- Last Year's Maximum Price Increase... Upward Trend Continues This Year
- 'Yeongdeungpo Xi Dignity' Maintains Pre-sale Price Under Price Ceiling System... Even with Safety Margin?
As appropriate sale prices have emerged as the most important factor in the housing market, which cooled down last year due to high interest rates and rising construction costs, attention is focused on ‘Yeongdeungpo Xi Dignity,’ scheduled for sale this month.
According to Real Estate 114, the average apartment sale price in Seoul last year was 34.74 million KRW per 3.3㎡, up 6.76 million KRW from 27.98 million KRW in 2021. This represents a 24% increase in just one year.
The industry expects the rise in new apartment sale prices to continue this year. The basic construction cost for apartments subject to the price ceiling system increased by 1.1%, from 1,904,000 KRW to 1,925,000 KRW per unit in September last year, with further increases anticipated. Moreover, most areas in Seoul have recently been exempted not only from the price ceiling system but also from the Korea Housing & Urban Guarantee Corporation’s price controls, allowing construction companies or reconstruction and redevelopment associations to freely set sale prices.
Yeongdeungpo Xi Dignity is drawing attention because it was removed from the regulated area earlier this year and is no longer subject to the price ceiling system, yet the Yangpyeong 12 District Association decided at the end of last year to maintain the sale prices set under the price ceiling system without raising them.
A representative from the Yangpyeong 12 District Association said, “Although there were opinions to raise the sale prices, considering the market situation, we decided to apply the average sale price confirmed last year as is.”
The average sale price of Yeongdeungpo Xi Dignity is 34.11 million KRW per 3.3㎡, which means that for a typical exclusive area of 59㎡, the price is in the 850 million KRW range, and for 84㎡, it is in the 1.15 billion KRW range. According to a representative, this is cheaper than the surrounding market prices.
According to the most recent transaction data from the Ministry of Land, Infrastructure and Transport, the 59㎡ unit of ‘Yeongdeungpo Joongheung S-Class’ (moved in March 2021) was traded at 1.1 billion KRW, and the 85㎡ unit at 1.3 billion KRW. The 84㎡ unit of ‘Mullae Xi’ (moved in November 2001) was traded at 1.29 billion KRW.
A sales official said, “Due to the nationwide transaction freeze, it is difficult to accurately grasp the market price because of the lack of recent transaction data around the project site, but based on recent transactions in nearby major complexes, Yeongdeungpo Xi Dignity is expected to have a safety margin of over 100 million KRW.”
Yeongdeungpo Xi Dignity consists of four buildings ranging from two basement floors to a maximum of 35 floors above ground, with a total of 707 households, of which 185 units with exclusive areas of 59 to 84㎡ are for general sale.
The subscription schedule starts with special supply on March 6 (Monday), followed by first priority on March 7 (Tuesday), and second priority on March 8 (Wednesday). The announcement of winners will be on March 14 (Tuesday), and the official contract signing for winners will take place over three days from March 28 (Tuesday) to March 30 (Thursday).
As it is a non-regulated area, anyone aged 19 or older residing in the metropolitan area (Seoul, Gyeonggi, Incheon) who has been a member of the subscription savings account for at least 12 months and meets the deposit requirements by region and area can apply for first priority subscription regardless of the number of houses owned or household head status. The selection of winners is 40% by point system and 60% by lottery.
The excellent location also draws attention. It is an ultra-station area adjacent to Yangpyeong Station on Subway Line 5, and Yeongdeungpo-gu Office Station, a transfer station between Lines 2 and 5, is also nearby, providing good access to major business districts such as Gangnam, Yeouido, and Gwanghwamun. Additionally, roads such as Yeongdeungpo-ro, Seobu Expressway, Gyeongin Expressway, and Olympic-daero allow easy access to all parts of Seoul, including Yeouido.
Large marts such as Lotte Mart (Yangpyeong branch) and Costco (Yangpyeong branch) are within walking distance, and Emart and Homeplus are also nearby. Within a 2 km radius are Hyundai Department Store, Lotte Department Store, Shinsegae Department Store, Ewha Mokdong Hospital, and Mokdong Sports Complex. Sports facilities along the Anyangcheon Stream are also easily accessible.
Nearby schools include Dangjung Elementary, Mullae Middle, Yanghwa Middle, and Gwanak High School, all within walking distance, and the Mokdong academy district is also close.
‘Yeongdeungpo Xi Dignity’ is currently operating a model house, and move-in is scheduled for the first half of 2026.
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