When the housing market was infested enough to take out debt and panic buying, the word “cheongmu pisa” was in full swing among the 20s and 30s. It is an abbreviation of ‘What is subscription, blood and buy’. This means that people in their 20s and 30s with a low subscription price point would rather pay a premium (more money) and buy an apartment lot or occupancy right instead of a needle-like subscription. Thanks to young people and newlyweds who went to Cheongmu Pisa, apartments in the metropolitan area, which had accumulated unsold units two or three years ago, quickly wiped out the remaining units and changed their highest prices.
▷ However, Cheongmu Pisa has long since become a thing of the past. Far from being a premium, “mapi (minus premium)” sales are pouring in, offering pre-sale rights and occupancy rights at a lower price than the pre-sale price. The first mapi to appear last year was officetels and urban living houses, which had a subscription competition rate of hundreds to one. These products have been in the limelight as niche investments because they can avoid layered housing regulations such as sales and loan regulations. In October of last year, in an urban living house in Banpo-dong, Seocho-gu, Seoul, a mapi sale that was lowered by 100 million to 200 million won from the pre-sale price appeared.
▷Recently, following passing through the non-apartment and local real estate markets, Mapi is appearing one following another in apartments in Seoul. Apartment A in Ogeum-dong, Songpa-gu, which has been occupied for one year, has an exclusive area of 65 square meters and is sold for 1.3 billion won. It is regarding 150 million won lower than the sale price. At the beginning of last year, when the subscription was completed with a competition rate of 2,600 to 1, it was expected that more than 100 million won would be added, but it became a new map in just two years. Even in Seoul, it is more serious for apartments with poor location or just small size. A 59㎡ apartment in Suyu-dong, Gangbuk-gu, was 250 million won cheaper than the initial sale price, but it is still not available for sale.
▷ While the decline in house prices continues, the jeonse price also drops steeply, and ‘billion sound’ is a trend that is accumulating. As it has become difficult to find tenants ahead of move-in and the interest rate on loans has soared, landlords are trying to dispose of the right to sell even at a loss. Due to the high interest rate cold wave, people looking for jeonse are cut off, and the reverse jeonse crisis, where tenants screen landlords as if they are interviewing, is leading to mapi.
▷ Even now, there are no sales of Mapi, but there are many concerns that this year, more than 350,000 apartments will be occupied across the country, and the reverse tax crisis and the increase in Mapi will accelerate together. In particular, the number of occupants in the 4th district of Gangnam is more than three times higher than last year, and some say that the landlord must prepare around 500 million won in cash to renew the contract. When the real estate stagnation lasted for a long time following the global financial crisis, evasion of the law by handing over Mapi properties through brokers was prevalent. Whether it is a reverse war or a mapi, more careful and active measures are needed in that the pain is a problem of the whole society beyond the individual.
Editorial Writer Imsoo Jeong imsoo@donga.com
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