K-pop star An Yu-jin wins coveted Seoul apartment via lottery

K-pop star An Yu-jin, a member of the group IVE, has secured a highly sought-after apartment in Seoul's 'The H's Bangbae' reconstruction project, drawing attention to the lottery-based application system. This success highlights how a 2022 policy shift has opened doors for younger applicants, including those in their 20s and 30s, to acquire property in speculative zones.

The Bangbae 5 district reconstruction project, slated for September occupancy, saw 650 units available for general sale, with 215 allocated via lottery. The project attracted approximately 50,000 applicants, resulting in a competitive 90:1 ratio. While An Yu-jin's specific application score remains private, her age likely meant she couldn't achieve a high score under the traditional points system, suggesting her win came from the lottery pool.

This outcome is largely attributed to a "Minyeong Housing Subscription System Improvement" policy introduced by the Ministry of Land, Infrastructure, and Transport in October 2022. The previous system, which allocated 100% of units under 85 square meters by points, heavily favored older applicants with longer periods of homeownership and more dependents. The new policy introduced a lottery component for general sales in designated speculative zones, with 60% for units under 60 square meters and 30% for units between 60 and 85 square meters.

Industry experts estimate that An Yu-jin's apartment could generate a profit of around 1 billion won (approximately $720,000 USD). The sale price, capped by regulations, was significantly lower than the market rate. Units of 84 square meters were priced between 1.93 billion and 2.24 billion won. Nearby, a similar-sized apartment in Bangbae Grand Cite sold for 3.14 billion won in April, indicating a substantial potential appreciation for 'The H's Bangbae' units.

"Younger generations in their 20s and 30s are becoming the mainstream in apartment applications after the introduction of the lottery system," noted an industry insider. "With the right conditions for being a non-homeowner and the ability to finance the purchase, aspiring buyers can now realistically hope to win prime properties."