Apartments with Hangang View Have Twice the Subscription Competition Rate Compared to Non-View Units... 2x Difference

Real Estate 114 "Subscription Competition Rate Varies Greatly Depending on Han River View"
Han River View 143.7 to 1... Non-View 75.6 to 1

[Asia Economy Reporter Kim Hyemin] Apartment subscription competition rates vary depending on whether there is a view of the Han River.

On the 29th, Real Estate 114 analyzed the subscription competition rates of 36 complexes that conducted subscription applications in Seoul last year. There were a total of 5 Han River view apartment complexes, recording an average subscription competition rate of 143.7 to 1. In contrast, complexes where a view of the Han River was difficult recorded a competition rate of 75.6 to 1. The average subscription competition rate was 88.3 to 1.

The premium for river view rights causes price differences even within the same living area. Even within Seocho-gu, Seoul, Banpo-dong and Jamwon-dong located along the Han River are about 10 million KRW more expensive per pyeong compared to other neighborhoods. For an exclusive area of 84㎡, this means a difference of over 300 million KRW. This is because the premium for the view rights is reflected in the market price.

This influence extends not only to Seoul but throughout the metropolitan area. Areas in the metropolitan area with river views include Guri, Hanam, Gimpo, and Goyang cities in Gyeonggi Province, which border the Han River. Yangpyeong and Gapyeong in Gyeonggi Province border the Namhan River or Bukhan River. For example, Deok-eun District in Goyang City, Gyeonggi Province, set the highest local sale price at 26 million KRW per 3.3㎡ due to the Han River view premium, but recorded a subscription competition rate of over 10 to 1. Gapyeong Xi, which was sold in February this year, is also a complex with a view of the Bukhan River, recording a subscription competition rate of 11.44 to 1.

This year, among about 140 complexes scheduled for sale in the metropolitan area, only about 3 to 4 complexes are expected to secure river view rights depending on the floor.

This month, POSCO Construction is selling 'The Sharp Yangpyeong River Foret' in Yangpyeong-gun, Gyeonggi Province, and Raon Construction is selling 'Deokso Riverside Raon Private' in Wabu-eup, Namyangju-si, Gyeonggi Province, both of which offer river views.

In May, Samsung C&T plans to sell 'Raemian One Bailey' in Banpo-dong, Seocho-gu, Seoul. This complex is a combined reconstruction of Sinbanpo 3rd, Sinbanpo 23rd, Banpo Gyeongnam, Gyeongnam Shopping Center, and Woojeong Esher 1st and 2nd complexes, with 224 units out of 2,990 units available for general sale.