- This Year, Exclusive 59㎡ Apartment First-Choice Subscription Competition Rate Hits Record High... Surpasses Exclusive 84㎡
- Demand Rises Due to Increase in Small Households and Rising Sale Prices... Supply Decreases, Making It a 'Precious Commodity'
This year, the first-priority subscription competition rate for apartments with a exclusive area of 59㎡ supplied in the housing market recorded the highest level in the past 15 years.
According to an analysis of data from Real Estate R114 REPS, a total of 4,713 units of 59㎡ apartments (based on general supply) were supplied in the housing market up to August this year, with 85,500 applicants for first-priority subscriptions, resulting in an average competition rate of 18.14 to 1. This is the highest competition rate in the past 15 years. Notably, 95% of the total first-priority applicants, amounting to 80,911 people, were concentrated in the metropolitan area.
The competition rate for 84㎡ apartments, known as the national standard size, was also surpassed. Last year, the first-priority subscription competition rate for 59㎡ apartments was 6.67 to 1, surpassing the 84㎡ apartments (6.17 to 1) for the first time (since 2009), and this year, the rates were 18.14 to 1 and 10.07 to 1 respectively, widening the gap significantly.
Experts analyze that the increase in small households and rising sale prices have led demand to concentrate on mid-small sized 59㎡ apartments, while supply is decreasing, intensifying competition.
According to Statistics Korea data, as of 2022, the number of residents living in apartments with 2 to 3 persons was 6,075,045, accounting for about half (49.5%) of the total. The number of 2 to 3-person households has been on the rise, from 48% in 2019 to 48.56% in 2020 and 49.09% in 2021.
On the other hand, the supply volume of 59㎡ apartments preferred by these households has gradually decreased from a peak of 48,890 units in 2015 to 29,295 units in 2020, 23,544 units in 2021, and 14,042 units in 2022. This year's supply also fell to 4,713 units, a 35.86% decrease compared to the same period last year.
An industry official stated, “Apartments with an exclusive area of 59㎡ have relatively lower financial burdens such as sale price, acquisition tax, and property tax, making the entry barrier lower for buyers. Recently, they have been offering design structures comparable to 84㎡ units, resulting in high satisfaction for actual residents. Especially in the metropolitan area, where housing prices are more burdensome than other regions, preference for mid-small sized 59㎡ apartments is even higher.”
Among these, GS Construction is drawing attention by announcing the sale of ‘Cheolsan Xi Briere’ in Cheolsan-dong, Gwangmyeong-si, Gyeonggi-do, scheduled for October.
Cheolsan Xi Briere is a complex introduced through the reconstruction and maintenance project of Cheolsan Jugong Complexes 10 and 11, consisting of 14 buildings ranging from 2 basement floors to a maximum of 40 floors above ground, with a total of 1,490 households. Among them, 393 units of a single exclusive area of 59㎡ will be offered for general sale.
The complex arranges all households mainly facing south (southeast, southwest) to secure distance between buildings and improve lighting and sunlight efficiency. It features three bedrooms, two bathrooms, and separate living room and kitchen areas, with most types designed as 4-bay slab-type structures allowing cross ventilation, making it rare in the area. Types with tower structures will offer ample storage spaces such as pantries and dressing rooms.
The location is excellent. Cheolsan Xi Briere faces Seoul’s Guro-gu across the Anyangcheon Stream, boasting the closest proximity to Seoul. It provides easy access to major hubs in Seoul, Incheon, and Gyeonggi-do via Anyangcheon-ro, Seobu Expressway, Nambu Circular Road, and Seohaean Expressway.
Additionally, it is conveniently located near Cheolsan Station on Subway Line 7 and Gaebong and Guil Stations on Line 1. Notably, Cheolsan Station on Line 7 is just one stop away from Gasan Digital Complex Station, an industrial complex area, and allows direct transfers to major business districts in Gangnam such as Express Bus Terminal Station, Nonhyeon Station, and Gangnam-gu Office Station without transfers.
Nearby public facilities include Gwangmyeong City Hall, community centers, Gwangmyeong Police Station, and post office. Within a 2 km radius, various lifestyle convenience facilities such as Costco, I-Park Mall, Mario Outlet, Lotte Factory Outlet, and Hyundai Outlet are located.
Educational facilities within walking distance include Gwangmyeongbuk Elementary, Middle, and High Schools, and the proximity to academy districts near Cheolsan Station and Mok-dong is also an advantage.
With Anyangcheon Stream right next to the complex, residents can easily access bike paths and walking trails extending to the Han River, and enjoy a pleasant living environment with nearby parks such as Hyeonchung Neighborhood Park, Cheolsan Children’s Park, and Saseong Park.
Meanwhile, the model house for Cheolsan Xi Briere is planned to be set up in Seoksu-dong, Manan-gu, Anyang-si, Gyeonggi-do.
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