NH Investment & Securities announced on the 20th that it has published the report titled 'In-depth Analysis of Jamsil Apartments_Jamsil Area Status and Outlook by Complex.' This report reviews the current status, prices, and transaction volumes of apartment complexes in Jamsil-dong and Sincheon-dong, and provides forecasts through supply and local issue analysis.
The Jamsil area refers to the legal neighborhoods of Jamsil-dong and Sincheon-dong, bordering Gangnam-gu’s Samseong-dong and Daechi-dong. It is known as a highly preferred residential area due to its excellent school districts, transportation, and infrastructure, with approximately 38,000 apartment households densely concentrated. In the late 2000s, Jamsil underwent reconstruction of Jamsil Jugong Complexes 1 to 4 and Shiyeong Apartments, becoming a large-scale complex area known as 'El·Ri·Te·Re·Pa' (Jamsil Els, Resentz, Trimage, Lake Palace, Parkrio). It is notable as the starting point of the Seoul apartment market, with nearly 13,000 households of the national standard size of 84㎡ exclusive area.
Apartment sale prices in the Jamsil area have steadily risen since the beginning of 2024. Jamsil-dong has recovered to about 96% of its peak price, and Sincheon-dong to about 94%, according to analysis. For major apartments such as Jamsil Els, Resentz, and Trimage with the national standard size (84㎡ exclusive area), actual transaction prices in July 2024 surpassed previous highs, and transaction volumes have continued to increase. As of June, Jamsil-dong and Sincheon-dong recorded 149 transactions, marking the highest volume in four years since the initial designation of the land transaction permission zone.
Key reconstruction complexes include Jamsil Jugong Complex 5, Asia Athlete Village, Jangmi Apartments, and Woosung Apartments. Except for Asia Athlete Village, all have entered the mid-stage of the project, having received approval for the establishment of the association. Notably, Jamsil Jugong Complex 5, located along the Han River, is planned to reach up to 70 floors, making it one of the most promising reconstruction complexes in Seoul. Similarly, Jangmi Apartments 1, 2, and 3, also located by the Han River, are scheduled to be built up to 49 floors through rapid integrated planning, boosting the reconstruction market atmosphere in the Jamsil area. The Jamsil Raemian I-Park (reconstruction of Jinju Apartments) and Jamsil Le El (reconstruction of Miseong and Clover Apartments), scheduled for general sale in the second half of this year, are highly anticipated as new large-scale complexes supplied in the Jamsil area for the first time in 18 years.
Subject to the price ceiling system, the general sale prices are expected to be 54.09 million KRW per pyeong for Jamsil Raemian I-Park and 51.03 million KRW per pyeong for Jamsil Le El. The report forecasts that, considering the prices of nearby Parkrio and newly built Helio City in Songpa-gu, a price gain of over 500 million KRW can be expected for the 84㎡ exclusive area. Jeong Bohyun, Senior Researcher of Real Estate at NH Investment & Securities Tax Center (NH WM Masters Specialist), stated, "The absence of new constructions and the extension of the land transaction permission zone are major factors influencing price formation in the Jamsil area. The timing of new apartment move-ins after reconstruction and the lifting of the land transaction permission zone are expected to positively impact price increases." He added, "However, since prices have already surpassed previous highs and are higher than some areas in Gangnam and Seocho, caution is required." Jeong Yuna, Lead Researcher of Real Estate at NH Investment & Securities, noted, "With the development of the International Exchange Complex becoming visible, the increase in large-scale gathering facilities and floating population is expected to be a long-term positive factor for apartment prices in the Jamsil area. Considering the recent trend led by new constructions in the housing market, there is also a possibility that demand may be dispersed to new constructions in other areas with favorable locations."
The full report can be accessed on the official NH Investment & Securities blog.
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