Seoul draws 82% of South Korea's March apartment bids

May 4 (Asia Today) -- Seoul accounted for more than 80% of first-priority apartment subscription applications in South Korea in March, according to an analysis by real estate platform Zigbang.

Zigbang said Monday that 109,928 first-priority applications were filed nationwide for apartment complexes announced for sale in March. Of those, 90,322, or 82%, were submitted for apartments in Seoul.

The figures were calculated based on the month of the sales announcement. Zigbang said applications were counted according to the date of the initial resident recruitment notice, even when the actual application period extended into the following month.

The increase was sharp compared with earlier months. Complexes announced in January received 10,549 applications and those in February drew 27,313. The number surged past 100,000 in March.

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The number of apartment complexes offered also rose from eight in January and 11 in February to 27 in March. The average competition rate climbed from 4.2-to-1 in January to 7.1-to-1 in February and 12.9-to-1 in March.

Analysts said pent-up demand concentrated in March as major Seoul complexes entered the market after limited supply early in the year.

In Seoul, the average competition rate for complexes announced in March reached 156.3-to-1, sharply higher than in January and February. Every complex posted double-digit competition, driven in part by limited general sale units in redevelopment and reconstruction projects.

Major complexes included Acro de Seocho in Seocho District, which recorded a 1,099-to-1 competition rate, Hauterre Banpo in Seocho District at 710-to-1 and Ichon LE-EL in Yongsan District at 135-to-1.

"The recent subscription market continues to show high competition centered on Seoul, but it is difficult to interpret this simply as a divide between the capital region and provincial areas," a Zigbang official said. "Consumers are clearly moving selectively based on price competitiveness and location rather than region alone."

The official added that complexes with a strong balance of location, product quality and sale price can continue to attract real demand regardless of region.

-- Reported by Asia Today; translated by UPI

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Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260504010000342