A sales price of 84m2 for’Godukgangil Jeil Punggyeongchae’ in the Godeokgangil District, Gangdong-gu, Seoul, which is attracting the attention of housing consumers as a candidate for the’lotto subscription’, was set at 899.9 million won. It is interpreted as the pre-sale price setting to avoid the regulation of intermediate payment loans (pre-sale price of more than 900 million won). In general apartments such as shoe racks, up to 50 million won worth of up to 50 million won has been separated into’options’, causing controversy. It is also pointed out that the purpose of the pre-sale price limit system, which lowers the pre-sale price by 150 million won higher than the apartment of the same size, which was sold in the same housing district two months ago, is unclear, even though it is a public housing site subject to the pre-sale price limit system.
According to the housing construction industry on the 23rd, the sale price of Godeokgangil Jeil Punggyeongchae (a total of 780 households with a dedicated area of 84~101㎡) scheduled to be sold in March is 84㎡ for exclusive use, with a maximum of 8999.9 million won (117T type) and 101㎡ for exclusive use. It was priced at 86.6 million won (101A type). The average sale price of 3.3㎡ is 24,290,000 won.
A bird’s-eye view of the’Goduk River Il’ Jeil Landscape Chae’. Jeil Construction
Sales price 150 million won in two months↑
‘Godukgangil Jeil Pyeonggyeongchae’ attracted a lot of attention from end users because it was a sale of public housing that is difficult to find in Seoul. Since it is a public housing site subject to the pre-sale price limit system, there was high hope that the pre-sale price would be set cheaper than the surrounding complex. In fact, the pre-sale price of 84m2 for’Hillstate Leashville Kangil’ sold in the same public housing site in December last year was around 750 million won.
However, when I opened the lid, the sale price of this complex greatly exceeded expectations. Based on the same-sized apartment, the sale price increased by 150 million won compared to the previous sale apartment in the same residential area in two months. In addition, Godeok Gangil Jeil Pyeonggyeongchae included the entrance furniture, pantry, and built-in cabinet, which were provided as standard in the past, as a paid option.
From the perspective of end-users, if they choose both the balcony extension and 8 to 9 options, they are bound to pay 50 million won more than the initial sale price. In the case of a dedicated area of 101 square meters, the pre-sale price exceeds 900 million won, and it is impossible to receive an intermediate payment loan at all. It is a situation in which the subscriber has to prepare 80% of the total sale price, such as down payment and intermediate payment, without a bank loan. Kim Jung-ah, vice president of internal and external sales, said, “Because there are severe regulations on pre-sale prices, construction companies have put in a lot of paid options when selling new pre-sale since last year, and if you look at it, the actual sale price is just’Josammosa’ with no difference.”
Set at ‘899.9 million won’ to avoid loan regulation
An official from a construction company emphasized the apartment as “a typical example of distorting the market by policies that put various regulations ahead.” He said, “In the end, the damage goes to the housing consumers waiting for the subscription.”
According to the Housing and Urban Guarantee Corporation (HUG), the average sale price per square meter of apartments sold in Seoul last year was 8566,000 won. This is a 33% increase from 64,433,000 won in December 2016, four years ago. On the basis of 84 square meters for exclusive use, the pre-sale price rose from 700 million won to 930 million won. The number of apartments with pre-sale prices exceeding 900 million won is also increasing. According to Jikbang, a real estate information company, the proportion of apartments in Seoul with pre-sale prices exceeding 900 million won rose from 10.8% in 2017 to 35.8% last year.
However, regulation is not keeping up with the market trend. One of the most common is the regulation of mid-payment loans of 900 million won or more. This was first applied through the’Household Debt Management Plan’ in August 2016. At that time, the average sale price based on 84㎡ of exclusive use was 660 million won.
Since then, regulations related to mortgage loans have been strengthened. Through the August 2 measures in 2017, we reduced the LTV ratio (LTV) in overheated and speculative areas such as Seoul to 40%, and in December 16, 2019, the LTV for excess of 900 million won was reduced to 20%. . Since November of last year, it has also started to block the financing of houses through credit loans. Eventually, homeless end-users who do not have enough money have gradually moved away from the pre-sale market.
Up to 900 million chins… . Public housing sales price raised by the publicly announced land price
Until now, the sale price of public housing was considered relatively inexpensive as the ceiling system was applied. However, as the publicly announced land price soared, the pre-sale price of public housing has also risen to the bottom of the loan limit (900 million won), like ‘899.9 million won apartment’. Under the pre-sale price limit, the land price among the pre-sale prices is calculated as the amount appraised based on the publicly announced land price of the standard land. From 2015 to last year, the published land price of the Seoul Standard Paper has increased by 60.6%.
The sale price of the high school district in Seongnam, Gyeonggi-do sold in December last year was 24 million won per 3.3㎡. The sale price of apartments in the same high district in July 2017, three years ago, was 18 million won per 3.3 square meters. It has risen by nearly 40% over three years. Last January, the pre-sale price of some top floors of 84㎡ of public pre-sale in Seongnam-si, Gyeonggi-do, exceeded 970 million won. It was the first time in history that the public pre-sale price exceeded 900 million won.
Seong-gyu Doo, a senior research fellow at the Korea Institute of Construction Industry, said, “Constructors who have had difficulty securing profitability due to the regulation of pre-sale prices are using expedient methods such as configuring paid options.” They are following all regulations as they are. They are inducing the government to use expedients.”
Regarding this, an official from Jeil Punggyeongchae explained, “It is a design-specialized complex, and materials are upgraded,” and “The building area is large and the land purchase cost is relatively expensive, so we have no choice but to set the sale price high.”
Reporter Kim Won [email protected]