It was found that more than 17,000 people in their 20s and 30s applied for tenant recruitment at Raemian One Bailey (Shinbanpo 3rd, Gyeongnam Reconstruction) in Banpo-dong, Seocho-gu, Seoul. It is a complex called ‘lottery subscription’ because the sale price is cheaper than the surrounding market price.
Lotto subscription lower than the surrounding market price
Can’t get loan, need 700~1.4 billion in cash
30s led the purchase of apartments in Seoul
On the 30th, Rep. Sang-Hoon Kim (People’s Power) of the National Assembly Land Transport Committee disclosed the data submitted by the Korea Real Estate Agency. 17,323 people in their 20s (2371 people) and those in their 30s (14,952 people) subscribed to 224 households for general sale of this apartment. Of these, only two winners were in their 30s. There was one person in each of the 59m2 type A and 59m2 type B. There were no winners under the age of 20. 36,116 subscription accounts were gathered for the first-ranked subscription for this apartment. The average competition ratio was 161.23 to 1.
Excluding one of the six housing types of this apartment, the cut-off for the winner was 73 or higher. This is an impossible score for a family of 4 or less. This is because even if a family of four (20 points) gets a full score in the period of no home (32 points) and the subscription period (17 points), it is only 69 points. For the exclusive area of 74㎡, the cut line was the highest with 78 points. For a family of 6 (30 points), the score is possible only when the period of no home ownership and the period of subscription to the subscription account are almost perfect. There was also a winner with a perfect score (84 points) in this housing type.
Raemian One Bailey supplied 100% of the general pre-sale through a subscription price point system that counts the number of families and the period of non-homeownership. Therefore, the chances of winning in their 20s and 30s are extremely low. Since the sale price is over 900 million won, the interim loan is not allowed. This means that 80% of the presale price (720 million to 1.4 billion won) should be prepared without a loan as a down payment and an interim payment excluding the balance (20% of the sale price).
The age group that bought the most apartments in Seoul last May was in their 30s. According to the Korea Real Estate Agency, there were 5090 apartment sales (as of the report date) in Seoul last May. Looking at the number of apartment buyers by age, those in their 30s accounted for the most with 1867 cases, and those in their 20s and younger had 277 cases. In May, among apartment buyers in Seoul, those in their 30s and younger accounted for 42.1%. It was lower than the peak of last January (44.7%), but compared to last April (39.3%), it rose again in a month.
By region, Jung-gu (53.8%), Gangseo (52.1%), Seongdong (50.9%), and Nowon-gu (50.4%) had the highest proportion of apartment purchases in their 30s or younger. Real estate market officials explained that ‘buying a house’ for people in their 30s or younger continues in places with relatively many low- and mid-priced apartments.
Correspondent Kim Won [email protected]