- Securing View Rights Leads Sales Prices Within the Same Area... Price Differences Also Seen Within the Same Complex
- Increasing Value of View Rights Over Time... Must Consider Securing View Rights When Buying a Home
As demanders' desire for views increases, complexes offering more unique scenery than typical lake or mountain views are gaining popularity. Complexes that provide views of stadiums, golf courses, and large bridges, beyond just lakes, are prominently promoting their differentiated view rights.
People consider view rights so important that there are laws for relief and compensation regarding view right infringements. In fact, the detailed appraisal criteria of the Enforcement Rules of the Act on Public Notice of Real Estate Prices and Appraisal, partially amended and enforced on April 21, 2016, evaluate residential real estate value by considering external factors such as views, scenic beauty, and landscape as part of the natural environment of the area under Article 66, which focuses on residential comfort and convenience. Furthermore, according to Article 275 and others, appraisal standards are set to allow compensation for infringements on view rights.
According to KB Kookmin Bank data (as of August 5), the average sale price of an 84㎡ unit in 'Jayang Riverside I-Park' located in Jayang-dong, Gwangjin-gu, adjacent to the Han River with Han River views (occupied since December 2006) is 1.4 billion KRW. In contrast, 'Eaton Tower River 3rd Phase' (occupied since April 2007), which is nearby but partially blocked by 'Gwangjin Trapalace' so that only some units have Han River views, has an average sale price of 1.24 billion KRW for an 84㎡ unit. This shows that apartments with Han River views command a premium of 160 million KRW.
Due to the value of view rights, price differences of several hundred million KRW can be observed even within the same complex. According to the Ministry of Land, Infrastructure and Transport's actual transaction data, the 'Acro River Park' in Banpo-dong, Seocho-gu, which offers Han River views, had 11 transactions last November for 59㎡ units. The transaction prices ranged from 2 billion to 2.57 billion KRW, showing a price difference exceeding 500 million KRW depending on the building and floor securing the view rights.
Industry experts say, "The value of view rights in the real estate market is increasing day by day, and complexes that previously had only a few tens of millions of KRW difference in pre-sale prices often show price differences of several hundred million KRW in resale. Especially, it is necessary to pay attention to complexes with permanent view rights whose value does not change depending on future development directions in the area."
In May, an officetel named ‘THE GL’, developed by Hana Asset Trust and constructed by Hyundai Construction, will be launched for sale in Goyang City, Gyeonggi Province. ‘THE GL’ consists of a total of 420 units with exclusive areas ranging from 29 to 60㎡, in two buildings from basement level 6 to ground level 21. It adjoins the knowledge industry center ‘GL Metro City Hangang’, which has 832 units in two buildings from basement level 6 to ground level 21, offering excellent proximity to workplaces as well as abundant living infrastructure.
‘THE GL’ is located at the forefront of the Deogeun Urban Development Project District in Goyang City, securing views of the Han River. Notably, it features a permanent view premium that ensures the view rights will not be affected by future development conditions.
HDC Hyundai Development Company plans to launch ‘Gunsan Lake Park I-Park’ for sale in May in the Gunsan City area of Jeollabuk-do. This complex will be developed with 10 buildings from basement level 3 to ground level 29, totaling 665 households with exclusive areas ranging from 84 to 238㎡. It is adjacent to Eunpa Lake Park, a representative national tourist destination in Gunsan, allowing residents to easily enjoy leisure activities such as walking, and some units offer lake park views. The project site is also surrounded by abundant green spaces such as Saedeul Park, Susong Neighborhood Park, and Jeombang Mountain, and Jigok Elementary School is within walking distance, ensuring safe commuting for children. Within a 2 km radius, various shopping and cultural facilities such as Gunsan Medical Center, Lotte Mart, CGV, and Gunsan Arts Center are located, and residents can also access the central commercial and convenience facilities of the nearby Susong and Mijang districts.
Hanwha Construction will launch ‘Hanwha Forena Cheonan Sinbu’ for sale in May in Cheonan City, Chungnam Province. The complex consists of 6 buildings from basement level 2 to ground level 29, with a total of 602 households ranging from 76 to 159㎡ in exclusive area. Along with a planned children's park next to the complex, residents can enjoy leisure and relaxation along the Cheonan Stream walking trail that flows in front of the complex, extending to Cheonho Reservoir and Cheonhoji Sports Park. Nearby Dosol Square offers various facilities including an outdoor performance hall, artificial rock climbing wall, and a dog playground. Taejosan Park is connected to hiking courses suitable for families, allowing residents to enjoy a healing life in a nature-friendly space.
Geumseong Baekjo is currently selling ‘Geomdan New Town Yemiji First Foret’ in Geomdan New Town. The complex consists of 10 buildings from basement level 2 to ground level 25, totaling 1,172 households with exclusive areas ranging from 76 to 102㎡. It secures refreshing views with Seonhwangdaengi Mountain to the south and offers walking access to the Gyeongin Ara Waterway Park. Additionally, residents can enjoy comfortable rest in a pleasant natural environment with nearby Gyeyang Stream and planned neighborhood parks.
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