Although the real estate downturn has continued since last year, the market sentiment is expected to gradually recover, centered on complexes where the subscription threshold has been lowered due to government deregulation.
For example, Olympic Park Foreon (Dunchon Jugong), which held a non-priority subscription this month, attracted 41,540 applicants for 899 units, resulting in a competition rate of 46.2 to 1. In the provinces, Cheongju Bokdae Xi The Sky also recorded an average competition rate of 18.7 to 1 in the non-priority subscription. It is said that the significantly eased regulations led to the success of these complexes.
Experts predict that the real estate market can recover in the long term. Since the government’s inauguration, various deregulation measures have been implemented, and their effects are gradually appearing, especially in Seoul. According to the industry, apartment prices in Songpa recently showed signs of rebound after hitting a low point, and urgent sale properties in the southern Gyeonggi region have disappeared. Signs of recovery are appearing not only in subscriptions but also in the overall real estate market.
A real estate official said, “It is still somewhat early to say that the real estate market will rise from now on, but it is clearly a situation where the possibility of recovery can be predicted through various indicators after deregulation. Especially in the new sale market, even if subscriptions were not fully closed, if the conditions are good, good results are continuing, so it is worth paying attention to.”
Meanwhile, Jeonbuk Development Corporation plans to proceed with subscriptions in early April for ‘Iksan Busong Desiang,’ a private-participation public sale apartment complex consisting of 8 buildings ranging from 2 basement floors to a maximum of 20 floors above ground, totaling 745 units, supplied in Busong 4 District.
The subscription this time has greatly relaxed eligibility conditions so that anyone aged 19 or older can apply. Regardless of whether they have a subscription savings account, their residential area, or home ownership status, anyone aged 19 or older can subscribe. The subscription will be conducted through the ‘Iksan Busong Desiang’ online homepage.
This complex is a public land supply complex in the provinces, and the Housing Act Enforcement Decree, which the government plans to revise this month, will be applied retroactively, reducing the resale restriction period from 3 years to 1 year. Also, as a public sale complex subject to the price ceiling system, the sale price is set at a reasonable level compared to surrounding market prices, with the sale price of all types, including extension fees, formed in the mid-300 million KRW range, which is an advantage.
Additionally, since it is located in Busong-dong, a new residential center in Iksan, it is characterized by convenient access to Iksan Station (KTX/SRT), Homeplus, CGV, and Iksan National Innovation Industrial Complex.
Iksan Busong Desiang is currently operating a model house.
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