Last Year, 6 out of 10 Subscription Applicants Chose the 'Sudogwon' Area

2023 Nationwide Subscription Analysis
1.13 Million Cases with 660,000 in the Capital Area
Increased from 41% Last Year to 59%
Most in Gyeonggi, Seoul, and Chungbuk in Order

Last year, 6 out of 10 apartment applicants applied in the Seoul metropolitan area. This reflects a preference for the metropolitan area, where profits can be expected, over local areas where unsold units are accumulating.

On the 15th, Zigbang analyzed the number of nationwide subscription applications in 2023 and found that 1,128,540 applications were made across 269 projects nationwide. Among these, 663,068 applications (59%) were submitted for the Seoul metropolitan area. The number of applications in the metropolitan area increased significantly from 41% (414,652 applications) the previous year to 59%.

Number of Subscription Applications and Increase/Decrease Trends by Region from 2022 to 2023 (Data Provided by Zigbang)

Within a year, the leadership of the subscription market shifted from local areas to the metropolitan area. In the second and third quarters of last year, the sales market centered on the metropolitan area became active, and the deregulation of major metropolitan areas in the 1st and 3rd measures greatly influenced the freedom of resale of pre-sale rights.

While local areas face a heavy supply burden due to accumulating unsold units, Seoul's supply has decreased, highlighting its scarcity. Expectations related to the opening of the GTX-A line were also reflected in the Gyeonggi-do area.

2023 Nationwide Regional Ranking Subscription Application Rate (%) (Data Provided by Zigbang)

In particular, subscription applications were concentrated in Seoul and Gyeonggi Province. The application rate in Gyeonggi Province was 30%, and Seoul was 24%, with the number of applications in these two areas exceeding half. The number of applicants within the ranking in Seoul and Gyeonggi was 608,552, which is 306,471 more than in 2022.

All of the top 10 subscription competition rate projects last year were located in the metropolitan area. The first place was 'Dongtan Lake Park Nature & e-Pyeonhan Sesang (Private)' in Hwaseong-si, Gyeonggi-do, in October, with a competition rate of 376.99 to 1 ▲ second place was 'Unjeong 3 Jeil Punggyeongchae (A46BL)' in Dongpae-dong, Paju-si, with 371.64 to 1 ▲ third place was 'Cheongnyangni Lotte Castle High Luce' in Cheongnyangni-dong, Dongdaemun-gu, with 242.3 to 1.

Top 10 Subscription Sites in the Seoul Metropolitan Area in 2023 (Data Provided by Zigbang)

80.4% (532,824 applications) of the subscription applications in the metropolitan area were concentrated in 10 regions. By region, the order is ▲ Hwaseong-si, Gyeonggi-do (151,499 applications) ▲ Dongdaemun-gu, Seoul (91,744 applications) ▲ Paju-si, Gyeonggi-do (82,243 applications) ▲ Seo-gu, Incheon (50,073 applications) ▲ Gwangjin-gu, Seoul (41,344 applications) ▲ Seongdong-gu (28,710 applications) ▲ Songpa-gu (25,783 applications) ▲ Pyeongtaek-si, Gyeonggi-do (24,730 applications) ▲ Yeongdeungpo-gu, Seoul (19,478 applications) ▲ Gwangmyeong-si, Gyeonggi-do (17,230 applications).

Meanwhile, the number of subscription applications concentrated in Incheon accounted for only 5% (54,516 applications). The proportion of subscription applications decreased to less than half compared to the previous year (11%). This is interpreted as a decrease in interest from demanders as the number of households moving into large apartment complexes exceeded 40,000.

There are also regions outside the metropolitan area that have successfully sold by attracting subscription applicants or having favorable conditions. With applicants flocking to Cheongju-si, a total of 175,258 people applied in Chungbuk. This accounts for 16% of the total subscription demand last year. Four projects were sold in the Heungdeok-gu area of Cheongju-si, and some succeeded in closing subscriptions within the ranking with a highest competition rate of 98.61 to 1. Following Chungbuk, the number of subscription applications was high in Chungnam (5%), Gangwon (5%), Daejeon (5%), Busan (4%), and Gwangju (3%). Sejong had zero new sales last year.

Ham Young-jin, head of Zigbang Big Data Lab, explained, "In this year's sales market, the preference for subscriptions centered on the metropolitan area will continue, and the demand waiting for subscriptions in good locations, mainly in the Gangnam area of Seoul, sub-centers, and metropolitan housing sites, is expected to remain strong. It is necessary to use subscription savings accounts wisely by paying attention to the polarization of subscription demand, which is differentiated according to regional favorable conditions, station areas, and construction company brands."