One in Three Subscription Applications This Year Is for 'Seoul Apartments'

Seoul Receives 3.7 Times More Than Last Year,
Incheon Yields 1st Place to Seoul
Busan Shows the Largest Decrease

It was found that one out of every three apartment subscription applications this year was made in Seoul. This is attributed to the increase in selective subscription applications as high interest rates persist and sale prices continue to rise.

On the 4th, Real House, a specialized company in sales evaluation, analyzed private apartment subscriptions on the Subscription Home platform and found that 1,030,099 applications were submitted from January to November. This is a 28.2% decrease compared to the same period last year, with 132,676 special supply applications (based on subscription application date) and 897,423 general supply applications.

This year’s apartment subscriptions were concentrated in Seoul. Up to November this year, 330,775 applications were submitted for newly supplied complexes in Seoul, accounting for 32.1% of the nationwide applications. This is an increase of 240,305 compared to the same period last year.

In fact, among the 13 complexes that attracted more than 20,000 applicants this year, six were apartments in Seoul. ‘Raemian La Grande,’ supplied in Dongdaemun-gu last August, received 47,674 applications, ‘Lotte Castle East Pole’ had 46,569, ‘Hillstate e-Pyeonhansesang Munjeong’ 39,841, ‘Cheongnyangni Lotte Castle High Luce’ 29,201, ‘Yeongdeungpo Xi Dignity’ 24,473, and ‘Hwikyung Xi Decencia’ had 22,590 subscription accounts used. Additionally, as the supply volume in Seoul nearly tripled, the number of applications also increased.

While Seoul saw an increase, Gyeonggi and Incheon experienced declines. Gyeonggi received 294,108 applications, down by 8,821, losing its top position to Seoul, and Incheon recorded 47,086 applications, a 69.4% decrease compared to last year.

In the provinces, the Yeongnam region saw a significant decrease. Although the supply volume in Busan increased, applications decreased by 113,720, marking the highest decline rate nationwide. In the Gyeongbuk region, supply volume was reduced to one-fifth, resulting in a decrease of 110,957 applications, and in the Gyeongnam region, three out of 13 complexes that received applications this year recorded zero applicants. In Daegu, Ulsan, and Jeju, none of the complexes that received applications this year were able to fill their supply units.

Kim Seon-ah, team leader at Real House, said, "As the supply volume in Seoul is expected to decrease next year, the trend of concentration of sales in Seoul is expected to continue for the time being."