Youth-Friendly Housing Attracts Nearly 20000 Applicants

In a remarkable display of demand for affordable housing, the youth-friendly housing project known as 'Yongsan Namyeong Station Lotte Castle Herity' has seen an astonishing application rate of 91.6 to 1. This surge in interest was reported by Lotte E&C on April 15, 2025, following the pre-sale application period that closed on April 14, 2025. A total of 19,869 applicants sought to secure one of the 217 available households, which includes special allocations for certain applicants.

The development consists of a single building featuring four underground floors and 24 above-ground floors, housing a total of 269 units with sizes ranging from 23 to 49 square meters. Of these, 217 units are being offered as private rentals, while 44 units are designated for special supply.

In terms of the special supply, the interest was even more intense. A staggering 4,775 applications were submitted for just 44 households, yielding an average competition rate of 108.5 to 1. The most competitive segment was the exclusive 39 square meter A type, which attracted 1,924 applicants for only 8 units, resulting in a remarkable competition rate of 240.5 to 1. The studio-style 23 square meter units also showcased high demand, recording competition rates of 234.5 to 1 for special supply and a staggering 1,134.7 to 1 for general supply.

One of the key factors driving this unprecedented demand is the project's prime location directly adjacent to Namyeong Station on Subway Line 1, which offers excellent transportation options. As one applicant noted, "The proximity to the station makes commuting convenient, and the surrounding amenities are well-developed, making it an attractive residential area for young people." This sentiment reflects a broader trend where young professionals are increasingly seeking housing that combines accessibility with affordability.

Moreover, the rental terms for this development are notably competitive, with deposits and rents set below the prevailing market rates in the area. This financial accessibility, coupled with the nearby parks and large shopping facilities, enhances the appeal of the Yongsan Namyeong Station Lotte Castle Herity for potential residents.

As the housing market in Seoul continues to evolve, this development stands out as a beacon of opportunity for young individuals looking to establish themselves in a bustling urban environment. The winners of the housing lottery are set to be announced on April 16, 2025, and anticipation is high among applicants.

The recent trends in Seoul's real estate market are noteworthy. In March 2025, the overall housing prices in the city rose by 0.52%, marking the largest increase since September 2024. This surge is largely attributed to the lifting of restrictions in certain land transaction zones, which has invigorated the market. Areas such as Gangnam, Songpa, and Seocho have seen significant price increases, with Gangnam experiencing a rise of 2.00%.

In addition to the Yongsan Namyeong Station project, the Yongsan Jeongbi-chang Zone 1 redevelopment is also generating considerable interest. This project, estimated to cost around 1 trillion won, has attracted bids from major construction firms, including POSCO E&C and HDC Hyundai Development Company. POSCO E&C has proposed a construction cost that is 95 billion won lower than the estimated price, along with a favorable loan-to-value ratio of 160%. Meanwhile, HDC Hyundai Development Company is promising to develop a luxury community along the Han River, featuring a 'Skyline Community' and the prestigious Park Hyatt hotel brand.

As the housing market continues to fluctuate, the competitive nature of these projects underscores the growing demand for quality housing options in desirable locations. The Yongsan Namyeong Station Lotte Castle Herity exemplifies this trend, reflecting the needs and desires of the younger generation in Seoul.

In conclusion, the strong interest in the Yongsan Namyeong Station Lotte Castle Herity showcases the pressing need for affordable housing solutions in urban centers. As the city grapples with rising property prices and a competitive rental market, developments like this could play a crucial role in addressing the housing challenges faced by young professionals.