- Signs of Buying Sentiment Revival... GS Construction Completes 100% Contracts in Gangdong-gu and Seongbuk-gu
- Gangdong-gu's 'Dunchon Jugong Reconstruction' Also Fully Sold Out After Non-Qualified Orders
The atmosphere in the Seoul apartment sales market is experiencing a 'reversal,' overcoming early-year concerns. Large-scale branded complexes are consecutively selling out, and buyer sentiment appears to be reviving. It is analyzed that the recent drop in loan interest rates combined with government signals of regulatory easing are revitalizing real estate buying sentiment.
According to the real estate industry, 'Gangdong Heritage Xi' supplied by GS Construction in Gangdong-gu successfully sold out 219 units for general sale in January after preliminary winner contracts. Following this, 'Jangwi Xi Radiant' in Seongbuk-gu announced a sellout in mid-February. Out of a total of 2,840 units, 1,330 were available for general sale, and contracts were completed in a short period.
Subsequently, the consortium of SK Ecoplant and Lotte Construction completed sales for all units of 'Riversen SK VIEW Lotte Castle' in Jungnang-gu. Among the total 1,055 units, 501 were for general sale. The first priority subscription ended in December, and after formal contracts, some remaining units were sold through first-come, first-served contracts starting January 28, with all units finding owners by mid-February.
The 'Dunchon Jugong Reconstruction (Olympic Park Foreon)' in Gangdong-gu is also expected to sell out smoothly. Although it was considered the largest complex since the founding of Korea, it launched sales during a market downturn and faced controversy over high prices, resulting in lower-than-expected subscription results. However, contrary to early predictions that the contract rate would not exceed half, the 59㎡ and 84㎡ units sold out, and other types are expected to sell out after the non-priority subscription scheduled for March.
The consecutive sellouts of Seoul's sales complexes are attributed mainly to increased demand for homeownership driven by government regulatory easing and rising sale prices. First, through the 1·3 real estate measures, the government removed regulatory designations from all areas except the three Gangnam districts and Yongsan-gu. Accordingly, the obligation for actual residence for winners in non-regulated areas of Seoul will be abolished, and resale restrictions will be reduced to one year. Mid-term payments will also be eligible for loans up to 60% of the sale price.
At the same time, the subscription threshold will be significantly lowered. Anyone aged 19 or older residing in the metropolitan area can apply for first-priority subscription if they have held a subscription savings account for more than 12 months and meet the deposit criteria by area. Seoul's priority supply criteria have also been relaxed; instead of requiring continuous residence for over two years, simply residing in Seoul as of the announcement date qualifies for priority supply. Additionally, 60% of winners will be selected by lottery, allowing those with insufficient points to still have a chance. Furthermore, special supply will be available for 84㎡ units.
The ongoing rise in sale prices has made the phrase "today's sale price is the cheapest" a reality, resonating with buyers. According to Real Estate R114, last year marked the first time the nationwide average apartment sale price per 3.3㎡ exceeded 15 million KRW, reaching 34.74 million KRW in Seoul. In particular, in January, the nationwide apartment sale price rose more than 15% from the previous year's average to 17.55 million KRW, and with the basic construction cost set to increase again in March, price pressure on sales is expected to continue due to inflation.
As the sales market atmosphere improves, inquiries from prospective buyers are heating up for places scheduled for sale in Seoul in March. The standout is GS Construction's 'Hwikyung Xi Decencia.' It boasts a double station area with Hoegi Station and Hwigyeoap Station and excellent living convenience facilities.
Hwikyung Xi Decencia will be built in the Imun-Hwikyung redevelopment promotion zone in Hwikyung-dong, Dongdaemun-gu, Seoul, consisting of 14 buildings with a maximum of 35 floors above ground and 3 basement levels, totaling 1,806 units. Among these, 700 units sized 39?84㎡ will be available for general sale. The number of units by exclusive area is ▲39㎡ 19 units ▲59㎡ 607 units ▲84㎡ 74 units, offering small to medium-sized types preferred by buyers.
The most notable feature is its double station area location, adjacent to Hoegi Station (Line 1, Gyeongui-Jungang Line, Gyeongchun Line) and Hwigyeoap Station (Line 1). Additionally, it offers easy access to various parts of Seoul via nearby Mangwoo-ro, Hancheon-ro, Dongbu Expressway, and Internal Circulation Road.
The complex is also surrounded by excellent living convenience facilities. Nearby Cheongnyangni Station has Lotte Department Store and Lotte Mart, and Costco is located near Sangbong Station. Moreover, major universities such as Korea University, Kyung Hee University, Hankuk University of Foreign Studies, and University of Seoul are situated nearby. Additionally, the adjacent Jungnangcheon Stream provides a great environment for exercise and leisure along the stream.
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