South Korea sees housing subscription accounts drop below 26 million amid 'cheongpojok' surge

South Korea is witnessing a significant drop in housing subscription account holders, falling below the 26 million mark for the first time in recent years. This decline is largely driven by a growing segment of the population, dubbed 'cheongpojok' or 'subscription-renouncing people,' who are giving up on the prospect of homeownership through the subscription system.

Data from the Korea Real Estate Board's 'Cheongyak Home' shows that as of the end of last month, the total number of subscription accounts stood at 25,934,673. This represents a decrease of 94,826 accounts in just one month. Compared to the same period last year, the number has fallen by over 450,000, highlighting an accelerating trend.

Analysts attribute this phenomenon to soaring housing prices and fierce competition for desirable properties. The dream of owning a home through the subscription system is becoming increasingly elusive for many, particularly younger generations. The number of first-time applicants has also seen a substantial decrease, both month-on-month and year-on-year, further underscoring the growing disillusionment with the system. While second-time applicants saw a slight increase compared to last year, the overall trend points to a weakening engagement with housing subscriptions.