The Rise of ‘Subscription Not Listed’ Fever in Pre-sale Prices: Exploring the Unusual Trend

[파이낸셜뉴스] As pre-sale prices rise, the ‘subscription not listed’ fever is unusual. The biggest advantage is that even people who own multiple homes can search for a new apartment even without a subscription account. Recently, JooJoo’s popularity has increased, with the number of applicants approaching 4 million over the past two years.

When JubJub fever was at its peak, ‘queuing all night’ and ‘substitute queuing’ were popular. Starting in December 2018, the method of recruiting JupJup residents through the subscription website was changed.

Unsold units, no contracts, illegal subscriptions…different qualifications

Currently, unlisted subscription is divided into unlisted post-subscription, random supply, and contract canceled housing replenishment, depending on the case of households remaining after the announcement of resident recruitment. Subscription qualifications are different for each type.

① Post application not listed – No contract

Post-application not listed is a case where the contract process has been completed for winners and potential residents, but households remain due to lack of qualifications, abandonment of contract, etc. In other words, there was competition as there were more applicants than the supply within the site, but the contract was abandoned.

This is the so-called uncontracted amount. In the case of JooJoo for uncontracted amounts, applications are accepted from all domestic residents, not from the relevant region. It is usually referred to as a ‘national’ subscription. Anyone over the age of 19 can subscribe, regardless of residence, home ownership, or subscription account.

② Acceptance of voluntary supply – unsold units

A request for voluntary supply refers to a case where there is no competition during the tenant recruitment announcement and where the units are not sold. It is a different concept from the non-contract mentioned above. When distributing JupJup categories on the subscription homepage, a separate random supply is distributed.

The eligibility requirements for voluntary supply and non-graded subscription are determined by the business entity. Accordingly, you must check the tenant recruitment notice. However, it is common to maintain a ‘national’ subscription for all domestic residents.

③ Replenishment of housing canceled on contract – fraudulent subscription

Canceling a housing supply contract is another concept. This is a case where the person won an apartment, but the contract was later canceled due to so-called actions that disrupted the supply order, such as illegal resale, false move-in, and false divorce. The amount listed on JupJup in Gwacheon Information Town is a house with a canceled contract. Eligibility for subscription is also limited to non-resident members and heads of households living in the area.

In addition to this, JupJup stock includes general supply and special supply. New marriages, first-timers, etc. must meet special supply conditions as well as the residency requirements. Additionally, depending on the type of JupJup, there are differences in winner management, re-winning restrictions, home owner restrictions, and restrictions on previous winners of the same home.

4 million people swing at JOBJUB… there are concerns about market distortion

According to the Korea Real Estate Agency, which operates the subscription website, JoopJoo winners are selected using a ‘random number generation program’. Nine numbers randomly selected by the project entity (construction company/society) through three drawings are entered into the computer terminal in order, and based on these, random numbers are drawn and a winner is selected from the list of candidates. The real estate agent explains that arbitrary(?) manipulation is absolutely impossible.

So, how many subscribers flocked to JupJup?

According to data analyzed by KB Financial Group’s Management Research Institute, the number of tenant recruitment announcements made through the subscription website over the two years between March 2022 and March 2024 was 584. The supply scale is 17,271 households. The cumulative number of subscribers over two years is 3,068,714, which is over 3 million.

A Financial News analysis of JupJup’s subscription status in April found that 885,666 people applied. The cumulative number of unrated subscribers between March 2022 and April 2022 is close to 4 million.

However, even in unrated subscriptions, the phenomenon of polarization deepens. Although there are complexes with more than 1 million subscribers, there are also quite a few complexes that cannot fill the number of residents and are now recruiting for the ‘Nth round’.

Some voices worry about side effects.

This means that market distortion can occur due to indiscriminate subscriptions such as the so-called ‘no questions subscription’.

Jeong Jong-hoon, head of KB Financial Group’s Management Research Institute, said, “As the number of people who quit after winning a subscription increases, we also see situations where additional tenant recruitment announcements are done about to expire. – losing users’ chances of winning.”

The explanation is that JupJup’s re-win restriction applies mainly to regulated areas, so in non-regulated areas, there are situations where contracts are repeatedly abandoned after winning.

ljb@fnnews.com Reporter Lee Jong-bae

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