Gangnam Area Subscription Fever... Last Month Seoul 1st Priority Competition Rate 397 to 1 'All-Time High'

'The H Daechi Edelweiss' 1025.6 to 1
Waiting for 4th quarter 'Jamsil Raemian I-Park' and others

Last month, the average subscription competition rate for first-priority applicants in Seoul recorded the highest monthly figure in the past six years.

According to Zigbang on the 14th, the average subscription competition rate for first-priority applicants in Seoul last month was 396.8 to 1. This is the highest monthly competition rate since Zigbang began surveying sales information in 2018, with the previous highest being 337.9 to 1 in September 2021.

'The H Daechi Edelweiss' perspective / Image courtesy of Hyundai Engineering & Construction

By exclusive area, the competition rate was highest in the 60㎡ to 85㎡ range at 668.5 to 1. It is analyzed that this was effective because this size can accommodate families of 3 to 4 members and the price burden is relatively low considering the down payment preparation. Other competition rates were 511 to 1 for areas over 85㎡ and 299.4 to 1 for areas under 60㎡.

Kim Eun-seon, head of Zigbang Big Data Lab, said, "Last month, four complexes in Seoul received first-priority subscriptions, two of which were branded complexes with excellent locations in the Gangnam area. In particular, due to the application of the price ceiling system, demanders expecting to realize profits flocked, raising the competition rate."

Among the four supply complexes, the one with the highest competition rate was 'The H Daechi Edelweiss.' This complex, rebuilt in Gumauel 3rd District, Daechi-dong, Gangnam-gu, had 37 units available and received 37,946 applications, resulting in an average competition rate of 1025.6 to 1. The competition rate was highest for units under 60㎡ at 1205.2 to 1. Although a small number of units were supplied, it was evaluated as a competitively priced sale compared to the surrounding market price, being a branded new building in the Daechi-dong school district with prices around 1.6 billion KRW for 59㎡ units. The entire complex consists of 282 units (59~94㎡).

The next most competitive complex was 'Cheongdam Le El' in Cheongdam-dong, Gangnam-gu. This complex, rebuilt from Cheongdam Samik Apartment, is located along the Han River and consists of 9 buildings from basement 4 to ground 35 floors, with a total of 1,261 units (including rental) ranging from 49 to 218㎡. Last month, the first-priority subscription results showed 56,717 applications for 85 units, resulting in an average competition rate of 667.3 to 1. The 59㎡ and 84㎡ units recorded competition rates of 748.5 to 1 and 595 to 1, respectively.

Following that, 'Howstory Central Foret' in Gongneung-dong, Nowon-gu, closed first-priority subscriptions with an average competition rate of 30.3 to 1. Although it is a small complex with 161 units ranging from 59 to 74㎡, it attracted actual residents due to its ultra-close proximity to Hwarangdae Station on Subway Line 6 and a sale price in the 700 million KRW range for 59㎡ units. The average competition rate for first-priority applicants at 'Mapo Epyt Urbanic' in Ahyeon-dong, Mapo-gu, was 10.1 to 1. Although the target demand was limited with 198 units ranging from 34 to 46㎡ (excluding officetels), its location advantage near Aeogae Station on Subway Line 5 and in Mapo worked in its favor.

Outside Seoul last month, the average first-priority competition rates were highest in Daegu (11.3 to 1), Gangwon (8.8 to 1), Gyeonggi (8.7 to 1), Busan (5.6 to 1), Incheon (5.0 to 1), and Chungbuk (0.5 to 1). Looking at individual complexes, in Daegu, 'ePyeonhansesang Myeongdeok Station First Mark' in Daemyeong-dong, Nam-gu, recorded the highest rate of 33.9 to 1 (108㎡A). In Gangwon, among two supplied complexes, 'Wonju Station Woomeerin The Sky' in Musil-dong, Wonju-si, showed an average competition rate of 10.8 to 1. In Gyeonggi, where seven complexes were supplied, the average competition rates were highest for 'Prestige Xi' (58.7 to 1), 'Harrington Square Sinheung Station' (23.7 to 1), and 'Hangang Sujain Obcent' (7.9 to 1).

Lab head Kim said, "In the fourth quarter, new complexes such as 'Jamsil Raemian I-Park' (2,678 units) in Sincheon-dong, Songpa-gu, 'Acro Ritz County' (721 units), and 'Raemian One Perla' (1,097 units) in Bangbae-dong, Seocho-gu, are scheduled for sale in the Gangnam area. Since there is high interest from subscription waiters, the heat of the Seoul subscription market is expected to continue for the time being."