Seoul ‘lottery subscription’ fever draws 58,661 applicants for two Yongsan and Dongdaemun homes

Seoul’s so-called “lottery subscription” fever is continuing in the no-priority housing market. According to the Korea Real Estate Board’s Cheongyak Home, 46,362 people applied on the 13th for one 55㎡ exclusive-use unit at “Raemian La Grande” in Dongdaemun-gu, Seoul. On the same day, 12,299 people applied for one 105㎡ exclusive-use unit at “Yongsan Hoban Summit Edition” in Yongsan-gu. Combined applications for the two units reached 58,661. These homes are re-supplied units whose contracts were canceled after acts disrupting supply order, such as false residence registration. They are lottery-based “pick-up” units that do not require a subscription account. Because they are offered at their original presale prices, lower than nearby market prices, demand appears to include both end-users and applicants seeking capital gains. Source: rss.donga.com