"Ocean View So Popular That Demand Piles Up Even If 200-300 Million Won More Expensive"

Among the apartments accepting subscription applications in major urban areas such as Seoul and Busan, those with river or sea views showed higher competition rates compared to those without such views.

[Image provided by Budongsan R114]

On the 27th, Real Estate R114 analyzed 239 complexes that accepted subscription applications last year in the metropolitan area and major cities. Complexes with scenic views recorded an average subscription competition rate of 11.4 to 1, while those without views showed a competition rate of about 8.6 to 1.

The premium for scenic views causes significant price differences even within the same living area. In Busan, areas like Suyeong-gu and Haeundae-gu, where sea views are actually possible, are about 7 to 8 million KRW more expensive per 3.3㎡ compared to the local average market price. Assuming the standard 84㎡ unit, this results in a price difference of approximately 200 to 300 million KRW.

The value of river or sea views has a strong influence across urban areas including Seoul, the metropolitan area, and major cities. The location advantage of scenic views, previously seen in resorts or hotels, acts as a factor that increases the rarity value of apartment complexes.

Real Estate R114 conducted a full survey of complexes scheduled for sale this year in metropolitan and major urban areas that offer river or sea views. Due to the rarity of such scenic view (or land) locations, they accounted for only about 10% of the total. Among the 177 complexes surveyed for upcoming sales, only about 17 complexes were confirmed to have river or sea views depending on the floor. Notably, 11 of these complexes were concentrated in Busan.

A representative from Real Estate R114 stated, "It is necessary to pay attention to complexes scheduled for sale considering the potential for long-term value increase due to the rarity of their location."