Despite the stagnant market atmosphere under the impeachment situation, the apartment subscription frenzy in key areas of Seoul continues. In the first priority subscription for apartments in the Bangbae and Seongbuk areas of Seoul on the 10th, tens of thousands of people gathered, resulting in a high competition rate.
According to the Korea Real Estate Agency on the 11th, the 'Acro Ritz County,' which had its first priority subscription the previous day, attracted 34,279 applicants for 71 homes. The average competition rate was 482.8 to 1, with the type of 84㎡D gaining the most popularity at a competition rate of 826 to 1. This apartment recorded a high competition rate of 251.43 to 1 during the special supply held on the 9th.
The selling price for the 84㎡ type of Acro Ritz County ranges from 2 billion to 2.1 billion won, making it about 800 million won cheaper than similar units in the area, earning it the nickname 'lotto subscription.' This complex is a redevelopment of the Bangbae Samik Apartment and consists of 707 units in 8 buildings, rising from 5 basement floors to 27 above ground. Winners will be announced on the 18th.
On the same day, the 'Changkyunggung Lotte Castle Signature' in the Samseon 5 district of Seongbuk-gu also showed a high competition rate during its first priority subscription. For 260 homes, there were 6,942 applications, resulting in an average competition rate of 26.7 to 1. The highest competition rate was 32.2 to 1 for the 59㎡C type. This apartment showed an average competition rate of 14 to 1 during the special supply held on the 9th. The Changkyunggung Lotte Castle Signature will consist of a large complex of 1,223 units (including rentals) across 19 buildings, rising from 4 basement floors to 18 above ground, located at 296 Samsen-dong 2-ga, Seongbuk-gu.
While the real estate market is generally stagnant due to political uncertainties such as the state of emergency and impeachment situation, the subscription market seems to be an exception. It is expected that the supply of apartments will sharply decrease over the next three years, making subscriptions one of the best options for those wishing to purchase a home. The average subscription competition rate for apartments in Seoul recorded the highest level in three years. According to Real Estate R114, from January to November this year, the general supply of apartments in Seoul was 3,319 units, with a total of 512,794 applicants. The average competition rate was 154.5 to 1, which is 2.7 times higher than last year's annual competition rate of 57.36 to 1.
Ham Young-jin, head of the Big Data Real Estate Lab at Woori Bank, noted, "Despite the outlook for economic slowdown, the preference for subscriptions mainly in the price ceiling designated areas of Seoul and the metropolitan area may remain high next year," adding, "Considering the easing of subscription regulations, decrease in permits and construction, and preference for new builds, the subscription market frenzy can continue."