The Subscription Market in Seoul and Other Metropolitan Areas on the Rise
Despite Rainy and Holiday Season, Subscription Competition Remains Hot
Seoul and other metropolitan areas in South Korea are experiencing a surge in subscription competition rates. Even with the rainy season and holiday season in full swing this month, the subscription market is expected to remain hot. In fact, the second week of August is seeing a total of six complexes across the country opening model houses and beginning sales, anticipating what is being called the Super Week.
Influx of High-Priced Bank Books in Seoul
Real estate data from the company Real Estate Info reveals that several complexes, including ‘Hillstate Advanced Central’, ‘The Sharp Yeondong Avenue’, and ‘Raemian La Grande’, are expected to attract great interest from buyers. With a total of 3,583 homes available for sale, most of these pre-sale complexes come from the top 10 construction companies in the country. Among them, four are located in the province, while the remaining two are in Seoul.
The number of complexes going up for sale in the second week of August is higher than the yearly average, which stands at 4.3. Previously, the week with the most available housing complexes was the fifth week of June with eight locations, followed by seven locations during the third week of July. These new offerings during the off-season summer period are attracting attention due to the scarcity of sales complexes opening model houses during peak sales times.
In the high-demand city of Seoul, complexes such as ‘Raemian La Grande’ in Dongdaemun-gu and ‘Cheonggye SK View’ in Seongdong-gu are opening their model homes. Samsung C&T’s ‘Raemian La Grande’ has a total of 3,069 homes, with 920 available for general sale. Priority subscriptions for this complex will open on the 16th. On the other hand, SK Eco Plant is supplying the ‘Cheonggye SK View’ complex, offering a total of 396 housing units, with 108 available for general sale. Subscriptions for this complex will open on the 22nd.
Improvement in the Sales Market
Construction companies are rushing to prepare for sales due to the significant improvement in the sales market. For example, Yongsan Lakeside Summit Edition in Yongsan-gu, Seoul, had a subscription competition rate of 162.6 to 1, with 10,575 people applying for the 65 available households. Similarly, ‘Guui Station Lotte Castle East Pole’ in Gwangjin-gu attracted 40,000 applicants for general sales subscriptions, demonstrating the high demand in Seoul. In Gyeonggi-do, ‘Hoban Summit Godeok New Town 3rd’ had 13,996 applicants, with more than 10,000 subscribers in the metropolitan area.
Nationwide Subscription Competition Rate
According to Korea Real Estate Agency’s home subscription data, the nationwide subscription competition rate (based on 1st place) for last month was 17.8 to 1, a significant increase from the previous month (7.1 to 1). However, the subscription rate decreased from 21.1% in June to 14.8% last month. Seoul recorded the highest competition rate at 101.1 to 1 nationwide. Jeonbuk followed with 85.4 to 1, Gyeonggi with 22.2 to 1, Gangwon with 9.9 to 1, and Gyeongnam with 2.3 to 1. Daejeon, Incheon, Busan, and Jeju did not reach a 1 to 1 competition rate. In other metropolitan areas like Daegu, Gwangju, and Ulsan, there were no sales last month.
Future Subscription Market Outlook
Real estate experts predict that the subscription competition rate will continue to increase due to the expansion of the lottery system and a lack of supply. Additionally, concerns about rising pre-sale prices, influenced by increased ash prices in cement and labor costs, add to the anticipation. Yeo Kyung-hee, senior researcher at Real Estate R114, explains that the release of high-priced bank books coincided with the recovery trend in the Seoul housing market and increasing pre-selling prices, thus attracting hesitant potential buyers. It is expected that the influx of these buyers will affect the overall subscription sentiment going forward.
The subscription competition rate of Seoul and other metropolitan areas ‘high march’ … The 1st place is expected to be sold out Photo = Provided by Yonhap News
[K그로우 이연진 기자] Despite the rainy season and the holiday season this month, the subscription market is expected to remain hot.
In particular, in the second week of August, a total of 6 complexes across the country opened model houses and began selling in earnest, anticipating Super Week.
Subscription bankbooks in high-priced stores are expected to appear as pre-sales come out in Seoul, where the heat has been hot lately.
As a result of analyzing the home subscription data from the real estate information company Real Estate Info on the 11th, there are a total of 6 complexes that will open sample houses in the 2nd week of August, including ‘Hillstate Advanced Central’, ‘The Sharp’ . Yeondong Avenue’, and ‘Raemian La Grande’, 3583 homes sold to the public.
Most of them are pre-sale complexes from the top 10 construction companies, and are expected to attract great interest from users. By region, 4 are in the province and 2 are in Seoul.
As such, the number of complexes going up for sale in the second week of August is higher than average. The sample’s average number of homes opened (excluding rentals) per week this year is 4.3.
The week with the most open sample of housing complexes was the 5th week of June (8 locations), and 7 locations were also opened during the 3rd week of July.
Since there were not many sales complexes that opened a sample of houses even during the peak sales season, places that sell them during the off-season in the summer stand out.
In Seoul, where subscription results are high, ‘Remian La Grande’ and ‘Cheonggye SK View’ in Dongdaemun-gu and Seongdong-gu, respectively, open their model homes on the 11th and start selling in earnest .
Samsung C&T’s ‘Remian La Grande’ has a total of 3069 homes, of which 920 are sold to the public. We will receive the 1st priority subscription on the 16th.
SK Eco Plant supplies ‘Cheonggye SK View’. A total of 396 households, 108 of which are for general sale. The first subscription will take place on the 22nd.
The reason why construction companies are rushing to prepare for sales is because the atmosphere in the sales market has improved significantly.
‘Yongsan Lakeside Summit Edition’, sold in Yongsan-gu, Seoul, attracted 10,575 people for 65 households, recording an average of 162.6 to 1, and ‘Guui Station Lotte Castle East Pole’, sold in Jayang-dong , Gwangjin-gu had 40,000 people in general sales subscriptions, and more than one person applied.
In Gyeonggi-do, 13,996 people applied for ‘Hoban Summit Godeok New Town 3rd’, and more than 10,000 subscribers come out in the metropolitan area.
In addition, as a result of Jikbang’s analysis of Korea Real Estate Agency home subscription data, the nationwide subscription competition rate (based on 1st place) last month was 17.8 to 1, a significant increase from the previous month (7.1 to 1 ). The subscription rate also fell from 21.1% in June to 14.8% last month.
By region, Seoul recorded the highest score of 101.1 to 1 nationwide. It was 85.4 to 1 in Jeonbuk, 22.2 to 1 in Gyeonggi, 9.9 to 1 in Gangwon, and 2.3 to 1 in Gyeongnam. On the other hand, Daejeon 0.8 to 1, Incheon 0.6 to 1, Busan 0.3 to 1, and Jeju 0.1 to 1 did not even reach the 1 to 1 competition rate.
However, in other metropolitan cities such as Daegu, Gwangju, and Ulsan, there were no sales last month.
Real estate experts predicted that the subscription competition rate would continue to increase due to the expansion of the lottery system and lack of supply, amid growing concerns about rising pre-sale prices due to increased ash prices. in cement and labor costs.
Yeo Kyung-hee, senior researcher at Real Estate R114, said, “The reason why high-priced bank books have come out one after another is that the deregulation of subscription, the recovery trend of the Seoul housing market, and the trend of increasing pre- selling prices coincided with actual demand, which had been hesitant to subscribe.” With the influx of on-demand, there are complexes that overheat depending on location or size, so it’s expected to affect subscription sentiment going forward.”
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