Despite the Sluggish Real Estate Market, Vibrant 'Gangneung' Premium Expected: Spotlight on 'Gangneung The Live Prestige'

- Gangneung City Housing Prices Rise 21.7% Year-on-Year... High Investment Value Recognized
- Gangneung The Live Prestige, Mid-to-Large Apartments in Gyodong Living Area, Model House Opens September 16

There are regions where the housing market continues to rise despite the overall stagnation. Gangneung-si in Gangwon-do, which is free from various regulations, is a representative example, maintaining an active atmosphere with a housing price increase rate higher than that of the metropolitan area.

According to KB Real Estate, as of August this year, the average apartment sale price in Gangneung-si was 268.79 million KRW, showing an increase of more than 20% compared to the previous year. During the same period, the housing price increase rates in Seoul and Gyeonggi-do remained below 4%. This means that Gangneung-si's housing price increase rate is more than five times higher than that of the metropolitan area. Considering the overall market sentiment is declining due to interest rate hikes, such a rise is exceptional.

Thanks to this upward trend, the investment value of real estate in Gangneung-si is also rising. In particular, since Gangneung-si is a non-regulated area exempt from various subscription and loan regulations, investor interest is expected to increase further. In fact, unlike the metropolitan area, Gangneung-si does not apply restrictions on re-winning or resale limitations. Additionally, the burden of various taxes related to capital gains tax, acquisition tax, and comprehensive real estate tax is relatively low.

Abundant housing demand is also a major factor enhancing investment value. According to the Korea Real Estate Board, more than 70% of the housing stock in Gangneung-si is over 20 years old. This means many residents live in old houses due to a shortage of apartment supply. Consequently, there is inevitably high demand for new apartments.

In fact, new apartments in Gangneung-si are trading with high premiums on pre-sale rights. According to the sales industry, the L apartment with a floor area of 84㎡, scheduled for move-in in November 2024, is being traded with a premium of up to 380 million KRW above the original sale price. Also, the nearby K apartment’s 84㎡ unit was traded at a price 178 million KRW higher than the sale price.

Right next to Gangneung’s affluent neighborhood Gyodong... Apartments equipped with essential elements for transportation, education, and cultural living

Meanwhile, a mid-to-large private apartment in the Gyodong living area of Gangneung is attracting attention as it opened its model house on September 16 and officially started sales. The project, ‘Gangneung The LIV Prestige,’ is constructed by SGC E-Tech Construction.

This complex is located in the Jibyeon-dong area of Gangneung-si, Gangwon-do, and consists of a total of 176 households with exclusive areas ranging from 112 to 195㎡.

‘Gangneung The LIV Prestige’ is situated right in front of Gyodong, the representative living area of the region. Gyodong is regarded as an affluent neighborhood in Gangneung. It has various living infrastructures such as large-scale residential complexes, Gangneung City Hall, Gangneung Asan Hospital, Hanaro Mart, Jungang Market, Homeplus, and CGV. Additionally, cultural and leisure facilities like Ojukheon Municipal Museum, Gangneung Arte Museum, Gangneung Art Center, and Gangneung Olympic Park are accessible.

It also boasts excellent transportation conditions. National Routes 7 and 35, Seoul-Yangyang Expressway, Gwangju-Wonju Expressway, and Yeongdong Expressway provide easy vehicle access through multiple wide-area road networks. KTX Gangneung Station is nearby, allowing access to key metropolitan areas such as Cheongnyangni and Seoul in about two hours. Furthermore, transportation development benefits are anticipated with the opening of the Gangneung?Jejin Donghae Northern Line (scheduled for 2027) and the Gangneung?Incheon Gyeonggang Line high-speed railway project (scheduled for 2026).

The location also satisfies educational district requirements. All school districts, including Gyeongpo Elementary, Solol Middle School, Gangneung Munseong High School, and Gangneung-Wonju National University Gangneung Campus, are within walking distance. This is expected to enable safe commuting for children. Moreover, the nearby concentration of academies fosters a good learning environment for children.

‘The LIV’ exclusive specialized design... Various community facilities, spacious parking, and maximized residential convenience

‘Gangneung Station The LIV Prestige’ stands out with its excellent specialized design. All units are mid-to-large sized, and every unit is oriented southward to maximize natural lighting and ventilation. The underground parking lot is designed to accommodate more than two cars per household. The landscaping includes abundant green spaces and pocket rest areas. Additionally, various resident exercise facilities, a multipurpose room, guest house, and neighborhood living facilities are also provided.

The brand value is also added. The constructor, SGC E-Tech Construction, is a comprehensive construction company originating from the technology department of OCI, a pioneer in Korea’s chemical industry since 1967. In August 2017, it launched the residential brand ‘THE LIV,’ which has led successful sales in major cities nationwide.