Average Competition Rate of 50 to 1 for Long-Term Jeonse 2, Including Lotte Castle Eastpole

16,365 Applicants for Newlywed Long-term Jeonse Housing Phase 2
Hoban Summit Gaebong 59㎡ No Children Records 216:1
Lotte Castle Twin Gold 59㎡ With Children 96.3:1
No Children Type Average 72:1, With Children Type 2.5 Times Higher

The second supply results of Long-term Jeonse Housing 2 (Mirinae Jip) for newlyweds recorded an average competition rate of 50 to 1. Since tenants can live for at least 10 years on a Jeonse lease and can purchase the home if they have two or more children, interest among newlyweds is high.

Seoul Mayor Oh Se-hoon announced on the 10th at Seoul City Hall that 300 units of long-term lease housing II (Shift2) for newlyweds will be officially supplied. He stated that the 300 newlywed households selected this time will move into Olympic Park Foreon in Dunchon-dong, Gangdong-gu starting early December. After the announcement, Mayor Oh is leaving the briefing room. Photo by Heo Young-han younghan@

According to Seoul Housing and Communities Corporation (SH Corporation) on the 13th, 16,365 people applied over two days from the 11th to the 12th for 327 units of the 2nd Long-term Jeonse Housing 2. Following the first supply in July at Olympic Park Foret Long-term Jeonse Housing 2, which recorded an average competition rate of 60 to 1, this time also exceeded 50 to 1.

The highest competition rate was for Hoban Summit Gaebong, exclusive 59㎡ (no children). Six units were offered, and 1,296 people applied, recording the highest competition rate of 216 to 1 for the no-children category. Among the with-children category, the highest competition rate was for Lotte Castle Twin Gold 59㎡, with 289 applicants for 3 units, closing at 96.3 to 1.

Lotte Castle Eastpole in Jayang-dong, Gwangjin-gu, which attracted interest from real demanders due to its large size, recorded competition rates of 52.9 to 1 for 59㎡ (no children), 28.7 to 1 for 59㎡ (with children), 22.8 to 1 for 79㎡ (with children), and 28.2 to 1 for 82㎡ (with children).

Other places with high subscription competition rates in the no-children category include Lotte Castle Twin Gold 59㎡ at 149.5 to 1 and Hillstate e-Pyeonhan Sesang Munjeong 49㎡ at 138.9 to 1.

The average subscription competition rates by category were △with children 28.4 to 1 △no children 72 to 1, with the no-children category having a higher competition rate. The number of units supplied was similar, with 165 units for with children and 162 units for no children, but the number of applicants for the no-children category was 11,671, which is 2.5 times that of the with-children category (4,694 applicants).

Long-term Jeonse Housing 2 attracts high interest from newlyweds because the asset criteria are more relaxed than general long-term Jeonse housing, and incentives such as purchase rights are provided. The income criteria for Long-term Jeonse Housing 2 are an average monthly income of 9.74 million KRW for dual-income newlywed couples and 12.95 million KRW for households with three or more members including one child. The asset criterion is a total of 655 million KRW, which is more relaxed compared to general rental housing.

If a tenant gives birth to one child after moving in, the asset criteria are not applied at the time of contract renewal. Additionally, the residence period is extended from 10 years to 20 years after childbirth, and a priority purchase right is granted when two or more children are born, which is another advantage.

SH Corporation plans to announce the candidates for document screening on the 30th. Afterwards, they will conduct additional screening to verify eligibility based on residence qualifications, income, assets, and non-homeownership, and plan to announce the winners on December 27.