478 subscription applications for 98 households. The photo shows a crowd lined up to enter the model house.
On the same day, the Goduk Gangil 3 Complex in Gangdong-gu, Seoul, with a sale price in the 300 million KRW range, received 19,966 applications for 500 units during the pre-reservation.
Earlier in February, 9,331 people applied for 11 units in the non-priority subscription of e-Pyeonhansesang Geumbit Grand Maison in Seongnam, Gyeonggi Province. Due to contract cancellations for 11 units, the units were resold at the same price as four years ago, reportedly about 200 million KRW cheaper than the surrounding market price.
In the provinces, in January, the Changwon Lotte Castle Forest in Uichang-gu, Changwon-si, Gyeongnam, received 26,994 applications for 952 units (excluding special supply) in the first priority subscription. The price ceiling system was applied, making the price several tens of millions of KRW cheaper than the surrounding market price.
On the other hand, complexes priced similarly or higher than the surrounding market prices have recorded poor subscription results. Hillsstate Pyeongtaek Hwayang in Pyeongtaek, Gyeonggi Province, which accepted first priority subscriptions on the 7th, received only 80 applications for 1,548 units, with 1,468 units, 95% of the total, moving to the second priority. Seohui Star Hills in Gyeongsan, Gyeongbuk, and Central Park Namyang Hutton in Damyang, Jeonnam, which were introduced in Gyeongsan and Damyang respectively, had no applicants or only three applicants for 64 and 71 units respectively.
Industry experts diagnose that as the downturn begins and apartment prices fall, subscription applications are concentrated on apartments priced lower than the market price.
Kwon Il, head of the research team at Real Estate Info, explained, "Although consumer sentiment among housing demanders has greatly weakened as the market mood has declined, if the price is several hundred million KRW lower than the market price, psychological issues are naturally resolved."
Meanwhile, attention is focused on the industry as a 'half-price apartment' is about to be supplied in Cheonan this month. Bukcheonan Xi Forest, scheduled for sale after a five-year mandatory rental period, has an average sale price of 6.66 million KRW per 3.3㎡. This is half the average apartment sale price in Cheonan last year (13.04 million KRW).
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
