"I Live in OOO"... Real Estate Values Vary Greatly by Region

- Seocho-gu Banpo-dong Has the Highest Apartment Sale Price per 3.3㎡ in Seoul at 80.07 Million KRW... Seoul Average 37.9 Million KRW
- This Year's Most Anticipated Complex in Seoul Banpo-dong 'Raemian One Bailey' Sale

The value of real estate varies significantly depending on the region.

The better the living environment, the more its value shines. Within a region, areas considered affluent neighborhoods are such places. These 'affluent neighborhoods,' which command high prices, have residential environments preferred by many, making them objects of admiration. They not only offer high residential convenience due to abundant living infrastructure such as prestigious school districts, convenient transportation, and various amenities, but their value is also highly regarded due to scarcity caused by supply limitations.

Even when living in apartments of similar size from the same brand, there are often significant price differences depending on the location of the complex. This is because the starting point of the sale price itself differs, and the rate of price increase varies according to regional preferences thereafter.

Apartment prices vary widely by region even within Seoul. According to REPS statistics as of April this year, the average sale price of apartments in Seoul is 37.9 million KRW per 3.3㎡. There are considerable price differences by district and neighborhood.

Currently, the highest apartment sale price in Seoul is recorded in Banpo-dong, Seocho-gu, at 80.07 million KRW. Following are Apgujeong-dong (74.11 million KRW), Gaepo-dong (71.22 million KRW), Daechi-dong (69.53 million KRW) in Gangnam-gu, and Jamwon-dong (68.42 million KRW) in Seocho-gu. The so-called 'Gangnam 3 districts' all ranked within the top 10 regions without exception. Outside the Gangnam 3 districts, Dunchon-dong in Gangdong-gu (51.33 million KRW), Seobinggo-dong in Yongsan-gu (50.62 million KRW), Ahyeon-dong in Mapo-gu (49.03 million KRW), and Seongsu-dong 1-ga in Seongdong-gu (48.88 million KRW) also ranked high.

Looking at the regions with high average apartment sale prices per 3.3㎡ in Seoul, their characteristics are clearly evident just by their names. Most of these areas have excellent school districts and many high-priced apartments and reconstruction complexes. They are conveniently accessible by public transportation and have abundant department stores and large shopping facilities that serve as regional landmarks.

On the other hand, the lower-ranked areas in Seoul recorded prices in the 10 million KRW range, showing a large gap from the top regions. These include neighborhoods in Jongno-gu, Seongbuk-gu, Eunpyeong-gu, Guro-gu, Jungnang-gu, and Jung-gu. These areas are understood to have fewer apartments or mainly older complexes, resulting in lower prices.

An industry insider said, “The Gangnam area basically has a limited supply, and once you win a lottery, there is fierce competition for new apartments due to expectations of high premiums in the future. It has a good living environment and excellent educational conditions, so there is a continuous demand from both actual residents hoping to enter and investors.”

Meanwhile, on June 7, 'Raemian One Bailey,' considered the biggest attraction in this year's sales market, began sales in Seocho-gu, Seoul, an area known for its unbeatable location.

'Raemian One Bailey' is an apartment complex built by reconstructing Sinbanpo 3rd and Gyeongnam Apartments, located in the Ilwon area of Seocho-gu, Seoul. It consists of 23 buildings ranging from 4 basement floors to 35 above-ground floors, with a total of 2,990 households ranging from 46 to 234㎡ in exclusive area, of which 224 households with exclusive areas of 46 to 74㎡ are offered to the public. Due to its large scale and location by the Han River, it is considered a next-generation landmark. It is within walking distance of the Express Bus Terminal Station on subway lines 3, 7, and 9, and Sinbanpo Station on line 9. Prestigious school districts nearby include Gyesong Elementary School (private), Jamwon Elementary School, Sehwa Girls' Middle School, Banpo Middle School, Sinbanpo Middle School, Gyeongwon Middle School, and Sehwa Girls' High School. Shinsegae Department Store (Gangnam branch), NewCore Outlet, Kim's Club, Central City shopping mall, and Seoul St. Mary's Hospital are conveniently located nearby, and Banpo Hangang Park, Seorae Island, and Sebitseom are also close, offering a pleasant living environment. Additionally, under the metropolitan area private land price ceiling system, resale is restricted for 10 years from the announcement date of the winners, but there is no mandatory residence period for occupants.