Business · Economy · 3 hrs ago
Gwacheon apartment applications draw 1,632-to-1 competition
Two apartments in Gwacheon, Gyeonggi Province, drew an average of 1,632 applications each.
The homes were offered through South Korea’s housing application system, and only Gwacheon residents could apply.
There were just two apartments available, making the number of places especially limited.
Their prices were set at levels from about two years earlier.
Because market prices are now higher, a successful applicant could see a gap of more than 1 billion won between the purchase price and the homes’ estimated market value.
The large gap helps explain the intense competition, but no next steps are stated.
An apartment subscription offer in Gwacheon recorded an average competition ratio of 1,632 to 1.
Only two homes were offered, and applications were limited to Gwacheon residents.
The homes were offered at prices set about two years earlier.
Successful applicants were expected to gain more than 1 billion won compared with market prices.
- Who
- Applicants eligible to apply were residents of Gwacheon.
- What
- An apartment subscription offer recorded an average competition ratio of 1,632 to 1.
- When
- The report was published on November 3, 2026.
- Where
- Gwacheon, Gyeonggi Province, South Korea.
- Why
- The homes were offered at prices set about two years earlier, with an expected market-price gain of more than 1 billion won for successful applicants.
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- Competition ratio
- 1,632 to 1 on average
- Homes offered
- 2
- Eligible applicants
- Gwacheon residents only
- Expected gain
- More than 1 billion won compared with market prices
- Price basis
- Prices set about two years earlier