Competition rate for apartment subscription in Seoul is still hot

A view of an apartment complex in downtown Seoul from Namsan Seoul Tower in Jung-gu, Seoul. By Jae-Won Moon

More than half of the apartment complexes that received applications for housing subscription this year were found to be unsuccessful.

The first-priority competition rate for apartments for sale in Seoul has increased 2.7 times from last year, but regional differences have intensified, with a spate of unsuccessful applications in the rural areas.

According to real estate platform Zigbang on May 13, a total of 52 of the 99 complexes that received applications for housing subscription this year had the first-priority average competition rate of less than one to one. Of them, 69 percent (36 units) were from rural areas. By region, Ulsan (0.2 to 1), Gangwon (0.2 to 1), Daejeon (0.4 to 1), Gyeongnam (0.4 to 1), and Busan (0.8 to 1) showed poor performance.

Seoul's apartment sales market, on the other hand, was still highly interested by buyers. All six apartment complexes in Seoul receiving applications this year were fully subscribed in the first round.

The average first-priority competition rate for all apartment complexes this year was 4.6 to 1 nationwide, down from 6.8 to 1 in the same period last year. On the other hand, Seoul has seen a 124.9-to-1 ratio this year, which is 2.7 times higher than the same period last year (45.6-to-1).

The average sales price per 3.3 square meters of new apartments in Seoul this year was 78.96 million won, more than double that of last year (30.17 million won).

The average sales price was driven up by Pozes Han River in Gwangjin-gu, where the sales price per 3.3 square meters was over 100 million won with the premium of Han River view. In addition, apartment subscriptions which were conducted in other high-end residential areas, such as Seocho-gu and Gangdong-gu, have also boosted the overall sales price.

Even in rural areas, apartment complexes with good locations also showed good performance in housing subscriptions. Seoshin the Sharp Vivaldi in Jeonju, North Jeolla Province, recorded a 55.5:1 subscription competition rate, the highest among new apartment complexes in rural areas.

※This article has undergone review by a professional translator after being translated by an AI translation tool.