Mid-sized Apartments in Songpa-gu Reach 3 Billion Won Era... Jamsil 5th Complex 82㎡ Sold for 3.13 Billion Won

View of Jamsil 5th Complex Jugong Apartment Complex in Seoul. (Photo by Yonhap News)

[Asia Economy Reporter Ryu Tae-min] While some urgent sale properties are appearing on the outskirts of Seoul, and unusual trends continue, record-high transactions are taking place in the peripheral areas of Gangnam despite the overall market stagnation. Recently, in Songpa-gu, a mid-sized apartment of 82㎡ (exclusive area) surpassed the actual transaction price of 3 billion KRW for the first time.

According to the Ministry of Land, Infrastructure and Transport's real transaction price disclosure system on the 13th, an 82.61㎡ apartment in Jugong Complex 5, Jamsil-dong, Songpa-gu, was actually traded for 3.131 billion KRW on the 26th of last month. This price is 153 million KRW higher than the previous highest price of 2.978 billion KRW recorded at the end of August. This is the first case in Songpa-gu where the actual transaction price for this area exceeded 3 billion KRW.

Jamsil Jugong Complex 5, a reconstruction apartment complex, is leading the housing prices in this area. Additionally, the ‘Jamsil Els’, considered the flagship apartment in the Jamsil area, with 84㎡, changed hands for 2.7 billion KRW on the 18th of last month.

In the Gangnam area, complexes with record-high prices exceeding 3 billion KRW are emerging one after another. ‘Raemian Blestige’ in Gaepo-dong, Gangnam-gu, 84㎡, was traded for 3.2 billion KRW on the 9th of last month. This price is more than 200 million KRW higher than the previous record of 2.98 billion KRW in August. In Daechi-dong, ‘Gaepo Woosung 1st’ first hit 3 billion KRW in April and updated its record by trading at 3.18 billion KRW on the 9th of last month.

In Banpo-dong, Seocho-gu, ‘Raemian Prestige’ 84㎡ was sold for 3.8 billion KRW on the 15th, setting a new record. The highest-priced apartment for the 84㎡ standard is ‘Acro River Park’ in Banpo-dong, which was traded for 4.2 billion KRW in September.

Song Seung-hyun, CEO of Urban and Economy, explained, “Although apartment transaction volumes have decreased recently due to loan regulations, complexes exceeding 1.5 billion KRW, where loans are completely unavailable, are not affected by these regulations, so record-high prices continue.” He added, “The high demand for a ‘smart single property’ due to increased taxes on multi-homeowners also seems to have influenced this trend.”