Although the government announced the additional 12.16 real estate measures to curb housing prices, the shortage of listings remains severe in areas near workplaces in Seoul and regions with excellent school districts. The upward trend in the real estate market continues steadily.
For parents with children, the safety of their children going to and from school is the top priority. However, for those with middle or high school children, not only the schools but also private academies (hagwons) become important considerations. In particular, it has drawn attention that some are willing to move just to get into a good university.
University admission policies are also fueling this educational fervor. With the expansion of regular admissions, interest in private education has increased, making the admission rates to prestigious middle and high schools assigned to the apartment and the quality of nearby hagwon districts important factors in deciding where to live.
In fact, housing prices rose in the following order: Songpa (0.23%), Gangdong (0.22%), Gangnam (0.19%), Gangseo (0.18%), Geumcheon (0.15%), Yangcheon (0.13%), and Seocho (0.09%). In Songpa, besides Jamsil Els in Jamsil-dong, which includes elementary, middle, and high schools within the complex, Jamsil Parkrio in Sincheon-dong saw price increases ranging from 5 million to 25 million KRW.
In the Gangdong area, Godeok Raemian Hillstate in Godeok-dong and Samik Green 2nd Complex in Myeongil-dong, which have excellent school districts including Hanyeong High School, Hanyeong Foreign Language High School, and Paejae High School, recorded increases of 10 million to 35 million KRW. In the Gangnam area, representative school district regions such as Seongyeong 1 and 2 in Daechi-dong, Hanbo Mido Mansion 2nd Complex, and Raemian Daechi Palace 1st Complex saw price increases mainly in medium to large-sized units ranging from 25 million to 100 million KRW. Conversely, areas like Gwanak (-0.13%) and Gangbuk (-0.02%), where inquiries for jeonse (long-term lease) decreased, showed a downward trend.
Parents who are reluctant to move during their children’s middle and high school years tend to prefer newly built apartments in the Gangnam area, where they do not need to move for the next 10 years and can enjoy substantial capital gains after 10 years.
‘Sinbanpo Jungang Heights,’ being sold by Joongang Construction, meets all the conditions favored by parent buyers and is quickly gaining popularity among Gangnam parents. It is a newly built apartment located in an excellent school district including Banpo Elementary, Jamwon Elementary, Banpo Middle, Jamwon Middle, Wonchon Middle, Sehwa High, Banpo High, and in the future, Cheongdam High. It boasts the strongest school district. Additionally, the surrounding environment is free from harmful factors, and the hagwon district where star instructors from across the country teach attracts buyers who are highly interested in their children’s education. The complex’s location in the center of Jamwon-dong, which offers prospects for capital gains, adds to its popularity.
A housewife in her 50s who visited the sales promotion center said, “Although the ban on balance loans is somewhat burdensome, as a non-homeowner, I have cash equivalent to the sale price,” and added, “I think this level of investment is worth it for my children’s education.”
Meanwhile, Sinbanpo Jungang Heights is a complex with a view of the Han River, located at 71-9 Jamwon-dong, Seocho-gu. The model house is set up on the 1st floor of the Parkland Building, 601 Eonju-ro, Gangnam-gu.
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