Thursday, January 21, 2021

To be eligible for the distrubution of new apartments in Korea, you need to have a housing subscription savings account. You can deposit money in the account every month, or all at once. You need to maintain the account for a certain period of time to apply for an apartment.

The size of the apartment you can apply for depends on your account balance. The standart amount is higher for larger apartments. The amount is different region by region. The longer you had your account, the more additional points you can get during the apartment allocation draw.

You can earn a tidy profit if you are selected for a new apartment. Generally, the price of a new apartment you get through the draw is lower than going rate for the area. However, there are resale restrictions in some speculation-prone areas. In these region, you cannot turn over the rights to a new apartment for a certain period of time.

Is the apartment you live in now in your name?

No. It's a lump-sum housing lease.

I see. Do you have a housing subscription savings account?

Sure. I signed up ten years ago.

Are you applying for new apartment?

Yeah. I've tried a few times, but I've missed the cut every time.