The exclusive 84㎡ occupancy rights for Dunchon Jugong (Olympic Park Foreon) in Dunchon-dong, Gangdong-gu, Seoul, were sold at a price 500 million KRW higher than the sale price, setting a new record high once again.
According to the Ministry of Land, Infrastructure and Transport's actual transaction price disclosure system on the 28th, the exclusive 84㎡ occupancy rights were contracted for 1.8 billion KRW on the 11th. This is 80 million KRW higher than the 1.72 billion KRW transaction price recorded earlier this month, breaking the highest price record within ten days. Considering that the general sale price for this area is around 1.3 billion KRW, the premium has risen to 500 million KRW. Currently, the occupancy rights for the Olympic Park Foreon 국민평형 listed on Naver Real Estate are priced between 1.7 billion and 1.8 billion KRW.
Previously, Olympic Park Foreon failed to close the first-priority subscription. When unsold units were recorded, the industry expressed concerns that the sale price of Olympic Park Foreon was expensive and predicted a negative premium. However, after the government announced the 1·3 real estate measures and significantly eased regulations, all remaining 899 units were sold through non-priority subscriptions.
The recent continuous rise in Olympic Park Foreon prices is analyzed to be due to the rebound in apartment prices in the nearby large complexes in Songpa-gu. The increase in apartment prices in nearby Helio City, Park Rio, and the depletion of urgent sale properties have influenced this trend. According to the Korea Real Estate Board, the apartment sale price index in Songpa-gu rose from 0.11% last week to 0.26% this week in the fourth week of this month, showing an increased rate of rise.
Meanwhile, the sale of Olympic Park Foreon's pre-sale rights is currently not taking place. With the partial amendment of the 'Housing Act Enforcement Decree' easing the resale restrictions on apartment pre-sale rights, the resale restriction period has been shortened from a maximum of 10 years to 3 years in the metropolitan area, and from a maximum of 4 years to 1 year in non-metropolitan areas. Olympic Park Foreon, located in a densely regulated area, has had its resale restriction period reduced from 8 years to 1 year, and pre-sale rights will be tradable starting December. However, actual resale is expected to be possible only after the Housing Act amendment, which abolishes the obligation for actual residence, passes through the National Assembly.
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