- This Year, Competition Rate for Medium to Large Housing Types at 60.63 to 1... More Intense Than Last Year
- Medium to Large Units Account for Only 21% of General Supply in the Capital Area... Adding to Scarcity
As the real estate market in the Seoul metropolitan area shows a rapid recovery, demand is surging for housing types exceeding 85㎡ in exclusive area, where winners are selected through a 100% lottery system.
According to data from Real Estate 114, the first-priority subscription competition rate for housing types over 85㎡ in Seoul this year was 60.63 to 1, showing fiercer competition compared to 47.66 to 1 in 2023 and 31.14 to 1 in 2022.
In June, the ‘Eco City The Sharp 4th Phase’ in Jeonju, Jeollabuk-do, with an exclusive area of 110㎡, recorded a competition rate of 970 to 1. In October, the ‘DH Daechi Edelweiss’ in Gangnam-gu, Seoul, with an exclusive area of 94㎡, recorded a competition rate of 511 to 1 despite the lottery ratio being only 50% as it is a speculative overheated district in Gangnam.
An industry expert said, “Currently, except for the three Gangnam districts and Yongsan-gu, all areas are non-regulated zones where housing types over 85㎡ are selected through a 100% lottery system. It appears that not only single-homeowners but also applicants with low subscription scores are flocking in large numbers. Especially, with the added scarcity of large housing types in promising metropolitan areas, fierce subscription competition is expected.”
In fact, the total general supply volume in the metropolitan area (Seoul, Gyeonggi, Incheon) this year was 45,592 households, of which only 9,759 households were housing types over 85㎡, accounting for just 21% of the total general supply.
As the year-end final sales market heats up, new supply complexes of medium to large housing types, where not only single-homeowners but also applicants with low subscription scores can expect capital gains, are scheduled to be supplied.
HDC Hyundai Development Company plans to launch ‘Gonjiam Station Central I-Park’ in November, located in Block A1-2 of the Gonjiam Station area urban development zone in Gwangju-si, Gyeonggi-do. The complex consists of 4 buildings from 2 basement floors to 22 floors above ground, with a total of 347 households ranging from 84 to 110㎡ in exclusive area. Among the total supply, 42 units are medium to large housing types of 110㎡. ‘Gonjiam Station Central I-Park’ boasts the best location conditions within the newly developed residential towns of over 3,600 households, including the Gonjiam Station area urban development district and the Shindae district, predicting high future value. From Gonjiam Station adjacent to the complex, it takes about 20 minutes to reach Pangyo Station via the Gyeonggang Line, and about 30 minutes to Gangnam, providing a convenient transportation environment.
HDC Hyundai Development Company also plans to launch the ‘Seoul One I-Park’ apartment complex in November, supplied through the Gwangwoon University Station area development project. The residential facilities of ‘Seoul One I-Park’ will be built on approximately 77,586㎡ of the total 150,000㎡ site, consisting of 1,856 units for sale, 408 public rental units, and 768 residence rooms, totaling 3,032 households across 8 buildings from 4 basement floors to 49 floors above ground. Among them, 1,856 units of the ‘Seoul One I-Park’ apartments with exclusive areas ranging from 59 to 244㎡ will be launched in November. The Gwangwoon University Station area development site, where ‘Seoul One I-Park’ is located, boasts abundant living infrastructure, including residential spaces, a 5-star global hotel, a large shopping mall, and offices. Additionally, Gwangwoon University Station, adjacent to the development site, offers transportation access not only to Line 1 but also Lines 6 and 7. Once the GTX-C line opens, the Gwangwoon University Station to Gangnam (Samseong Station) section will be connected in just 9 minutes.
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