June Maintenance Project Sale Volume Hits Highest in 1.5 Years... Sales Also in Mapo and Jangwi

Nationwide Maintenance Project Sale Volume 16,840 Units
Highest Since December 2022
Subscription Success Depends on Sale Price Competitiveness

Among the housing units scheduled for sale next month, those coming from redevelopment projects are the highest in the past year and a half. This is due to the postponement of redevelopment and reconstruction sales originally planned for the spring peak season. About 80% of the units from redevelopment projects are located in Seoul and Gyeonggi Province, which is expected to attract significant interest from applicants in the metropolitan area.

On the 30th, Real Estate R114 announced that 62 complexes with a total of 52,258 housing units are scheduled for sale nationwide next month. The supply from redevelopment projects amounts to 16,840 units, the largest since December 2022 (25,520 units). The supply of redevelopment project units in Seoul and Gyeonggi is 13,776 units (81.8%).

Redevelopment project complexes are located in central urban areas and transportation hubs within their regions, giving them a relative advantage in location and attracting active demand. As housing prices continue to rise, increasing the financial burden on buyers, the success of applications is expected to depend on the competitiveness of the sale prices of each complex.

Next month, a total of 32 complexes with 32,815 units will be offered in the metropolitan area. Gyeonggi Province is preparing to supply 26,112 units. Four out of five metropolitan area apartments will be supplied in Gyeonggi. In Seongnam, 5,459 units from housing redevelopment projects will be offered, and in Pyeongtaek, a total of 4,870 units including those in Godeok International New City and Hwayang District are scheduled for sale.

In Seoul, 4,222 units are scheduled for sale, including ‘Mapo Xi Hillstate Rachels’ (1,101 units) in Gongdeok-dong, Mapo-gu, and ‘Jangwi Prugio Radius Park’ (1,637 units) in Jangwi-dong, Seongbuk-gu. All apartments that recorded triple-digit application competition rates among this year’s sales complexes were redevelopment sites within Seoul. With the news of large complexes of over 1,000 units being offered for the first time since February, applicants are showing interest. In Incheon, five complexes including Songdo International City and Yeongjong International City will offer a total of 2,481 units.

In the provinces, the largest supply volumes are in ▲Busan (5,121 units) ▲Chungnam (4,050 units) ▲Jeonnam (1,957 units) ▲Gyeongnam (1,704 units) ▲Ulsan (1,658 units). Major complexes preparing for sale include ‘The Sharp Riomont’ (1,305 units) in Eomgung-dong, Sasang-gu, Busan; ‘Tangjeong Prugio Center Park’ (1,416 units) in Tangjeong-myeon, Asan-si, Chungnam; and ‘Cheongju Technopolis Atera’ (1,450 units) in Heungdeok-gu, Cheongju-si, Chungbuk.