GH Draws 20,946 Applications for 240 Gwanggyo Equity-Accrual Housing Units

Gyeonggi Housing & Urban Development Corporation (GH) received a total of 20,946 applications for 240 units of equity-accrual housing, which it introduced for the first time in the country, from November 9 to 11.

The average competition rate for the equity-accrual housing was 71 to 1 for special-supply units and 100 to 1 for first-priority general-supply units. A total of 30,856 applications were submitted for the 360 units of general public-sale housing offered in the same complex, bringing the total number of applications for the complex to 51,802.

For the special-supply units of the equity-accrual housing, 11,985 applications were received for 168 units. In particular, 5,768 applications were submitted for the youth special-supply units, which had 36 units available, accounting for 48.1% of all special-supply applications. The average competition rate for youth special-supply units was 160 to 1, the highest among the six special-supply categories.

The most popular unit type among young applicants was the 59B unit, with an exclusive-use area of 59 square meters. A total of 4,629 applications were submitted for the 22 units allocated to young applicants, resulting in a competition rate of 210 to 1. For the general supply of equity-accrual housing, 7,233 first-priority applications and 1,728 second-priority applications were received for 72 units.

Perspective rendering of the Gwanggyo A17BL apartment complex, for which Gyeonggi Housing & Urban Development Corporation accepted sales applications from the 9th to 11th.

Buyers of the Gwanggyo equity-accrual housing can move in after paying just 25% of the initial sale price, combining the contract deposit and balance, and placing a rental deposit for GH's share. After moving in, they will make payments every five years based on the value of the shares, calculated using the initial sale price, plus additional interest. They will gradually acquire additional shares of 20%, 20%, 20% and 15%, securing full ownership of their homes (100% ownership) over 20 years.

The general public-sale housing offered alongside it also drew strong demand. A total of 10,521 applications were received for 270 special-supply units, while the 90 general-supply units drew 16,587 first-priority applications and 3,748 second-priority applications. The average competition rate for first-priority general-supply units was 184 to 1. By unit type, the 84A units, with an exclusive-use area of 84 square meters, had the highest competition rate at 260 to 1, with 2,606 applications submitted for 10 units.

GH President Kim Yong-jin said, "Many residents, including young people, have shown keen interest in the Gwanggyo equity-accrual housing, introduced for the first time in the country. Building on the success of this first offering, we will continue to provide innovative public housing that can serve as a practical stepping stone to stable housing for young people who find it difficult to save a large sum upfront, even when they have a stable income."

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