The Trusted 'Hangang Bulpae Myth'... Continues into the Second Half of the Year

- Apartments near the Han River are producing applicants with perfect subscription scores one after another...
- Han Riverfront's rare value attracting attention with excellent location and diverse concepts

In the real estate market, the phrase "Let's live by the river" carries a stronger image of affluent neighborhoods than natural elements. Especially along the Han River, many well-known affluent neighborhoods are located, consistently attracting attention in the real estate market.

In fact, when ranking apartment prices within Seoul, most of the top spots are along the Han River. According to Real Estate 114 REPS data (as of June 2021), Banpo-dong in Seocho-gu has the highest average apartment sale price per 3.3㎡ at 81.27 million KRW. This is followed by Apgujeong-dong at 75.76 million KRW, Gaepo-dong at 72.39 million KRW, Daechi-dong at 70.58 million KRW, and Jamwon-dong at 69.45 million KRW. Among the top 10 neighborhoods, only three are not adjacent to the Han River, highlighting the strong influence of the Han River area.

The sales market is even hotter along the Han River. As a highly preferred area, properties that appear on the market usually close with high subscription competition rates.

The most recent example is "Raemian One Bailey." Known as the largest complex along the Han River in Seocho-gu, it recorded a competition rate of 161.23 to 1 in the first-priority subscription last month. Additionally, "Hillstate Licheville Gangil" in Gangdong-gu, close to the Han River, and "Heukseok River Park Xi" in Heukseok New Town, Dongjak-gu, recorded competition rates of 255.53 to 1 and 95.94 to 1, respectively.

Notably, these areas are not part of the traditional affluent districts of Gangnam-gu, Seocho-gu, or Songpa-gu, but have become major points of interest in the sales market due to development as public land and large-scale new town areas, creating pleasant residential areas and new apartment towns within Seoul’s city center. Also, neighborhoods located along the Han River are known for offering excellent cost-effective housing, especially in high-rise buildings with views of the Han River.

The strong interest in the Han River in the real estate market stems from various reasons. Buyers today seek comfort and quality of life, which the Han River view and easy access to riverside parks provide.

Moreover, these areas are located in the city center, offering easy access to transportation and amenities, and often have excellent school districts. When discussing residential areas close to workplaces, such as Gangnam or Yeouido business districts, Han River areas in the city center are always mentioned.

From a property value perspective, these areas are highly valued. The limited availability of land along the Han River increases scarcity, and the strong demand base makes these properties leaders in price increases and less affected during downturns.

Seocho-gu’s "Acro River Park," which first ushered in the era of 100 million KRW per 3.3㎡ in Gangnam, is an apartment complex adjacent to the Han River that recently drew attention again with transaction prices for an 84㎡ unit nearing 4 billion KRW. According to the Ministry of Land, Infrastructure and Transport’s real transaction price disclosure system, an 84㎡ unit was reported sold on the 19th of last month for 3.98 billion KRW (10th floor), which is 130 million KRW higher than the record price in April this year (3.85 billion KRW).

Such a thriving Han River location continues to attract attention in the second half of the year’s sales market.

First, "Raemian One Bailey," an apartment where residents can enjoy Han River living, is currently on sale. Supplied by Samsung C&T Corporation, "Raemian One Bailey" is a redevelopment of Sinbanpo 3rd and Gyeongnam Apartments, consisting of 23 buildings ranging from 4 basement floors to a maximum of 35 floors above ground, with a total of 2,990 households. Among these, 224 units sized 46 to 74㎡ are offered to the general public. During the first-priority subscription on the 17th, it recorded an average competition rate of 161.23 to 1 and a peak of 1,873.5 to 1, with official contracts scheduled to begin on the 9th.

Additionally, "Raemian One Pentas (Sinbanpo 15th)" located nearby is expected to be offered to the general public within the year. Out of a total of 641 households, 297 will be available for general sale, with housing types ranging from 59 to 191㎡ planned.

In Gangdong-gu, one of the four Gangnam districts, a high-end life office near the Han River is about to be launched. HDC Hyundai Development Company plans to offer the high-end life office "Godeok I-Park Dearban" in July in the Ilwon area of Gangdong-gu, Seoul.

"Godeok I-Park Dearban" will be developed on approximately 301,092㎡, with 6 basement floors and 21 floors above ground. It will include retail facilities, sports facilities, cultural and assembly facilities, office spaces, and neighborhood living facilities, with a total of 598 office units ranging from 37 to 158㎡. Especially, its proximity to the Han River and Godeok Riverside Ecological Park allows for an eco-friendly lifestyle, and it is expected to have a premium for views of the Han River and Godeoksan Mountain. At the site’s promotional center located at the V Center exhibition hall in Gangdong-gu nearby, visitors can experience the actual Han River view from the site.

In the Deok-eun District of Goyang, officetels with Han River views are also attracting high interest. Hyundai Construction is building "THE GL," an officetel in Deok-eun District, Goyang City, Gyeonggi Province, which is drawing attention due to its Han River views, accessibility to Seoul, and abundant demand base. The complex, which received subscriptions on the 23rd of last month, closed with an average competition rate of 13.99 to 1 and a peak of 83.71 to 1. This single building with 23 floors above ground forms a complex with the knowledge industry center (GL Metrocity Han River), which has 2 buildings with 21 floors and 832 units.