[Edaily Reporter Ham Ji-Hyun ] Analysts have noted that the housing subscription market is experiencing “polarization by unit size,” with demand shifting away from “standard-sized” units toward smaller units and certain larger units. Analysts note that as apartment pre-sale prices in the Seoul metropolitan area have surged by more than 20% over the past year, increasing the financial burden on buyers, a trend is intensifying: first-time homebuyers are flocking to small-sized units (exclusive area of 60㎡ or less), where entry barriers are relatively low, while buyers with substantial financial resources are concentrating on certain large-sized units (over 85㎡) that offer scarcity and luxury.

On the 14th, Woori Bank’s Real Estate Research Lab analyzed data from the Korea Real Estate Board’s “Subscription Home” platform to compare the 2025 (Jan.–Sept.) and 2026 (Jan.–Sept.) periods for the Seoul Metropolitan Area(Seoul, Gyeonggi, and Incheon) by floor area type for the periods January–September 2025 and January–September 2026 using data from the Korea Real Estate Board’s “Subscription Home” platform, the average pre-sale price across the entire Seoul Metropolitan Area rose by 22.2%, from 21.71 million won to 26.54 million won per 3.3 square meters.

In Seoul’s apartment subscription market, driven by rising sales prices, a large number of subscription accounts were concentrated on small apartments with a usable area of 60 square meters or less in 2026. Of the total 145,736 subscription applications in Seoul, 116,305—or 79.8%—were concentrated on units with a usable area of 60 square meters or less.

The rise in sales prices is cited as the main reason. Sales prices for units with a usable area of 60–85 square meters rose by 23.9%, from 46.48 million won per 3.3 square meters in 2025 to 57.61 million won in 2026. In contrast, prices for small units with a usable area of 60 square meters or less remained relatively stable, falling by 0.4% from 58.39 million won to 58.18 million won per 3.3 square meters, making them a relatively attractive value proposition. The price per 3.3 square meters for units with a usable area of 60 square meters is higher than that for units with a usable area of 60–85 square meters. However, from the buyer’s perspective, the total purchase price actually paid is lower for units with a usable area of 60 square meters.

The share of subscription applications for the “national standard size” (exclusive area of 60–85 square meters), which had traditionally been a popular size category, plummeted by 23.9 percentage points, from 35.5% (98,088 applications) in 2025 to 11.5% (16,799 applications) in 2026. In contrast, the share of applications for small units (exclusive area of 60㎡ or less) increased by 19.2 percentage points, from 60.6% (167,686 applications) to 79.8% (116,305 applications). This indicates a concentration where 8 out of every 10 applications in Seoul are for small units.

Gyeonggi Province, where pre-sale prices are lower than in Seoul, showed a similar trend. Although the pre-sale price for units with a usable area of 60㎡ or less in Gyeonggi Province rose by 20.6% from 21.21 million won to 25.59 million won per 3.3㎡, the proportion of applications for these units increased by 12.6 percentage points—from 21.0% to 33.6%—likely due to the relatively lower entry barrier relative to the total pre-sale price. Conversely, the share of units with a usable area of 60–85 square meters fell by 17.6 percentage points, from 74.3% to 56.6%.

In Seoul, a peculiar phenomenon was observed in the large-unit segment (exclusive area exceeding 85 square meters), where subscription demand actually increased despite the rise in sales prices. In Seoul, the sales price for units with a usable area exceeding 85㎡ surged by 74.2%, from 39.87 million won to 69.46 million won per 3.3㎡, yet the number of subscription applications rose from 10,785 to 12,632. The share of applications for these units rose from 3.9% to 8.7%.

In Incheon as well, even though the sales price for units larger than 85 square meters rose by 88.3% from 17.74 million won to 33.40 million won per 3.3 square meters, the number of applications for large-sized units increased approximately 4.9-fold, from 2,422 to 11,810. The share of large-unit applications in Incheon’s total housing lottery applications also rose by 14.0 percentage points, from 14.6% to 28.6%.

Analysts attribute this primarily to the scarcity of large-unit supply in key areas such as Seoul—where there is a significant volume of urban renewal projects like reconstruction and redevelopment—as well as the influx of funds from prospective applicants waiting for the lottery system, driven by the premium associated with high-end landmark complexes in Incheon and the expansion of the lottery system’s share.

Lab Director Ham Young-jin explained, “Rising sales prices due to base rate hikes and increases in construction materials and labor costs are having a significant impact on apartment applicants’ choice of unit size,” adding, “As the burden of total sales prices increases, genuine buyers are either giving up on applying for ‘standard-sized’ units and opting for smaller units with an exclusive area of 60 square meters or less, or gradually reducing the size of units they apply for amid loan regulations.” He further elaborated, “It is also necessary to consider how advancements in floor plan design technology have improved space utilization in small apartments, as well as the rise in one- and two-person households due to changes in household structures, which have contributed to the increasing proportion of applications for smaller units.”

Furthermore, he noted, “It is also noteworthy that, despite high sale prices, large-unit types in prime locations—where expectations for capital gains are high—or those with exceptional locational scarcity have overcome resistance to the sale prices and maintained high competition rates.” He added, “This year, in the Seoul metropolitan area’s housing lottery market, applicants’ ability to secure funding has emerged as the top priority in line with the pace of rising sale prices. “The trend of polarization in apartment subscription applications—where actual homebuyers gravitate toward

good

, while high-net-worth individuals seek out

high

is expected to continue for the time being

” he said.

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