[Asia Economy Reporter Kangwook Cho] Listings of complexes over 30 years old, the reconstruction age limit, are rapidly disappearing, especially in Seoul. Even amid a transaction freeze, urgent sale properties are sold immediately, and homeowners are withdrawing their listings. This is interpreted as due to growing expectations for the easing of reconstruction regulations after the presidential election.
According to the Ministry of Land, Infrastructure and Transport's real transaction price disclosure system on the 27th, a 54.48㎡ unit in Lotte Apartment, Junggye-dong, Nowon-gu, was sold for 670 million KRW (4th floor) on the 21st. This complex, which marks its 33rd year since completion this year, has applied for a reconstruction on-site investigation (preliminary safety diagnosis) at the Nowon District Office. The current asking price for the same size has risen to around 680 million to 700 million KRW.
Also, a 59.39㎡ unit in Jugong 7 Complex, Sanggye-dong, was sold for 865 million KRW (5th floor) on the 22nd. This complex, which has reached its 34th year since completion this year, has passed the district office's reconstruction on-site investigation.
Nowon-gu was the district with the highest apartment price increase among the 25 districts in Seoul last year. According to statistics from the government-certified price survey agency Korea Real Estate Board, prices rose by 10.85%, and according to the private price survey agency KB Kookmin Bank, prices increased by 23.64%.
The situation is similar in Dobong-gu Chang-dong Jugong Apartment Complex, where many apartments over 30 years old are concentrated. Chang-dong Jugong 3 Complex (Haedeung Village), completed in 1990 and marking its 32nd year this year, has passed the district office's reconstruction on-site investigation, and nearby real estate agencies report that listings, except for urgent sales, are being withdrawn.
Among reconstruction promotion complexes with apartments over 30 years old, many saw prices fluctuate around the presidential election and then shift to an upward trend as urgent sale properties were exhausted.
A 86.4㎡ unit in Seoul Garden, Sinwol-dong, Yangcheon-gu, completed in 1985, was sold for 690 million KRW (9th floor) on the 20th, up 10 million KRW from the previous transaction on January 20 last year at 680 million KRW (3rd floor). The current asking price has jumped to 730 million to 750 million KRW.
Representative famous reconstruction promotion complexes in Yeouido and the Gangnam area show even more pronounced price increases.
A 139.31㎡ unit in Seoul Apartment, Yeouido-dong, Yeongdeungpo-gu, which marks its 46th year since completion this year, was sold for 4.25 billion KRW (12th floor) on the 21st. This is 200 million KRW higher than the previous highest price of 4.05 billion KRW (4th floor) recorded in December last year.
A 183.41㎡ unit in Shinhyundai 11th Complex, Apgujeong-dong, Gangnam-gu, which has entered its 40th year since completion, set a new record by direct transaction at 5.95 billion KRW (4th floor) on the 17th, and a 158.54㎡ unit in Gaepo Woosung 1st Complex, Daechi-dong, completed 39 years ago, also broke its all-time high by selling for 5.1 billion KRW (12th floor) on the 19th.
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