Shall multicultural families prepare their own homes with ‘public rental housing converted to sale’?

Having a dream of owning a house is the same for both locals and foreign residents. Everyone is thinking about how to get a house in a good location at an affordable price.

Then, it is necessary to carefully look at ‘converted housing after rental’. A rental-to-sale conversion house refers to a house that is rented and sold in the future. It is sold at 80% of the surrounding market price, so the advantage is very great.

In particular, ‘10-year sale-converted public rental housing’ is a housing that is rented to non-homeowners at 90% of the market price for 10 years, and then converted to sale at the end of the rental period.

Due to the nature of public rental housing, the proportion of special supply for newlyweds and households with multiple children is high, and the general pre-sale volume accounts for only 10% of the total. Usually, when converting to sale, appraisal is done, but it is common to sell at 80 to 90% of the surrounding market price.

As it is a rental housing, the initial move-in cost is low and housing stability is guaranteed.

Real sale case

According to the Gyeonggi Housing and Urban Corporation (GH) Subscription Center, 130 households (exclusive area 51-59㎡) of '10-year-old public rental housing' in Jingeon A3 block, Dasan New Town, Namyangju, Gyeonggi-do, who made the first subscription in April, 4,081 people in general sales I was driven The average competition rate is 31.4 to 1.

On April 19th, LH (Korea Land and Housing Corporation) received an application for application for preliminary tenant recruitment in Gyeonggi Gurigalmae S1 Block, where 2339 people gathered to select 20 people, so the competition rate soared to 117 to 1.

In fact, this year, LH decided to promote the early sale conversion of 19 complexes (12,886 households) that have already been leased to the public, including the ▲Dongtan 26 complex in Hwaseong, Gyeonggi-do ▲Guri Galmae A2. Along with this, 8 complexes (1,453 households), including the 2nd to 6th complexes in Sejong First Village are in the process of selling out due to their 10-year lease.

Where to apply for subscription?

Currently, there is ‘Seongnam Shinheung 2 Block B 5-year public rental housing converted to sale’ that is recruiting tenants. However, since we are recruiting priority supply residents, not everyone can apply. For subscription and related information check, visit the LH Subscription Center (https://apply.lh.or.kr) frequently.

A subscription bankbook is required when applying for public rental housing converted to sale. Homelessness and household average monthly income standards must also be met.

In particular, it should be remembered that the burden of the lessee's pre-sale price may increase if the period of conversion to sale overlaps with the real estate overheating period. When apartment prices are on a downward trend, buyers can purchase a home at a relatively low price.

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