Is the Officetel Market Reviving? 'Mapo Epyt Urbanic,' the First Officetel with Balcony, Attracts Buyer Interest

- Demand Focuses on New Seoul Officetel Sales Following Interest Rate Cut News
- Seoul's First Officetel with Balcony 'Mapo Epyt Urbanic' in Spotlight... Subscription Opens on 16th (Wed)

As the Bank of Korea lowered the base interest rate for the first time in 3 years and 2 months, attention is turning to the new officetel sales market.

According to industry sources, the Bank of Korea cut the base interest rate by 0.25 percentage points from the current 3.5%. This is the first reduction since August 2021, after 3 years and 2 months. Experts expect that with the start of the rate cut, investment demand for income-generating real estate such as officetels will increase more than for apartments.

In fact, in the Seoul area, the atmosphere is entering a full-fledged rising phase not only for apartments, multi-family houses, and row houses but also for officetel sale prices. According to the Korea Real Estate Board, the Seoul officetel sale price index, which had been declining for 23 months since August 2022, recently turned positive with a 0.03% increase.

An industry official explained, “Among Seoul officetels, demand for properties near subway stations is particularly increasing, and concerns about supply shortages are spreading due to significantly reduced upcoming occupancy volumes.” He added, “With today’s announcement of the rate cut, market expectations are high.”

In Seoul, 'Mapo Effit Urbanic' supplied in Ahyeon-dong, Mapo-gu, is attracting attention as it has started open consultations for residential officetels built alongside apartments. Mapo Effit Urbanic is the first officetel in Seoul to feature balconies, drawing strong interest from buyers.

The complex consists of two buildings with 5 basement floors and 24 above-ground floors, totaling 407 units: 198 apartments with exclusive areas of 34?46㎡ and 209 officetel units with exclusive areas of 42/59㎡. The officetel units are composed of ▲38 units of 42㎡ and ▲171 units of 59㎡.

The previously supplied Mapo Effit Urbanic apartments recorded a high subscription rate of up to 34 to 1 in the first priority round. According to the Korea Real Estate Board’s subscription homepage, on the 8th, 952 applications were received for 94 units in the first priority subscription of Mapo Effit Urbanic, and combined with 527 special supply applications on the 7th, a total of 1,479 applications showed strong interest.

As demand was high for apartment subscriptions, a positive atmosphere is expected to continue for officetel subscriptions as well. The apartment subscription winners for Mapo Effit Urbanic will be announced on the 16th (Wednesday), and officetel subscription applications will be accepted simultaneously. Those who did not win the apartment subscription can apply for the officetel subscription as well, providing another opportunity to secure a home. Unlike apartments, officetel subscriptions do not require a subscription savings account and can be applied for from anywhere nationwide. The officetel contract deposit is 10 million KRW per type, and one person can apply for up to 4 types. Officetel winners will be announced on the 22nd (Tuesday), and the official contracts for both apartments and officetels will be conducted over three days from the 27th (Sunday) to the 29th (Tuesday).

Mapo Effit Urbanic offers excellent transportation networks, living infrastructure, and educational environments. The complex is located just a 2-minute walk from Aeogae Station on Subway Line 5, making it a prime location near the station. Using this line, Yeouido and Gwanghwamun business districts can be reached within 10 minutes. Ahyeon Station on Subway Line 2 is also within walking distance, and Gongdeok Station, a transfer station for Subway Lines 5 and 6, Gyeongui-Jungang Line, and Airport Railroad, is just one stop away.

The 59㎡ residential officetel type features a 3Bay 2-room layout with two bathrooms, a U-shaped kitchen, a separate laundry room, and a pantry. Notably, it is the first officetel in Seoul to include balconies, effectively incorporating all the advantages of an apartment with a specialized design. Additionally, the ceiling height is 20cm higher than typical officetels to maximize openness, and appliances, furniture, and sliding doors are provided free of charge. The complex also offers 100% self-parking spaces.

The vehicle transportation network is excellent as well. Major roads such as Mapo-daero and Sinchon-ro are well established, and access to Gangbyeonbuk-ro and Olympic-daero is easy, facilitating convenient travel throughout Seoul by car.

Various specialized community facilities are also available. On the second basement floor, fitness and GX rooms, a golf club, table tennis room, dance room, locker rooms, and showers will be provided for diverse exercise options. The second floor above ground will feature a caf? Greenhouse, Cocoon Caf?, Healing Garden, Refresh Lounge, and Relax Lounge. On the rooftop, there will be a dining area with BBQ facilities, a pet playground, a kids’ play zone, and lounges, offering unique experiences for families and friends.

A sales official stated, “By introducing a specialized design differentiated from existing officetels, residents can enjoy a more comfortable living environment,” adding, “In a situation where housing supply is insufficient, the excellent product quality, living infrastructure, and transportation network are expected to attract strong interest from both actual users and investors.”

Meanwhile, the model house for Mapo Effit Urbanic is located on Hangang-daero in Yongsan-gu, Seoul.