Godeokgangil District under development in Sangil-dong, Gangdong-gu, Seoul. The sale price was much cheaper than the market price, so the competition rate for private housing sales sold at the end of last year exceeded 250:1.
Kim Mo, who lives in Seoul, in her early 50s, sighed deeply when she saw the announcement of the winners of the Hillstate Treesville Gangil Apartment in Godeokgangil District, Gangdong-gu, Seoul on the 7th. The subscription price point was quite high, so I saw the announcement with anticipation of winning, but it caught the cut line (lower limit of the winner). But there was no name on the list. Several players with the same score were eliminated from the lottery. In November of last year, it was also a cut line at Gwacheon Knowledge Information Town in Gwacheon City, Gyeonggi-do, but did not win the lottery.
[안장원의 부동산노트]
69 points of maximum subscription price possible for a family of 4
It was the right to win, but now the cut line
The amount of subscription savings for winning public sales soared
Reduced supply due to special supplies and pushed back to the number of dependents
He said, “If you have been homeless for more than 20 years as the head of a family of four, and you can’t get it, who should get it?”
69 points, the highest subscription price that a family of four can receive, are dividing the joys of the lottery sales market. This is because the pre-sale market has overheated and the winning cut line for private housing has soared. The cut line for winning subscription savings also surged in public pre-sale. There are high voices of concern over the high-altitude streak of the winning cut line.
If the cut line is tied, a lottery
The 69 points, which used to be the right to win the private house, are solidifying into the lottery apartment cut line.
As a result of the announcement of the winners by Hill State Trishville, the minimum subscription price for the winners in 30 recruitment units in Seoul and other metropolitan areas was 64 to 69 points. It was the lowest of 14 types, nearly half of the total, with 69 points. In November of last year, Gwacheon Knowledge Information Town in Gwacheon, Gyeonggi-do, 3 complexes, and 54 recruitment units, scored 69 points in 24 cut lines. 23 scored over 69 points.
In October of last year, 7 of the 15 recruitment units of Byeolnae Zider Star, Byeolnae District, Namyangju, Gyeonggi Province, were 69 points. In the same month, the lowest added points were 69 points for all three recruitment units of Godeok Artesumisogeum, Sangil-dong, Gangdong-gu.
Average subscription price for lottery apartment winners. Graphic = Kim Hyun-seo [email protected]
If there is a tie, there are many applicants who are eliminated with 69 points because a lottery is held.
In a private house where the winners are screened by the subscription price system (84 points of perfect score), 69 points is a perfect score (32 points, 17 points, respectively) of 15 years or more, respectively, and the number of dependents is 3 (20 points). This is the score you can get. That’s a perfect score for a family of four.
Young-jin Ham, head of Jikbang’s Big Data Lab, said, “69 points were separated, but these days I can’t be relieved at popular lotto complexes.”
Payment of subscription savings for 26 years
The minimum subscription savings for the winners of the public pre-sale also surpassed the previous stabilization right of 20 million won and exceeded 30 million won. In December of last year, the lower limit of subscription savings by recruitment unit for the Seoul Housing and Urban Corporation (SH) public apartments in Wirye New City was 22.4 million to 31.3 million won. The subscription savings are limited to 100,000 won per month, so to reach 31.3 million won, payments are required for 26 years.
In June of last year, the cut line for public sales in Godeok Gangil District was between 18 million and 21 million won. In September 2019, it was between 14 million and 19 million won. The cut line went up more than the 900,000 won savings that could be increased for nine months.
Lotto apartment subscription overheating caused the cut line to soar. The subscription competition rate increased to three digits, and Hillstate Trishville Kangil recorded a 256:1 competition rate. Godeok Artesmisozium reached 537:1.
Kim Jung-ah, executive director of internal and external jugeon, said, “A lot of subscription bankbooks, which were left in the closet, came out as we expected a margin of more than 1 billion won between the sale price and the new apartment price due to the surge in house prices.”
It is also attributable to the decrease in the general supply quantity as the government increased the quantity of special supplies aimed at the 30s. In September of last year, the special supply for the first time selected by lottery increased from 20% to 25% for public pre-sale, and 15% for public housing and 7% for private housing were newly established. The first applicants in their lives are mainly in their 30s with a low subscription price. Earlier, in 2018, the amount of special supplies for newlyweds doubled from 10% for private housing and 15% for public pre-sale to 20% and 30%, respectively.
Dissatisfaction with subscribers in their 40s and 50s who are not eligible for special supply is erupting.
Park Mo in her 40s said, “I feel like I was taken away after waiting to increase the subscription price.”
Even if they received a perfect score during the period of no home, winning became difficult, and the subscription system rose on the cutting board. This is because the number of dependents influences the winnings rather than the period of homelessness. To score more than 69, you must have 4 or more dependents. This is the case with three or more children or living with parents. Parents are also included in the number of dependents if they are on the same resident registration card for more than 3 years. This is the reason why there are cases in which only resident registrations are uploaded to increase the number of dependents.
Source: Ministry of Land
Wol-Moo Lee, CEO of Midme Networks, said, “Since there is a special supply system for consumers who have many children or live with their parents, it is necessary to consider adjusting the additional point system advantageously for long periods of homelessness for general supply.”
1st in 3 years without housing for public sale
Even for public pre-sale, the long period of homelessness does not increase the chances of winning. The winners are selected in the order of subscription savings in the order of 3 years or more in the current 1st priority. Even if you owned a house three years ago, you just need to pay and hold the subscription savings account for a long time. The requirement for homelessness was at least 5 years and then decreased to 3 years in 2014.
Heo Yun-gyeong, a research fellow at the Korea Institute of Construction Industry, said, “The subscription system is confusing as the lottery expenses between the winners and the dropouts become too large.” “We need to eliminate the subscription bubble by reducing the excessive market profits that the winners take.” Reporter Ahn Jang-won [email protected]