Housing Subscription Savings account holders across Seoul, Gyeonggi and Incheon fell by 241,853 to 14,809,224 by July 31 as soaring pre-sale prices and strict mortgage caps made subscription wins harder to finance. Seoul apartment demand is rotating from ultra-luxury districts toward mid- and lower-priced homes, particularly complexes below 1 billion won, while renters priced out of apartment jeonse and monthly leases are moving into officetels. The Korea Real Estate Board said average Seoul officetel monthly rent reached 956,000 won last month, with units of 40 square meters or less averaging 808,000 won. Officetel supply is tightening sharply, with only 1,700 Seoul move-ins projected this year compared with 21,108 in 2021. Seoul apartment prices have risen for 86 consecutive weeks, with a cumulative gain of 17.16%, even as the average transaction price fell to 903.59 million won from 1.11069 billion won the previous month because lower-priced properties represent a larger share of sales. Government plans to expand metropolitan housing and accelerate redevelopment will take time to produce completed homes, leaving rental and affordability pressures elevated.