[Im On-yu's Feel·ing·Mark] Seoul Apartment Map

[Asia Economy Reporter Onyu Lim] 'Bongcheon-dong.' He is the male lead character in the currently airing KBS daily drama "Walk Only on Flower Road." Orphaned at the young age of five along with his younger sister, he overcame hardships impressively and passed the bar exam to become a lawyer. Behind his name lies a sad story. It is said that he was abandoned in Bongcheon-dong, Gwanak-gu, Seoul, and thus was named after the neighborhood.

What I newly learned while looking at the new book "Seoul Apartment Map" is that Bongcheon-dong, famous as a hillside neighborhood, has not existed on official documents since 2008. Gwanak-gu used to consist of three administrative neighborhoods: Namhyeon-dong, Bongcheon-dong, and Sillim-dong, but to erase the underdeveloped image of the hillside neighborhood, the administrative names were either removed or changed. The area that was once Bongcheon-dong has changed not only in name but also in reality. It has transformed into an apartment district with eight apartment complexes of over 500 households each, such as Doosan 1st Complex and Gwanak Dongbu Centreville.

As a junior reporter in the construction and real estate department, the most difficult task was understanding the nuances of apartments scattered throughout Seoul. Acro River Park in Banpo-dong, Seocho-gu; Eunma Apartments and Apgujeong Hyundai Apartments in Daechi-dong, Gangnam-gu; Hannam The Hill in Hannam-dong, Yongsan-gu; Mapo Raemian Prugio in Ahyeon-dong, Mapo-gu... Seoul has countless apartment complexes. Housing prices cannot be explained simply by location and building age. As a reporter not originally from Seoul, it was frustrating not even knowing which flagship apartments to cite as examples when prices rose or fell.

"Seoul Apartment Map" divides Seoul into 25 districts. Among them, it selects and introduces 272 prime established apartments that satisfy both actual demand and investment demand. As I flipped through the pages, I thought, "If only I had met this book earlier." It kindly explains the symbolism of famous apartments. Since many apartments are covered, the book might lack depth for those who know Seoul real estate inside out. However, it seems quite useful for "Burin-i" (real estate + beginner) who are just starting to study real estate. Like the anecdote related to Bongcheon-dong, it includes stories that are hard to know unless passed down from elders.

Among them, I found the Gangnam-gu section, known as the barometer of Korean real estate, the most interesting. According to it, Gangnam was a barren land even in the 1960s. At that time, the government started developing Gangnam to disperse the population of Gangbuk. However, people showed no interest. Then, government policies moved prestigious schools, companies, and government offices to Gangnam. As a result, unintentionally, everything became concentrated in Gangnam today. I also learned for the first time through "Seoul Apartment Map" that Seocho-gu and Songpa-gu, which are grouped as the Gangnam 3 districts, originally belonged to Gangnam-gu.

Gangnam-gu has 79 apartment complexes with over 500 households. Among them, Apgujeong-dong has the most with 18 complexes, followed by Daechi-dong with 12, and Gaepo-dong with 10. Apgujeong is largely divided into Miseong Apartments, Hyundai Apartments, and Hanyang Apartments. Hyundai Apartments have as many as 14 phases. Among them, phases 9, 11, and 12 are collectively called Shin-Hyundai. Shin-Hyundai is so-called a "Slipper Zone" apartment (an area where people wear slippers to go to department stores). Most Apgujeong apartments are over 40 years old and are undergoing reconstruction. Their status is likely to rise further in the future.

According to the Seoul Open Data Plaza, as of 2017, the housing ratio in Seoul is 30.1% detached houses, 42% apartments, and 17.3% multi-family houses. Considering that the apartment ratio nationwide is 48.6%, the proportion of apartments in Seoul is relatively low. Recently, reconstruction and redevelopment have not been active. Therefore, it seems difficult for apartment supply in Seoul to increase significantly. It even feels almost impossible to buy a house in Seoul. This book also includes a separate appendix selecting 30 promising apartments under 900 million won, making it a good guide for Burin-i aiming to purchase apartments in Seoul.

(Seoul Apartment Map / written by Jaebeom Lee / Leadersbook / 18,000 KRW)