Seoul to offer 496 units in top apartment complexes, including DH Bangbae, at below-market rents

The Seoul Metropolitan Government will offer 496 units of apartment-type Mirinaezip — a long-term jeonse housing program for newlyweds — across major residential complexes in Seocho-gu's Bangbae-dong, Gangnam-gu's Dogok-dong and Seongdong-gu's Yongdap-dong, among other locations. Rental deposits will be set at no more than 80 percent of market price, and applicants who use the installment payment plan can reduce their initial move-in burden to below 56 percent of market price.

The city announced Thursday that it will open applications for the eighth round of apartment-type Mirinaezip — formally known as the Long-Term Jeonse Housing II program — from Sept. 7 to Sept. 9. The 496 units comprise 293 newly added units across eight complexes combined with re-offered units from existing supply, for a total of 58 complexes.

Among the newly added complexes, DH Bangbae in Seocho-gu will offer 133 units with an exclusive use area of 59 square meters. The complex is within a 7-to-8-minute walk of Isu and Naebang subway stations and is close to Dogumori Park and a multipurpose sports center scheduled to open in 2027. DH Bangbae is a high-end complex developed by Hyundai E&C through the reconstruction of the Bangbae District 5 zone, comprising 29 buildings with up to 33 above-ground floors and four below-ground floors, for a total of 3,064 units. Move-ins are set to begin in September. The complex has also drawn public attention after K-pop idol Ahn Yu-jin of IVE was reportedly selected in a public lottery for one of its general pre-sale units.

In Jamwon-dong, Seocho-gu, Othere Banpo will offer 22 units. Banpo subway station is a four-minute walk away, and the complex also provides easy access to Express Bus Terminal and the Gyeongbu Expressway. Rebuilt from the Sinbanpo 21st complex, it consists of two buildings with up to 20 above-ground floors and four below-ground floors, totaling 251 units. The 84-square-meter units at Othere Banpo were pre-sold at between 2.52 billion won ($1.8 million) and 2.76 billion won at launch. In Dogok-dong, Gangnam-gu, Raemian Leventus will offer 24 units, with Hanti subway station, a university hospital, and Maebongsan and Dogok Park all nearby.

In Yangpyeong-dong, Yeongdeungpo-gu, Yeongdeungpo Xi Dignity will offer 36 units. Yangpyeong subway station is a two-minute walk away, and the complex is close to the Anyangcheon and Yangpyeong Retention Basin Ecological Park. Additional new supply includes 57 units at Cheongdam Le El in Cheongdam-dong, Gangnam-gu; nine units at Seongdong Xi Riverview in Yongdap-dong, Seongdong-gu; nine units at Doosan We've the Prestige in Gaebong-dong, Guro-gu; and three units at the Imun 3 Complex Public Building in Imun-dong, Dongdaemun-gu.

The city set deposits below 80 percent of market price in response to a recent decline in jeonse listings and rising prices. Under the installment payment plan introduced in April, applicants can move in by paying only 70 percent of the deposit upfront, with the remaining 30 percent deferred during the tenancy at an annual interest rate of 2.73 percent.

For example, the deposit for a 59-square-meter unit at Yeongdeungpo Xi Dignity is 655.2 million won. Under the installment plan, a tenant pays 458.6 million won — 70 percent — at move-in and defers the rest with interest, bringing the initial move-in burden to below 56 percent of market price.

Since the plan's introduction, the take-up rate has exceeded 90 percent. In the four months since April, 489 of 533 contracted units — 92 percent — opted for the installment plan. The city said the plan reduced the total upfront deposit burden by 76.5 billion won.

Eligible applicants are newlywed couples who registered their marriage within the past seven years, or engaged couples who can prove their marriage before the move-in date. Neither spouse may have owned a home in the five years prior to the announcement date. Applications will be accepted from Sept. 7 to Sept. 9 through the Seoul Housing & Communities Corporation website.

Mirinaezip is a Seoul Metropolitan Government housing policy for newlyweds that allows tenants to extend their stay by up to 20 years upon having a child and provides an opportunity to purchase a home at below-market prices. Including this eighth round, the city will have supplied a total of 7,108 units under the program. The average competition ratio for previous rounds stood at 52.7 to 1.

"This round of Mirinaezip offers 496 units in areas highly preferred by newlyweds, including Seocho, Gangnam and Seongdong," said Myeong No-jun, head of the Seoul Metropolitan Government's housing bureau. "We will continue to supply Mirinaezip in various forms so that newlywed couples can raise children with peace of mind."