Rising Trend in Sale Prices Expected to Sustain Steady Increase in New Constructions in Gangnam Area
Recently, the trend of rising apartment sale prices has been steep. In particular, last month, there were complexes in the Gangbuk area of Seoul where the sale price of apartments with a net area of 84㎡ exceeded 1.2 billion KRW, indicating a significant shift in the market atmosphere.
According to data compiled by the Housing and Urban Guarantee Corporation (HUG) last month, as of the end of September, the average sale price of private apartments in Seoul was 9.697 million KRW per square meter, or 32 million KRW per 3.3㎡. The average apartment sale price in Seoul rose by 0.65% compared to the previous month and surged by 14.05% compared to a year ago.
Although the average sale price per pyeong (3.3㎡) of Seoul apartments has soared significantly compared to a year ago, the upward trend in sale prices is expected to continue. This is due to strong upward pressure from factors such as rising basic construction costs and anticipated interest rate hikes.
In fact, in the Gangbuk area, some complexes have seen sale prices for the standard 국민 평형 (net 84㎡) exceed 1.2 billion KRW. According to Korea Real Estate Agency’s Apply Home, the sale price per 3.3㎡ for ‘Imun I-Park Xi (Imun 3 District)’ in Dongdaemun-gu, constructed by HDC Hyundai Development Company and GS Construction, was set at 35.5 million KRW. For the 84㎡ unit, prices range from 1.2 to 1.3 billion KRW. This is over 200 million KRW more expensive than ‘Raemian La Grande (Imun 1 District)’ which was sold a few months ago in the Imun Hwikyung New Town.
Following Gangbuk, Daewoo E&C’s ‘Sangdo Prugio Clavenue’ in Dongjak-gu, despite being located in a somewhat less advantageous area away from major transit stations, has sale prices set at over 1 billion KRW for 59㎡ units and 1.3 billion KRW for 84㎡ units, showing a steady increase in pricing for newly built apartments.
Amid this rising trend in apartment sale prices, real buyers who need to secure housing are facing increasing burdens, and ‘Elukeu Bangbae Seoripul’ located in Seocho-gu is attracting attention.
‘Elukeu Bangbae Seoripul’ is a newly built residential product offering a reasonable price compared to recent sale prices, allowing buyers to secure a ‘home’ in the core redevelopment area of Bangbae-dong, Seocho-gu, in the Gangnam area, with ultra-close proximity to transit stations. The complex features a spacious and innovative floor plan with a 4-bay layout suitable for 3 to 4-person households, which stands out.
Thanks to these advantages, the first phase of sales was successfully completed, and due to continuous additional inquiries, the developer plans to conduct a second phase of sales in November for some royal floor units held by the developer.
Ahead of the second phase of sales, the project management company ‘AM Co., Ltd.’ plans to hold a business briefing under the theme ‘Seocho-gu Real Estate.’ Notably, the first phase of sales was conducted before factors such as rising raw material prices and interest rate hikes were reflected in the sale prices, and the same prices will be maintained for the second phase, making it a popular residential product offered at a more reasonable price.
‘Elukeu Bangbae Seoripul’ is an ultra-transit station complex located about 130 meters from Bangbae Station. It is also a double transit station complex with Naebang Station nearby, boasting the best transportation accessibility. Especially, it meets diverse consumer needs through customized designs using ‘Layered Home,’ which adds personal lifestyle functions to the space. As a product that expands usable floor area, it offers an innovative and stylish living space, promising a luxurious residential environment.
The complex’s unique community spaces are also noteworthy. Facilities such as a rooftop exclusively for residents, a fitness center for residents only, and a book caf? for work and study enhance residents’ satisfaction. Above all, the provision of a dedicated storage room for each household within the complex is considered the greatest advantage.
Currently, various nearby areas have been selected as Bangbae Housing Reconstruction Maintenance Project sites (planned) and are underway, and the creation of a cultural and arts complex town is also being promoted within the area, raising expectations for future value due to development benefits.
Additionally, Bangbae Park, Seoripul Park, Montmartre Park, and Bangbae Neighborhood Park are located nearby, allowing residents to enjoy a pleasant natural environment. Maebongjaesan and Umyeonsan Natural Parks are also adjacent, promising an eco premium. The complex is surrounded by rich cultural, artistic, and lifestyle infrastructure such as the Seoul Arts Center, National Library of Korea, Seoul St. Mary’s Hospital, Express Bus Terminal, and Shinsegae Department Store.
Compared to nearby residential products, ‘Elukeu Bangbae Seoripul’ offers a reasonable sale price and is relatively free from real estate regulations. There is no mandatory residence period or resale prohibition period, and no subscription savings account is required.
Meanwhile, sales consultations for ‘Elukeu Bangbae Seoripul’ are conducted through prior registration, and the sales promotion center is operating in Gangnam-gu.
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