Korea apartment subscription competition halves to 5.6 to 1 as supply rises
In short
The average first-priority competition rate for apartment subscriptions in South Korea fell to 5.6 to 1 between January 1 and September 18, about half the 10.2 to 1 recorded a year earlier, according to a Zigbang analysis reported by Yonhap. General supply rose 34% to 85,321 households while first-priority applications fell 26.6% to 475,000. Demand concentrated in Seoul and price-capped complexes, with Seoul's average at 63.1 to 1 and the highest rate at Acro Seocho in Seocho-gu, at 1,099.1 to 1.
Read the full story 1 min read
Apartment subscription competition in South Korea roughly halved this year. A Zigbang analysis of subscription results for complexes whose occupant recruitment notices were issued between January 1 and September 18 put the average first-priority competition rate at 5.6 to 1, compared with 10.2 to 1 in the same period last year, Yonhap reported. Korea Economic Daily carried the same 5.6 to 1 figure in its headline and linked it to high sale prices. [ 1 , 2 ]
Supply rose while applications fell. General supply in the period was 85,321 households, up 34% from 63,668 a year earlier, while first-priority applications totalled 475,000, down 26.6% from 646,891, according to the analysis cited by Yonhap. [ 1 ]
Demand concentrated in price-capped complexes in Seoul and in major Seoul metropolitan area sites. Public-sale supply covered 20 complexes and 6,735 households with an average first-priority rate of 19 to 1, down from 38.1 to 1; the Namyangju Wangsuk 2 district A3 block posted the highest public-sale rate at 126.8 to 1. Private-sale supply covered 191 complexes and 78,586 households, up 35.5%, with an average rate of 4.4 to 1, down from 7.4 to 1. [ 1 ]
Price-capped complexes averaged 10.8 to 1 this year, down from 24.5 to 1, but remained far above the 3.7 to 1 average for complexes not subject to the price cap. Seoul recorded the highest regional average at 63.1 to 1. [ 1 ]
The most competitive complex was Acro Seocho in Seocho-gu, Seoul, where 32,973 applications were filed for 30 general-sale units, a rate of 1,099.1 to 1. Yonhap said applicants appeared to have flocked there because the price cap raised expectations of large market-price gains. It was followed by Otier Banpo at 710.2 to 1, Ichon Ruel at 135.0 to 1 and Dongjak Central Dongmun D East at 114.8 to 1. [ 1 ]
Why it matters
The figures describe how subscription demand is spreading across a larger volume of new supply rather than concentrating in a few complexes, with price-capped and Seoul-area sites still drawing far more applicants than the rest. Because the data covers only the first nine months of the year, it does not by itself establish where the market goes next.
Key facts
- The average first-priority apartment subscription competition rate for January 1 to September 18 was 5.6 to 1, down from 10.2 to 1 a year earlier. [ 1 , 2 ]
- General supply in the period was 85,321 households, up 34% from 63,668 a year earlier. [ 1 ]
- First-priority subscription applications totalled 475,000, down 26.6% from 646,891 a year earlier. [ 1 ]
- Public-sale supply covered 20 complexes and 6,735 households, with an average first-priority competition rate of 19 to 1, down from 38.1 to 1. [ 1 ]
- Private-sale supply covered 191 complexes and 78,586 households, up 35.5%, with an average first-priority competition rate of 4.4 to 1, down from 7.4 to 1. [ 1 ]
- Price-capped complexes averaged 10.8 to 1, down from 24.5 to 1, and non-capped complexes 3.7 to 1. [ 1 ]
- Seoul recorded the highest regional average at 63.1 to 1, and Acro Seocho in Seocho-gu the highest single complex rate at 1,099.1 to 1, with 32,973 applications for 30 general-sale units. [ 1 ]
Confirmed by several sources
Still unclear
- The full article from Korea Economic Daily could not be read; only its headline was available, so its stated reason for the decline could not be checked against its text. Only the feed headline from that outlet was accessible, and the page text contained subscription prompts and an AI service disclaimer rather than the article.
- Yonhap said applicants appeared to have crowded into price-capped complexes because of expectations of large market-price gains; the report does not cite a named source for that explanation. The explanation is attributed to the outlet's inference rather than to a company or official statement.