Homebuyers Say "The First Half of This Year Is the Most Appropriate Time to Buy an Apartment"

Real Estate R114, Survey on Homebuyers' Perceptions
Optimal Time to Purchase a Home is the First Half of This Year
Priority in Location: Educational Environment, Transportation, Residential Comfort
Brand Influence is the Greatest When Buying an Apartment

Apartment complex in Jeonnong-dong, Dongdaemun-gu, Seoul. Photo by Hyunmin Kim kimhyun81@

As the selection between good and bad apartments intensifies in the apartment sales market, consumer expectations are rising. Real Estate R114 announced the results on the 10th of a survey conducted from March 21 to 31 over 11 days, targeting 5,046 adults nationwide on 'Consumer Perceptions Regarding Home Ownership.'

Consumers are considering purchasing a home in the first half of this year by comprehensively evaluating factors such as locations with good educational environments and apartment brand value. They carefully examine not only the timing of the home purchase but also location requirements, brand preferences, and preferred community facilities when selecting an apartment to buy.

Among homebuyers, 26.40% answered that the appropriate time to purchase a home is the 'first half of 2024,' the highest proportion. Recently, as the price decline has stopped and recovery is seen mainly in major areas of Seoul, it appears that buyers are considering purchasing homes at prices lower than previous peak levels.

The most important location factor when choosing a living space was 'educational environment (29.73%, such as distance to schools).' Amid a social atmosphere where private education expenses are reaching record highs and the private education craze shows no signs of abating, preference for so-called 'Haksegwon' complexes?those adjacent to school districts or academy areas?is accelerating.

Next were transportation (proximity to subway stations, road accessibility) at 25.13%, residential comfort (accessibility to parks, mountains, etc.) at 21.21%, and convenience facilities at 15.16%.

When selecting an apartment, 40.57% cited 'brand' as the most influential factor. Brand apartments are trusted by consumers for quality, design, and safety, and are relatively expected to appreciate more in price compared to lower-tier brand apartments. Following this were landscaping and community facilities (20.76%), complex size (19.91%), and interior floor plan (18.04%) as important factors.

The most preferred community facility within apartment complexes was the sauna (21.69%). Next were fitness centers (19.18%), guest houses (14.36%), and libraries and reading rooms (13.21%). Overall, there was a high preference for community facilities that allow individuals to manage their health or enjoy rest and leisure time within the complex.