Primary Supply Competition Rate 60 to 1, Secondary Supply Also Exceeds 50 to 1
Recontract Possible Without Asset Criteria When Having Children
Childless Subscription Competition Rate 2.5 Times Higher
Seoul City will additionally supply Long-term Jeonse Housing 2 for newlyweds in December. The average competition rate for all units supplied in two phases has exceeded 50 to 1, drawing significant interest from newlywed couples.
According to Seoul City on the 16th, the third phase of Long-term Jeonse Housing 2 (Miri Nae Jip) is planned to be supplied in December. Previously, Seoul City announced plans to supply 500 units in December, but this may change at the time of the final tenant recruitment announcement.
Since announcing the promotion of Long-term Jeonse Housing 2 rental housing for newlyweds in May, Seoul City has recruited tenants for a total of 627 units.
As a result of recruiting tenants for 327 units of the second phase of Long-term Jeonse Housing 2 over two days from the 11th to the 12th, 16,365 people applied, recording an average competition rate of 50 to 1. The first supply in July at Olympic Park Foreon Long-term Jeonse Housing 2 saw 17,929 applicants for 300 units, with an average competition rate of 60 to 1.
The average subscription competition rates by type for the second phase of Long-term Jeonse Housing 2 were △with children 28.4 to 1 △without children 72 to 1, with the competition rate higher for the no-children category. The number of units supplied was similar, with 165 units for those with children and 162 units for those without children, but the number of applicants for the no-children type was 11,671, which is 2.5 times that of the with-children type (4,694 applicants).
Long-term Jeonse Housing 2 allows newlywed couples without children to reside for at least 10 years, and the rental deposit is supplied at a price below 80% of the market price. The asset criteria are more relaxed than general long-term Jeonse housing, and incentives such as the right of first refusal are also 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 of three or more with one child. The asset criteria apply the amount after deducting liabilities from the sum of real estate, automobiles, and financial assets, which must not exceed 655 million KRW. The automobile value criterion (below 37.08 million KRW) must also be met.
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 the right of first refusal is granted when two or more children are born, which is another advantage. If two or more children are born after moving in, the tenant can purchase at 90% of the market price, and if three or more children are born, at 80% of the market price.
Thirty percent of the units are supplied to priority applicants, and general applicants are selected including those who failed in the priority supply. Points are awarded based on continuous residence period in Seoul and the number of subscription savings payments. Full points are given for 10 years or more and 120 or more payments. Selection is made in order of highest scores, and ties are decided by lottery. All applicants included in the document screening among Olympic Park Foreon applicants were full scorers with 10 points or more.
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