Competition ratio 1400 to 1… Popularity of pre-sale conversion rental apartments that become ‘my home’ if you hold out
A large number of end-users dreaming of ‘owning a house’ are flocking to public rental apartment complexes that are scheduled to be converted into sales.
According to the Korea Land and Housing Corporation (LH) Subscription Center, 5,129 applicants flocked to the announcement of the preliminary occupants of the 21, 22, 40, and 60 complexes in Gwanggyo, Suwon, Gyeonggi-do, which announced the winners on April 25. This was a recruitment to supply empty rooms that occurred due to the termination of the contract by the first occupant. There were only 8 vacant houses available for immediate occupancy, recording a competition ratio of 641.1 to 1.
These complexes, located in Yeongtong-gu, Suwon-si, are 10-year public rental apartments. Ten years after the initial move-in, the sale is converted to a sale. Even though they have to pay both the deposit and monthly rent for a long period of time, people who dream of ‘owning a house’ are flocking to them.
In particular, the fact that these complexes started moving in from 2013, and that the expected date of conversion to sale was not far from February to May 2024, attracted the attention of end-users. In fact, the largest number of applicants came to the 60th complex, the earliest with the expected month of conversion to sale being February 2024. Although there are only two vacant rooms in this complex, a total of 2820 people applied, recording a competition ratio of 1410 to 1. Another attractive factor was that the room size that was received was 74 to 84 m².
A total of 4,789 people applied for the A30 block in Unjeong 3 District, Paju, which is another conversion-to-sale apartment that recently recruited vacant tenants. The number of vacant houses that can be moved in right now is only 7 rooms. In terms of competition, it is 678 to 1. By type, type 84A recorded the highest competition rate. Even though the empty house was only room 2, 1,741 people applied. The competition ratio reached 870.5 to 1. 1635 applicants flocked to the smallest room, Room 59A.
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