Capital Region Station Area Complex Top Priority Competition Rate Records 39.06 to 1
The average competition rate for first-priority applications in metropolitan area complexes near subway stations was found to be about four times higher than that of complexes not near subway stations. Subway station complexes are well-equipped with surrounding infrastructure and have high expectations for future price increases, attracting many real demand buyers and investors' subscription accounts.
Competition rate for first-priority applicants in metropolitan area stationside/non-stationside complexes. (Provided by Korea Real Estate Board, Chungyak Home)
On the 9th, Real Today, a real estate research firm, analyzed this year's Korea Real Estate Board's subscription home data (as of the 3rd) and found that a total of 106 complexes with 33,151 households used subscription accounts in the metropolitan area this year. Among them, 38 subway station complexes (within a 500m radius or a 10-minute walk, based on Naver Maps, including planned stations) offered 6,837 households. Non-subway station complexes supplied 68 complexes with a total of 26,314 households. Typically, subway station areas refer to zones within a 500m radius or a 10-minute walk based on Naver Maps, including planned stations.
Comparing the average competition rates for first-priority subscriptions between subway station and non-subway station complexes showed a significant difference. This year, subway station complexes recorded an average competition rate of 39.06 to 1, while non-subway station complexes recorded 9.8 to 1, showing nearly a fourfold difference.
The reason subway station complexes succeeded in the subscription market appears to be that demanders highly value transportation convenience when deciding on housing. Additionally, subway station complexes are scarce and have higher price appreciation rates compared to non-subway station complexes, which is also cited as a reason for their popularity.
This was confirmed in the 'Real Estate Trend 2023: Desired Housing' survey (targeting 1,304 people) released this year by the Korea Gallup Survey Institute. When asked about location considerations when deciding on housing in the future (choosing 3 out of 9 items), the responses were △ transportation convenience (64%), △ convenience of living and access to commercial facilities (60%), △ distance to workplace and proximity to work (47%), and △ development/investment value and regional benefits (31%), in that order.
Considering this trend, it is expected that demanders' interest will focus on subway station complexes scheduled for sale within the year. Lotte Construction plans to sell 'Sosa Station Lotte Castle The Newel' this month in Sosa-bon-dong, Bucheon-si, Gyeonggi-do. The complex consists of 6 buildings from 3 basement floors to 35 above-ground floors, with a total of 983 households ranging from 59 to 132 square meters in exclusive area. The complex is within walking distance of Sosa Station, a transfer station for Subway Line 1 and the Seohae Line. Travel times from Sosa Station, a transfer station for Subway Line 1 and the Seohae Line, are about 10 minutes to Gimpo Airport, 20 minutes to Magok, 30 minutes to Yeouido, and 40 minutes to Gwanghwamun and Gangnam, making it highly popular among Seoul commuters.
Hyundai Construction will supply 'Hillstate Geum-o The First' this month in Geum-o-dong, Uijeongbu-si. The complex will consist of 11 buildings from 3 basement floors to 32 above-ground floors, with a total of 832 households ranging from 36 to 84 square meters in exclusive area, of which 408 households will be for general sale. Within a 1km radius of the complex are Homeplus Uijeongbu branch and the Geum-o Singok-dong central commercial district.
DL Construction plans to sell 'e-Pyeonhansesang Jemulpo Station Park Maison' this month. Located in Sungui-dong, Michuhol-gu, Incheon, the complex consists of 6 buildings from 3 basement floors to 29 above-ground floors, with a total of 736 households ranging from 59 to 84 square meters in exclusive area, of which 449 households will be for general sale. Jemulpo Station on Subway Line 1 is within walking distance, and Subong Park and Subong Mountain are nearby.
A Real Today official said, "However, due to location differences, some non-subway station complexes have recently achieved favorable subscription results, so it is expected that demanders' 'sorting out the wheat from the chaff' phenomenon will intensify."
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