In Daegu, known as the ‘graveyard of unsold properties,’ following discount sales, a condition of 100% refund of down payment upon move-in has emerged. Construction companies are trying to increase contract rates in order to proceed with construction.
According to the Daegu real estate industry on the 23rd, Dongdaegu Prugio Bricent (749 households), scheduled to be completed in July in Hyomok-dong, Dong-gu, is in the process of signing a contract on the condition that 40 million won will be returned to the contractor along with interest-free benefits for down payment. Believe Heritage (146 households), a luxury apartment complex in Suseong 4-ga, Suseong-gu, began taking residents in August last year, but is offering an 11-13% discount on the sale price due to a low contract rate.
A complex that has introduced a refund guarantee system also stands out. Dalseo Lotte Castle (481 households), which is being built in Bon-dong, Dalseo-gu, and Billy Brucent (258 households) in Chilseong-dong, Buk-gu, support interest amounting to 5% per year on the deposit paid, and allow the deposit to be refunded if the contract is canceled before moving in. . Willi Bradice (520 households) supplied to the main building in Dalseo-gu also had conditions for contract termination and down payment refund at the time of move-in. It is known that there are about 20 complexes in Daegu that offer various benefits, such as a flat deposit of 10 million won and no interest on intermediate payments.
As of November last year, the unsold housing stock in Daegu was 10,328 households, accounting for 17.8% of the nationwide total. The number of unsold units after completion, classified as ‘malicious unsold units’, is 1,016 households, which is 3.6 times more than the end of 2022 (281 households). As the situation became more serious, Daegu City established a policy of withholding permits to solve the problem of unsold units, and supplied only 34 homes last year.
On the 10th, the Ministry of Land, Infrastructure and Transport decided to give tax benefits to the purchase of unsold local houses of 85㎡ or less (acquisition price of 600 million won or less) by temporarily excluding them from the number of houses for the next two years. However, the market is responding that it is difficult to expect immediate effects. Ham Young-jin, head of Zigbang Big Data Lab, said, “The number of units moving in last year and this year was not small, and it took 4 to 5 years for the risk of oversupply in Daegu to be resolved during the 2008 global financial crisis.” He added, “The government’s measures to resolve unsold properties are effective.” “It will take time to pay,” he predicted.
Reporter Seo Ki-yeol [email protected]
2024-01-23 09:05:50
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