The officetel market, which had been cold for a while, is warming up due to the ‘January 10 Real Estate Measures’.
In the real estate market, where expanding new real estate supply is difficult due to high interest rates and high inflation, the government has taken active measures to allow various types of housing supply as housing demand diversifies with the increase of single-person households.
On January 10, the government announced that from this year until the end of next year, if small housing units (excluding apartments) are purchased upon completion, they will be excluded from the count of houses when calculating acquisition tax, capital gains tax, and comprehensive real estate tax. Small housing units refer to those with exclusive area of 60㎡ or less, priced under 600 million KRW in the metropolitan area, and under 300 million KRW in provincial areas. However, if an existing single-homeowner purchases an additional unit, the one-household one-homeowner special case (capital gains tax and comprehensive real estate tax) does not apply.
As a result, two-homeowners acquiring multiple small housing units in non-regulated areas will be subject to the same acquisition tax rate of 1-3% as single-homeowners. For comprehensive real estate tax, currently, a heavy tax (up to 5.0%) is applied from three homes onward, but with this deregulation, two-homeowners acquiring additional small homes will still be considered as owning two homes, thus reducing the tax burden.
Additionally, tax benefits through the introduction of short-term registered rental with relaxed rental obligation periods are also planned, raising expectations among officetel investors.
Until now, officetels were included in the housing count, causing tax burdens such as heavy taxation, but with this deregulation, it is possible to maintain a no-homeowner status and enjoy various tax benefits, so the market is expected to become active, especially around beneficiary complexes.
However, the quantity of units eligible for this deregulation is expected to be limited, increasing their rarity. According to Real Estate R114 data, from this year to the end of next year, the number of small officetel units under 60㎡ nationwide is about 26,400 units, which is only about 30% of the units completed in the previous two years.
Amid this, the ‘Imun I-Park Xi Officetel IM594’, a consortium project by HDC Hyundai Development Company and GS Construction scheduled for sale in February, is attracting attention as a beneficiary complex of the ‘January 10 Measures’. Located in Imun-dong, Dongdaemun-gu, Seoul, it consists of one building from basement level 4 to ground level 25, with a total of 594 units ranging from 24 to 52㎡ exclusive area. Among these, 584 units are for general sale. The expected move-in date is November 2025, and all unit prices are under 600 million KRW, meeting the housing exclusion criteria.
It boasts excellent location advantages with ultra-close and double subway station access. Seoul Subway Line 1’s Hyehwa Station is directly adjacent, and nearby Sinimun Station is also within walking distance. The surrounding road network, including Imun-ro, Mangu-ro, Dongbu Expressway, and Internal Circulation Road, is well developed, making vehicle access convenient. Especially, the Dongbu Expressway underground project (from Wolreunggyo in Nowon-gu to Daechi-dong in Gangnam-gu) is underway, which is expected to greatly improve access to Gangnam.
Furthermore, Cheongnyangni Station, served by Seoul Subway Line 1, Suin-Bundang Line, Gyeongui-Jungang Line, Gyeongchun Line, and KTX Gangneung Line, is nearby, making travel convenient nationwide. In addition, projects such as GTX B (Songdo?Maseok), GTX C (Deokjeong?Suwon) lines, Myeonmok Line (Cheongnyangni?Sinnae-dong), and Gangbuk Transversal Line (Cheongnyangni?Mok-dong) are planned at Cheongnyangni Station, which is expected to become a true transportation hub in the metropolitan area.
There are also abundant nearby development benefits. Seoul City and Dongdaemun-gu are developing the Hongneung R&D Support Center and Advanced Medical Device Development Center near the complex in the Hongneung area. Dongdaemun-gu plans to develop this area as the ‘Hongneung Bio Hub Valley’ to attract numerous related companies and research institutes, and is also planning to designate it as a special development promotion district with various benefits such as tax support, raising expectations for high future value.
The variety of specialized floor plans broadens choices for consumers. In particular, the 24㎡ units are studio types designed to accommodate up to two beds, allowing up to two people to use one unit depending on utilization. Residents can also enjoy a one-stop lifestyle. A mega shopping mall and cinema are planned within the complex, enabling convenient shopping and leisure.
Meanwhile, the model house for Imun I-Park Xi Officetel IM594 is currently open.
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