- Proportion of Supply in the Seoul Metropolitan Area Hits Five-Year Low... Demand Heats Up, but Supply Shortage Expected to Continue
- Price Ceiling Applied to Public Housing Sites, 'Wonjong Humanville Claz' Model Home Opens on April 24
The supply of apartments in the Seoul metropolitan area has dropped to a critical level, making the shortage of new apartments a reality. In the first quarter of this year, the proportion of apartment pre-sales in the metropolitan area recorded the lowest level in the past five years, simultaneously intensifying the imbalance in supply and driving up price pressures.
According to the real estate industry, the nationwide private apartment pre-sale volume in the first quarter of this year was 12,857 units, less than half of the 30,226 units recorded during the same period last year. Of these, only 1,914 units were supplied in the metropolitan area, accounting for just 14.9% of the total. This is about one-tenth of the average first-quarter supply in the metropolitan area over the past five years (20,192 units).
Despite the decrease in supply, demand for apartment subscriptions in the metropolitan area remains strong. According to Real Estate Info's analysis of Cheongyak Home data, the average subscription competition ratio in the metropolitan area last year reached 71.4 to 1. In comparison, the ratio in non-metropolitan regions was 7 to 1 during the same period, showing a difference of more than tenfold. This indicates that the concentration of demand in the metropolitan area is becoming even more pronounced.
The decrease in supply in the metropolitan area is unlikely to be a short-term phenomenon. This is because it takes at least three years to complete a housing project from groundbreaking to completion, and recent groundbreaking figures have shown a clear downward trend.
According to statistics from the Ministry of Land, Infrastructure and Transport, the number of housing starts in 2022 was 383,404 units, a decrease of 34.4% from the previous year, and in 2023, it further dropped to 242,188 units. Although last year saw a slight recovery to 305,331 units, this still falls far short of the annual average demand of 450,000 units.
An industry insider analyzed, "While demand in the metropolitan area remains consistently strong, the contraction in supply could trigger a chain reaction, including a concentration of demand for jeonse leases, rising jeonse prices, and a rebound in sales prices." The insider added, "As new apartments become increasingly scarce, competition for subscriptions in the metropolitan area will become even fiercer in the future," emphasizing the need for proactive interest in new apartments entering the market.
Amidst this situation, attention is being drawn to a complex that is opening its model home and officially launching pre-sales on April 24. The spotlight is on 'Wonjong Humanville Claz,' supplied by Ilshin Construction in Bucheon, Gyeonggi Province.
Bucheon, where Wonjong Humanville Claz is being built, suffers from a shortage of supply, making new apartments more highly valued than in other areas. According to Real Estate R114, the ratio of pre-sale volume to the number of households in Bucheon (from 2014 to 2024) is only 7.1%, the lowest level in Gyeonggi Province.
Above all, the location is excellent. The Wonjong District, where the complex is located, is only 650 meters from Seoul, offering outstanding accessibility to the capital. By car, Magok District can be reached in about 10 minutes, Yeouido (YDB) in about 20 minutes, and Jongno (CBD) in about 30 minutes.
For public transportation, one stop by bus from the nearby BRT (Bus Rapid Transit) station takes you to Line 5 Hwagok Station, and using the Seohae Line Wonjong Station, one subway stop brings you to Gimpo Airport Station, where you can transfer to Lines 5 and 9, the Airport Railroad, and the Gimpo Gold Line.
Seohae Line Wonjong Station is scheduled to connect with the planned Daejang-Hongdae Line, which will provide a double-station premium in the future. The line connecting Daejang New Town, Wonjong Station, and Seoul Hongdae Entrance is set to begin construction in the first half of this year, and once opened, travel time to Hongdae Entrance will be reduced to about 20 minutes.
The residential environment is also favorable. Wonil Elementary School is located right in front of the complex, and within an 800-meter radius, there are various educational facilities such as Deoksan Middle School and Wonjong High School. The complex is adjacent to a planned large park of about 10,000 square meters, and the expanding Ojeong Grand Park (scheduled for completion in 2025, about 120,000 square meters) is also within walking distance, ensuring a pleasant living environment.
The subscription schedule begins with special supply applications on April 28, followed by first-priority applications on April 29 and second-priority applications on April 30. The winners will be announced on May 9, and the contract signing for successful applicants will take place over three days from May 20 to 22.
This is the first complex in Bucheon to apply the special supply exception for marriage and childbirth, allowing even existing homeowners to apply for special supply. To qualify for first-priority subscription, applicants must reside in the metropolitan area (Seoul, Gyeonggi, Incheon), be at least 19 years old, have held a subscription savings account for at least one year, and meet the regional deposit requirements. Any adult household head or member meeting these criteria is eligible to apply. A notable feature of 'Wonjong Humanville Claz' is that all types can be subscribed to with the minimum required deposit for each region.
The complex consists of four buildings with two basement levels and 15 above-ground floors, offering a total of 255 units with exclusive areas ranging from 46 to 59 square meters. It is characterized by a focus on small units suitable for young people, newlyweds, and seniors. The number of units by type is as follows: 54 units of 46 square meters, 40 units of 47 square meters, 51 units of 59 square meters type A, 68 units of 59 square meters type B, and 42 units of 59 square meters type C.
The model home of 'Wonjong Humanville Claz' is located within the Bucheon Visual Culture Complex in Sang-dong, Bucheon, Gyeonggi Province, and various opening events are being held. For visitors to the model home, generous prize draws will take place, and for the first four days of the opening, the first 200 visitors each day will receive a small gift.
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