More young adults in their 20s and 30s are canceling their subscription accounts, believing their chances of winning a housing lottery are slim due to low scores. However, experts emphasize the importance of maintaining these accounts for long-term benefits, considering special supply options, subscription periods, and tax deductions.
According to the Korea Real Estate Agency, as of July, there were 25,773,825 subscription account holders, a decrease of 60,209 from June and 410,282 from the beginning of the year. This decline indicates that many believe their chances of winning are low, even if they have an account. Nevertheless, experts argue that maintaining a subscription account is crucial for preparing for opportunities that match individual conditions, such as special supply.
One of the main reasons to keep a subscription account is that winning a lottery is not solely determined by competition scores for general supply. Various special supply programs exist for newlyweds, first-time buyers, families with newborns, young adults, families with multiple children, and those caring for elderly parents. Depending on one’s life stage and circumstances, these programs can provide valuable opportunities. Notably, eligibility for special supply often hinges more on factors like housing status, marital and childbirth status, and income and assets than on competition scores.
The subscription period is another reason to establish an account early. The eligibility for a subscription account is calculated from the initial registration date, making it advantageous to maintain the account for a longer duration.
Additionally, subscribing to new housing offers the advantage of securing time to gather funds compared to purchasing existing homes. Unlike existing properties, new housing can take considerable time from the announcement of recruitment to actual move-in. Payments can be divided into down payments, interim payments, and final payments, aiding in long-term financial planning.
Experts advise that the most important aspect of the subscription process is understanding one’s eligibility rather than merely focusing on winning. The type of supply and priority are determined by legal criteria, so it is essential to verify income, housing status, residence area, and subscription account duration in advance.
Seojin Hyung, a professor at Kwangwoon University’s Department of Real Estate Law, noted, “Interest in subscriptions among those in their 20s and 30s has waned due to rising prices and low winning probabilities. However, there are cases where homes subject to price cap regulations are offered at lower prices than regular apartments. For those who find it challenging to secure a home immediately, it is necessary to consistently maintain a subscription account and prepare for long-term opportunities.”
* This article has been translated by AI.
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