Unsold apartments,’lowest’ since statistics
‘Sold out’ streak among malicious unsolds
Local “We are going to buy young people who lived in jeonse”
A view of the’Wolyeong Marine Ashian Booyoung’ complex being sold in Masanhappo-gu, Changwon, Gyeongnam. / Naver Street View Capture
‘Wolyoung Marine Ashian Booyoung’, a new apartment complex of 4298 households in Masanhappo-gu, Changwon, Gyeongsangnam-do, was unsold entirely from the first sale in 2016. At that time, 177 subscribers and 4% of the pre-sale rate were accepted, and the sale contract was terminated with a penalty fee. In December 2019, post-sale was attempted, but only 390 subscribers.
Recently, the apartment sales rate reached 90%, leaving only 500 units unsold. In the aftermath of’panic buying’ (panic buying) caused by soaring house prices, most of the supplies are running out as consumers flock to unsold houses.
Mr. Bang-mo (32), a newlywed couple who signed the complex, said, “There were so many nearby apartments that I had a lot of worries about where to find a honeymoon. I was worried because there weren’t many options, but I think it’s fortunate that an inexpensive apartment is available even if it is unsold.”
As house prices soared, panic buying (after fear) increased, and the jeonse crisis, the unsold apartments that had been neglected in the market are rapidly exhausting.
According to the Ministry of Land, Infrastructure and Transport on the 1st, the number of unsold homes nationwide as of the end of January was 17,130, down 9.9% (1875 households) from the previous month (19,051 households). Compared to 43,268 units a year ago, it decreased by 60.4%. It has fallen to the minimum level since it began managing relevant statistics in 2000. In the metropolitan area, there were 1861 households, 12.7% (270 households) from the previous month (2131 households), and 15,269 households in the provinces, down 9.5% (1605 households) from the previous month (10,6874 households). Seoul was only 49 households.
The number of unsold management areas was also reduced from 6 to 5, including Wonju-si, Gangwon-si, Dangjin-si, Chungnam, Gwangyang-si, Jeollanam-do, Gimcheon-si, Gyeongbuk, and Geoje-si, Gyeongnam. Yangju City in Gyeonggi Province and Changwon City in Gyeongnam Province, where unsold housing has recently declined, were lifted from the management area. However, Gwangyang City, Jeollanam-do was newly added to the unsold management area.
Unsold houses are a measure of the atmosphere of the pre-sale market and the housing market. The exhaustion of unsold housing means that demand for housing is increasing rapidly. It is analyzed that the amount of unsold items is decreasing as the supply of new houses decreases due to the government’s regulation on maintenance projects such as reconstruction.
In fact,’Doosan We’ve the Zenith’ in Goyang-si, Gyeonggi Province, which had been unsold for the 11th year after pre-sale in 2009, robbed all unsold items at the end of last year. ‘Seongbok Hill State & Xi’ (3659 households) in Suji-gu, Yongin, which had not been able to fill tenants for nearly 10 years, ran out of unsold items at the same time. In Yangju, Gyeonggi-do, which was once referred to as the ‘tomb of unsold’, the amount of unsold decrease reached 93%. In November of last year, the unsold quantity of 629 households decreased 93.32% to 42 households in one month.
CEO Kim Mo, who runs a brokerage office in Yangju, said, “As consumers who could not find a house in Seoul or other metropolitan areas are coming in, the amount of unsold apartments as well as existing complexes is decreasing. The atmosphere is especially increasing among young people.”
Broker Yunmo, who brokers a house in Masan-gu, Changwon, also said, “Until last November, investors from foreign countries such as Seoul and Busan did not even check the condition of their homes and made a lot of’don’t ask investments’. “The atmosphere was so high that it was difficult to buy a house with the funds that had been collected, so many buyers were willing to choose an unsold house.”
The reason why the unsold market is upset is that apartments are not supplied as much as the market wants. According to Jikbang, the number of apartment occupants nationwide this year is about 227,000 households, which is about 16% less than this year (27,996 households). In particular, the number of apartments occupied in Seoul is 27,000 households, which is about half of last year’s (52,89 households).
An official from the sales industry said, “Consumers are concerned about the public redevelopment cash settlement as a second and fourth measure, and the price of jeonse in the metropolitan area has risen significantly due to the revision of the Housing Lease Act.” Before it was too late, the demand to buy even long-term unsold apartments increased.”
Ahn Hye-won, Hankyung.com reporter [email protected]