Hot Seoul Housing Market Even in Off-Season... Catch 'Singil AK Prugio'

- Seoul Subscription Competition Rate Hits 67.7 to 1 This Year, Over 6 Times Higher Than Last Year
- 'Singil AK Prugio' Model House Reopens on the 16th with 50% Interest-Free Midterm Payment Benefits

The Seoul housing sales market is regaining momentum due to the government's 1.3 real estate measures. In particular, the competition rate for apartment subscriptions in Seoul has surged sharply this year.

According to the Korea Real Estate Board's Subscription Home, from January to July this year, 13 complexes with 1,334 households in Seoul received first-priority subscription applications from 90,198 people. The average competition rate was 67.6 to 1, which is more than six times higher compared to last year's annual record of 10.9 to 1 (6,707 households supplied, 73,081 applicants).

Recently, apartment complexes in Seoul that held subscriptions have continued their successful streak. 'Lotte Castle Eastpole' in Jayang-dong, Gwangjin-gu, Seoul, recorded 41,344 applicants for 420 households in the first-priority subscription on the 1st, showing an average competition rate of 98.4 to 1. The highest competition rate was for the 74㎡ exclusive area housing type, reaching 303.2 to 1.

The revival of the Seoul sales market this year appears to be influenced by the government's lifting of real estate regulations, which caused Seoul real estate prices to hit bottom and then show a rebound trend.

This trend is expected to become more pronounced in the second half of the year. As permits, construction starts, and sales?leading indicators of housing supply?have sharply decreased this year, there are concerns about supply shortages in the next 2 to 3 years, which will inevitably lead to rising apartment prices in Seoul.

In fact, according to data from the Ministry of Land, Infrastructure and Transport, nationwide housing construction starts in the first half of this year were 92,490 households, less than half (49.1%) of last year’s figure, and nationwide sales volume also plummeted by 43% to 66,447 households compared to the first half of last year.

An industry insider said, “Since Seoul’s supply is expected to decrease in the future, the Seoul sales market is likely to maintain a good atmosphere in the second half of the year. Especially, demand will focus on areas with good access to subway stations, strong brands, and reasonable prices.”

Amid the high competition rates attracting attention in the Seoul apartment sales market this year, interest is also focused on ‘Singil AK Prugio’ supplied in Singil-dong, Yeongdeungpo-gu.

[Shingil AK Prugio Perspective]

Constructed by Daewoo E&C, ranked third in construction capability evaluation, this complex is a mixed-use development consisting of five buildings from five basement floors to 24 above-ground floors, with a total of 392 units including small-sized housing and officetels, as well as neighborhood living facilities. Among them, the small-sized housing consists of ▲49㎡A 80 units ▲49㎡B1 148 units ▲49㎡B2 19 units ▲49㎡C 39 units, totaling 286 units (excluding 10 public rental units).

‘Singil AK Prugio’ is located at the center of Singil New Town and is expected to enjoy the premium effect of a brand town along with complexes such as ‘Raemian Prevenue’, ‘Hillstate Classian’, ‘Singil Central Xi’, ‘Raemian Estium’, and ‘Singil Park Xi’. Also, since these complexes have already been occupied, residents of this complex can conveniently and comfortably use various living infrastructures such as commercial facilities and parks.

Moreover, the design of ‘Singil AK Prugio’ stands out for prospective residents. The floor plan features a two-room type (72% of total units) with a living room, kitchen, bathroom, and two bedrooms, and all units have balcony extensions constructed free of charge. Additionally, one parking space per unit is secured, allowing for ample parking.

The contract terms are 10% down payment, 50% interim payment, and 40% balance payment. The down payment consists of a first payment of 10 million KRW at contract signing, with the remaining down payment payable in installments within 30 days. Interest-free loans are supported for the interim payment.

The model house is scheduled to relocate and open on the 16th at the Summit Gallery in Daechi-dong, Gangnam-gu, Seoul. The model house operates by appointment only. Prospective visitors can make a reservation through the main contact number. A virtual model house is also available on the official website.

Move-in is scheduled for July 2024.

This content was produced with the assistance of AI translation services.