Profitable Views... 'Natural Views' Determine Apartment Value

Increase in National Income Levels... Growing Demand for Comfort Beyond Convenience
Apartments with Views of Parks, Mountains, Rivers, and Seas See Consecutive Subscription Closures

Natural views are emerging as a key factor influencing apartment values. As the overall income level of consumers increases, the standards for residential satisfaction have risen, leading to a growing preference for apartments that guarantee a pleasant living environment with natural views, alongside convenience factors such as transportation, education, and amenities.

According to data from the Bank of Korea's Economic Statistics System, the Gross National Income (GNI) per capita in South Korea was 37,356,000 KRW in 2019, an increase of about 5 million KRW compared to five years earlier (32,602,000 KRW in 2015). Moreover, the GNI has steadily risen without a single decline over the 19 years since 2000.

With the improvement in national income, awareness of quality of life has increased, making apartments that combine open natural views with residential comfort a new housing trend. Construction companies are reflecting this demand by prominently marketing the availability of natural environment views such as the sea, lakes, rivers, parks, and mountains to attract buyers.

According to Korea Real Estate Agency's subscription data, the ‘Isu Switzen Forehills’ in Dongjak-gu, Seoul, launched last October, received 7,375 subscription applications for 165 units (excluding special supply), achieving a high competition rate of 44.7 to 1, with all types closing in the first priority round. As the name suggests, this complex adjoins Hyeonchung Neighborhood Park, highlighting its advantage of green views, which attracted buyers' attention.

Especially, land with natural views in urban areas is rare and commands higher prices. According to KB Real Estate Market data, the ‘Hangang Bamseom Xi’ in Mapo-gu, Seoul, which offers views of the Han River and was completed in February 2010, had an average sale price of 1.275 billion KRW for an 84㎡ unit as of March. In contrast, the nearby ‘S Apartment’ (completed in December 2007), which is obstructed by buildings and lacks Han River views, had an average sale price of 1.09 billion KRW for an 83㎡ unit, showing a price difference of 185 million KRW due to the view.

Meanwhile, new complexes with natural views are scheduled for sale in the first half of this year, drawing significant attention from buyers.

Shinyoung Co., Ltd. plans to launch ‘Ulsan Gwell City Xi’ in the Seobu-dong area of Dong-gu, Ulsan, in May. The project consists of two complexes with 18 buildings ranging from five basement floors to a maximum of 37 floors above ground, offering 2,687 units with sizes from 59 to 107㎡. Some units will have views of the East Sea and Yeompo Mountain. Additionally, the complex is adjacent to large village reservoirs, Myeongdeok Reservoir, and Hyundai Art Park, providing a pleasant residential environment.

GS Construction will launch ‘Sokcho The Ocean Xi’ in Dongmyeong-dong, Sokcho-si, Gangwon-do, in April. This complex will have three buildings with six basement floors and up to 43 floors above ground, totaling 454 units sized between 84 and 131㎡. As the tallest building in Sokcho, units will offer sea views from inside.

Jungheung Construction plans to launch ‘Busan Sasang Jungheung S-Class Grand Central’ in Deokpo-dong, Sasang-gu, Busan, in April. The complex will consist of 14 buildings ranging from three basement floors to a maximum of 38 floors above ground, with 1,572 units sized between 39 and 99㎡. It offers natural views of the Nakdong River and Baekyang Mountain.

Hyundai Construction will launch ‘Hillstate Lake Songdo Phase 3’ on block A14 in Songdo-dong, Yeonsu-gu, Incheon, in May. This complex will have 1,110 units and will offer views of the waterfront lake scheduled to be completed in July 2027. It is also adjacent to several neighborhood parks, allowing residents to enjoy a pleasant living environment.