Last Year, 1 in 5 Out-of-Towners Bought Apartments in Dongjak, Yeongdeungpo, and Seocho

[Asia Economy Reporter Cha Wanyong] Last year, one out of five residents living outside Seoul (hereinafter referred to as outsiders) purchased apartments in Dongjak-gu, Yeongdeungpo-gu, and Seocho-gu.

According to the Korea Real Estate Board on the 14th, the total number of apartment transactions by outsiders in Seoul last year was 3,425. Among them, Dongjak-gu accounted for 244 cases, Yeongdeungpo-gu 243 cases, and Seocho-gu 222 cases, making up 20.70% of the total transaction volume.

The reason for the concentration of outsider investments in these areas is interpreted as due to well-established living infrastructure, good accessibility to downtown, and high expectations for redevelopment and reconstruction potential.

Apartment prices are also showing a stable trend. According to KB Real Estate, while the overall apartment prices in Seoul fell by 3.19% compared to the previous year, Dongjak-gu and Yeongdeungpo-gu showed declines of 1.56% and 1.57%, respectively. Seocho-gu, on the other hand, saw a 0.22% increase.

The sales market is also experiencing a favorable trend. ‘Centreville Asterium Yeongdeungpo’ in Yeongdeungpo-gu, which was offered for sale in February last year, showed a high competition rate with an average of 199.7 to 1 for the first priority application.

Meanwhile, these areas, where outsider investment inflows are increasing, are attracting attention as successive sales are scheduled. First, ‘Yeongdeungpo Xi Dignity’ will be offered in Yangpyeong-dong, Yeongdeungpo-gu this month, and in May, ‘Sangdo Prugio Clavenue’ in Sangdo 11 District, Sangdo-dong, Dongjak-gu will be put up for sale. Reconstruction sales in Bangbae 6 District, Seocho-gu are also scheduled in the first half of the year.