Olympic Park Foreon Janggi Jeonse 2, Average Competition Rate 60 to 1

49㎡ Priority Supply Highest at 213 to 1
Over 4 Times Higher Than Long-Term Rental Competition Rate in the Same Complex

Seoul City announced that the first supply of Long-term Jeonse Housing 2, which guarantees a minimum residence period of 10 years for newlywed couples, the 'Olympic Park Foreon,' recorded an average competition rate of 60 to 1.

Olympic Park Foreon Complex Panorama

On the 24th, Seoul City revealed that 17,929 households applied for the recruitment of 300 households for Olympic Park Foreon Long-term Jeonse Housing 2 (Newlywed 20-year Jeonse Head of Household Housing). For the exclusive 49㎡ priority supply (45 households), 9,591 households applied, closing with the highest competition rate of 213 to 1.

For the 59㎡ priority supply (45 households), 5,479 households applied, showing a competition rate of 121.8 to 1. In the general supply, the 49㎡ recorded 113.1 to 1, and the 59㎡ recorded 56.8 to 1. For each, 10,587 households applied for 105 households (49㎡), and 5,968 households applied for 105 households (59㎡).

The priority supply targets households with a monthly average income below 100% of the urban worker household standard (5.41 million KRW for a two-person household) and dual-income households below 150% (8.12 million KRW for a two-person household). The general supply includes those who failed in the priority supply selection.

The competition rate for Long-term Jeonse Housing 2 for newlywed couples is more than four times higher than the 14.3 to 1 competition rate of Olympic Park Foreon Long-term Jeonse Housing recruitment held on the 27th of last month.

The relaxation of area and income criteria, extension of residence period after childbirth, and incentives such as granting the right of first refusal led to a large number of applicants.

Unlike the current Public Housing Special Act’s area standards based on household size, Long-term Jeonse Housing 2 applies separate area standards, allowing childless newlywed couples to apply for the 49㎡ type.

The income criteria were also relaxed compared to general Long-term Jeonse Housing. Seoul City set the income standard at 120% or less of the urban worker’s monthly average income, and 180% or less for dual-income households. Newlywed couples with dual incomes of two persons could apply with a monthly average income of up to 9.74 million KRW, and three-person households with one child up to 12.95 million KRW. Incentives such as the right of first refusal after 20 years if childbirth occurs after moving in, and removal of income and asset criteria at contract renewal, are also provided.

The rental deposit by area is 352.5 million KRW for 49㎡ and 423.75 million KRW for 59㎡. Due to the rise in Jeonse prices in Olympic Park Foreon, the rental deposit was set at about half of the market price.

The document screening results for Olympic Park Foreon Long-term Jeonse Housing 2 will be announced on the 9th of next month, and the final winners will be revealed on October 7. Winners can move in starting December 4.

Seoul City plans to recruit Long-term Jeonse Housing 2 tenants at other locations after August, including Jayang 1 (177 households), Munjeong 3 (35 households), Yeokchon 1 (33 households), Bongcheon (18 households), and Gaebong (16 households).

Han Byung-yong, Director of the Housing Office, said, "This high competition rate reflects the housing difficulties faced by newlywed couples living in Seoul. With a deep sense of responsibility, we will continue to prioritize the housing issues of newlywed couples in Seoul and contribute to increasing the birth rate by linking marriage and childbirth."