Following 14 consecutive months of rising apartment sale prices, with further increases expected, buyers are accelerating their home purchase timing and focusing on prime complexes offering relatively affordable prices.
According to the Housing & Urban Guarantee Corporation (HUG), as of the end of April this year, the nationwide apartment sale price was 18.79 million KRW per 3.3㎡, a sharp increase of 17.3% compared to a year ago. In particular, apartment sale prices in Seoul soared 26.7% year-on-year, far exceeding the national average increase. For a single home (based on 84㎡ exclusive area), this means Seoul’s sale prices rose by about 200 million KRW in one year.
In fact, an apartment in Seodaemun-gu that received applications in March this year had a sale price of 67.05 million KRW per 3.3㎡. However, it recorded an average competition rate of 124.4 to 1 for first-priority applicants. An apartment sold in Gwangjang-dong, Gwangjin-gu in January had a sale price exceeding 100 million KRW per 3.3㎡, yet the competition rate also exceeded 6 to 1.
It is expected that the sale prices of upcoming private apartments in Seoul will inevitably be even higher. This is because the soaring land prices, raw material costs, and labor cost increases are continuously reflected in rising construction costs. Additionally, from next year, strengthened regulations such as mandatory energy self-sufficiency rates of around 15% for 'Zero Energy Buildings' and raised standards for noise between floors are expected to further increase costs.
An industry insider said, “Since the pace of price increases is faster than the speed of raising funds, the perception that ‘now is the cheapest’ is spreading,” adding, “As anxiety grows, applicants are flocking to apply, especially in Seoul.”
Amid this, ‘Gangbyeon Station Central I-Park’ is attracting buyers’ attention with its reasonable sale prices. The sale price for the exclusive 84㎡ units is set at around 1.27 billion KRW. This is about 20 million KRW cheaper than a nearby complex sold 10 months ago, despite recent skyrocketing prices.
Gangbyeon Station Central I-Park also boasts advantageous location conditions. The complex is a double station area within walking distance of Gangbyeon Station and Guui Station on Subway Line 2. Furthermore, excellent transportation networks such as Jamsil Bridge, Gangbyeonbuk-ro, and Olympic-daero, along with the nearby Dong Seoul Terminal, provide convenient access not only throughout Seoul but also to various regions nationwide.
Educational infrastructure and living convenience are also excellent. Within a 1 km radius, there are more than 10 elementary, middle, and high schools, as well as Konkuk University and large private academies, providing a rich educational environment. Additionally, shopping and cultural facilities such as Lotte Mart, Gangbyeon Technomart, CGV, and Lotte Department Store, as well as medical facilities including Seoul Asan Medical Center, Konkuk University Hospital, and Hyemin Hospital, are conveniently accessible.
The Han River lifestyle is an added bonus. Residents can enjoy leisure activities such as walking in Han River Park, windsurfing at Ttukseom Park’s windsurfing area, and swimming, all within walking distance. Moreover, as part of the modernization plan for Dong Seoul Terminal, a pedestrian deck connecting to the Han River is planned, which will further improve accessibility.
A sales representative said, “The 4Bay cross-ventilation layout (excluding some units), which is hard to find in urban redevelopment projects, along with specialized designs such as powder rooms, dressing rooms, and pantries, is generating a flood of inquiries from buyers.” They added, “Security is enhanced by using facial recognition access systems at both the main and unit entrances, and smart technologies such as heating, ventilation, and temperature control are provided through the I-Park Home app to improve residents’ quality of life.”
Meanwhile, Gangbyeon Station Central I-Park is being developed in the Guui-dong area of Gwangjin-gu, consisting of 4 buildings ranging from 2 basement floors to a maximum of 15 floors, with a total of 215 units. The sales schedule begins with special supply on June 10, followed by first-priority applications on June 11 and second-priority applications on June 12. Winners will be announced on June 19, and official contracts will be signed over three days from July 3 to 5.
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