Seoul Apartment Prices Rise 21% in One Year, 'Eunpyeong Xi The Star' Attracts Attention

- Even Small Types in Seoul Exceed 1 Billion Won in Sale Price
- Concerns of 30% Surge Next Year Due to Zero-Energy Building Regulations

This year, sale prices are expected to soar to unprecedented heights. Every month, regardless of the metropolitan area or provinces, new records are being set with each announcement. As a result, places that announced sales long ago and are currently selling some remaining units are gaining attention for their reasonable prices, accelerating contract signings.

According to the Housing and Urban Guarantee Corporation (HUG), as of the end of January this year, the nationwide apartment sale price (per 3.3㎡) surged 10.9% compared to a year ago. Seoul saw a 21.0% increase during the same period, and provinces excluding metropolitan areas also rose sharply by 11.8%, highlighting the upward trend. In particular, with prices rising relentlessly every month, the saying "today's sale price is the cheapest" has become a reality.

Looking at individual complexes, an apartment in Seodaemun-gu that received applications in early March had a sale price of 1,048.75 million KRW for a 59㎡ exclusive area (based on the highest price). However, it heated up with a first-priority average competition rate of 124.4 to 1. A large complex in Seongdong-gu that held applications in December last year also exceeded 1 billion KRW for the 59㎡ type but was fully contracted within a short period.

The increase in construction costs was driven by rising raw material and labor costs. Especially, sale prices are expected to continue rising. A major challenge is the mandatory certification of zero-energy buildings. Scheduled to be implemented next year, private multi-family housing with 30 or more units will be required to be zero-energy buildings. This system quantitatively evaluates the five major energy uses of a building (cooling, heating, hot water, lighting, ventilation) and certifies the building's energy performance. The Korea Institute of Civil Engineering and Building Technology forecasts that construction costs for zero-energy buildings will increase by 30% compared to existing buildings.

With sale prices likely to continue rising, buyers seeking new apartments are turning their attention to places supplying some remaining units. Since the sale prices were set earlier when the announcements were made, these places have secured price competitiveness.

[Eunpyeong Xi The Star Perspective]

Undoubtedly, the most talked-about place is ‘Eunpyeong Xi The Star’ in Eunpyeong-gu, constructed by GS Construction. Currently, a fixed contract deposit of 20 million KRW is being offered, along with full interest-free benefits on intermediate payments. In other words, paying only 20 million KRW upfront means no additional costs until move-in. The comfortable move-in date is scheduled for May 2026, which is another advantage.

Another feature is the full-option provision that makes interior work unnecessary. Basic provisions include hardwood flooring, European porcelain tiles, system air conditioning, Syscline, Objet refrigerator, and dishwasher. The complex consists of a total of 312 households, and some small-sized units (49㎡ exclusive area) are currently being sold. Parking for more than one car per household is possible, and the two bathrooms and ample storage space also stand out.

Additionally, Eungam Station and Saejeol Station on Line 6 are within walking distance. With the planned addition of the Seobu Line and Goyang-Eunpyeong Line at Saejeol Station, residents will have access to three lines all within walking distance in the future. Located in the original downtown area of Eunpyeong-gu, the complex is surrounded by abundant living infrastructure and boasts a school district with prestigious private schools such as Chungam Middle School and Chungam High School nearby. Starfield Goyang and IKEA Goyang are also conveniently accessible by car. The well-equipped Bulkwangcheon stream with diverse trees and walking trails is within walking distance, adding to the pleasant residential environment.

A sales representative said, “The officetels have already sold out, and currently only some small-sized units remain for sale. The benefits to contract holders, such as interest-free intermediate payments and full options, amount to about 100 million KRW in actual value. Contracts are progressing smoothly, and we expect a full sell-out soon.”