3681 Out of 5443 Households for General Sale
Seoul's 1st Priority Average Competition Rate Soars Monthly
Recorded 262.8 to 1 as of October
In Seoul, where new apartments are scarce, a total of 5,443 households will be supplied this month alone. This is the highest monthly supply volume this year.
According to real estate market analysis firm Real Estate Info on the 13th, a total of 5,443 households across 7 complexes will be supplied this month, of which 3,681 households will be available for general sale. The complexes scheduled for supply this month are distributed across △Seongbuk-gu △Nowon-gu △Yeongdeungpo-gu △Jungnang-gu △Geumcheon-gu △Gangdong-gu △Gangseo-gu.
The Seoul housing market this year is expected to maintain strong subscription enthusiasm in November as the trend favoring new constructions continues alongside forecasts of reduced supply volume.
From January to the end of last month, a total of 3,290 households were available for general subscription (excluding special supply) across 24 complexes in Seoul. Over 510,000 people applied in the first priority subscription, recording an average subscription competition rate of 155.12 to 1. During the same period, the national average was 13.05 to 1, and the metropolitan area average was 20.65 to 1, making Seoul’s first priority subscription competition rate more than 7 to 10 times higher.
The subscription enthusiasm has been even hotter in the second half of this year. In September, when 4 complexes were supplied, the average first priority competition rate was 211.64 to 1. In October, subscriptions were held at 4 complexes as well, with the average competition rate soaring to 262.8 to 1.
Kwon Il, head of the research team at Real Estate Info, said, "The Seoul housing market continues to see ongoing supply (sales) and forecasts of decreasing move-ins, which has heightened interest in new constructions, and the perception that Seoul real estate is a stable asset is firmly established. There are several sales announcements at various sites in November, and many are located near the three major business districts, so subscription competition is expected to be fierce."
The complexes scheduled for sale this month are mostly located near major business districts such as the Central Business District (CBD) and Yeouido Business District (YBD), known as Seoul’s three major business districts. Lotte Construction plans to sell 'Changgyeonggung Lotte Castle Signature' through the redevelopment of Samseon 5 District in Seongbuk-gu. This is the first new complex supplied in the Samseon-dong area of Seongbuk-gu in over 10 years. Out of a total of 1,223 households, 509 households with exclusive areas of 59 and 84㎡ will be available for general sale.
In Yeongdeungpo-gu, DL E&C will sell 'e-Pyeonhansesang Dangsan River Park,' a reconstruction of the Woonjeil 1st Apartment in Dangsan-dong 4-ga. Out of a total of 550 households, 111 households with exclusive areas of 51 to 59㎡ will be available for general sale.
POSCO E&C will sell 'The Sharp First World Seoul,' developed on the site of Sangbong Terminal in Jungnang-gu. Out of a total of 999 households, 800 households with exclusive areas of 39 to 118㎡ will be available for general sale. It has abundant public transportation to downtown Seoul areas such as Jongno, and commuting to Gangnam from Sangbong Station on Line 7 is convenient.
Additionally, Hanshin Construction’s 'Hanshin The Hue High & Edu Foret' near the Seoul Digital National Industrial Complex and Hyundai Construction’s 'Hillstate Deungchon Station' near the Magok district are also scheduled for sale.
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