Following the 4.5 Billion KRW for National Standard, 6 Billion KRW for Exclusive 129㎡... Aripak's Record High Price Streak

Panoramic view of 'Acro River Park' in Banpo-dong, Seocho-gu, Seoul (Photo by Asia Economy DB)

[Asia Economy Reporter Ryu Tae-min] The apartment with the highest price per pyeong in South Korea, Acro River Park in Banpo-dong, Seocho-gu, Seoul, is continuously setting new record prices. Following the 84㎡ (exclusive area) unit, considered the standard size, being traded at 4.5 billion KRW, the 129.92㎡ unit's actual transaction price has also surpassed 6 billion KRW for the first time.

According to the Ministry of Land, Infrastructure and Transport's real transaction price disclosure system on the 4th, an 84㎡ (exclusive area) unit in Acro River Park, Banpo-dong, Seocho-gu, Seoul, changed hands for 4.5 billion KRW on the 15th of last month. This is the highest price for an 84㎡ apartment unit nationwide.

Since October, rumors circulated that the 84㎡ unit in this complex was traded at 4.5 billion KRW, attracting attention, but the actual transaction was not registered, leading to controversy over whether it was a price-raising tactic. With the recent confirmation of the real transaction price, it is interpreted that the parties involved delayed the reporting as much as possible.

Earlier, on the 6th of last month, a 129.92㎡ unit in this complex was sold for 6.02 billion KRW. The previous highest price was 5.3 billion KRW, traded in September, meaning the price rose by more than 700 million KRW in two months.

The continuous record-breaking prices are interpreted as an acceleration of the preference for owning a single, well-located property centered around the Gangnam area. In fact, transactions exceeding 100 million KRW per pyeong are increasing throughout the Gangnam area. In October, a Remian Prestige 84㎡ unit in Banpo-dong, Seocho-gu, also set a record high by trading at 3.8 billion KRW. In September, a Remian Sinbanpo Palace 84㎡ unit in Jamwon-dong, Seocho-gu, changed hands for 3.03 billion KRW.