[theqoo] IVE AN YUJIN HITS DAEBAK WITH 1.8 BILLION WON IN CAPITAL GAINS… WINS LOTTERY FOR ‘DH BANGBAE’ UNIT PRICED AT 4 BILLION WON

1. People apply for a unit.  Applicants use a housing subscription account. Popular apartments can receive tens or even hundreds of thousands of applications.

2. Some units are allocated by priority (years of owning home, length of subscription account, etc.)

3. Other units are distributed by lottery. A portion of the apartments are set aside for a random drawing (lottery). This is the category An Yujin reportedly won through.

4. Winners purchase at the official presale price. If the apartment’s market value rises before or after completion, the winner benefits from that increase.

    * In this case, she bought an unit for about 2.24 billion won could now own a property worth around 4 billion won, resulting in a profit of about 1.8 billion won.

In Seoul’s most desirable neighborhoods, apartments sold under the government’s price cap are often priced well below market value. Because demand far exceeds supply, winning one through the lottery is often compared to winning the lottery itself, hence headlines describing successful applicants as having “hit the jackpot.”)