'Pungmu Station Prugio City' to Attract Attention Amid Continued Rise in Sale Prices

- Apartment Sale Prices Rise in Capital Region and Provinces in First Half of Year, Officetel Prices Also Increase
- Construction Material Costs and Land Price Index on the Rise... Homebuyers Should Hurry to Secure Their Own Home

Although the government emphasized stabilizing housing prices upon its inauguration, the average sale price per 3.3㎡ of complexes supplied in the new pre-sale market has actually been rising.

Officetels are also seeing continuous price increases. In the first half of the year, the average pre-sale price per 3.3㎡ of officetels nationwide reached 14.69 million KRW, approaching the 15 million KRW mark. This is an increase of 1.35 million KRW compared to the first half of last year (13.34 million KRW) and marks the highest level since related statistics began in 2000.

This is believed to be due to simultaneous rises in construction raw material prices such as cement and aggregates, which correspond to housing costs, as well as labor and land costs, all contributing to the increase in pre-sale prices of new complexes. In fact, the cement industry raised cement prices by 5.1% in July last year, increased them by about 15% earlier this year, and is currently planning a second price hike in September.

Land price indices are also on the rise. According to data from the Korea Real Estate Board, the nationwide land price index in June was 107.49, up 1.68% from January (105.81) and 4.18% compared to one year ago (103.31).

Adding to these challenges, the consumer price index has also reached record highs, which is expected to raise the entry barriers for homebuyers year by year. According to Statistics Korea, the nationwide consumer price index in July recorded 108.74, the highest since 2000. Notably, when comparing the consumer price index from January to July, all 17 metropolitan cities and provinces showed simultaneous increases.

Furthermore, the expected inflation rate, which reflects future price increases and is released by the Bank of Korea, reached 4.7% in July, the highest since the statistics began in 2008, indicating that consumers are experiencing peak inflation levels.

With the combined effects of rising pre-sale prices, material costs, land prices, and consumer price indices, the supply of not only new apartments but also alternative residential officetels is expected to become more difficult. Since developers cannot proceed without realizing price increases, rising pre-sale prices are inevitable to expand supply.

Therefore, complexes scheduled for pre-sale in August and September are expected to attract consumer interest. Each of these complexes occupies prime locations within their regions, and pre-sale prices are anticipated to rise more frequently after these sales.

A major pre-sale complex scheduled for August and September is the residential officetel ‘Pungmu Station Prugio City.’

Daewoo Construction plans to pre-sell ‘Pungmu Station Prugio City’ in Pungmu-dong, Gimpo-si, Gyeonggi Province, within the Pungmu 2 District, in August. The complex will have 288 units across basement 4 floors to 10 floors above ground, with exclusive areas of 64, 67, and 82㎡. It is a branded residential officetel by a major construction company, which is rare in the Pungmu 2 District.

It is located in the central area of Gimpo-si, where various development projects are underway, including urban development projects, station area development projects, Inha University Gimpo Medical Campus, Hangang Cinepolis, and the subway extension project for Geolpo 4 District.

The complex is within walking distance of Gimpo Gold Line’s Pungmu Station, making it a walkable station area. It also boasts excellent transportation access via National Road 48, Gimpo-daero, Olympic-daero, Gimpo Hangang-ro, and the Seoul Metropolitan Area 1st Ring Expressway. Nearby amenities include Sinpung Elementary School, large supermarkets, parks, libraries, and sports centers, making it convenient for residents.