Movements among real estate buyers planning to purchase their own homes are becoming active. This is a stark contrast to the stagnant market in 2022 caused by rapid interest rate hikes.
According to the Korea Real Estate Board, the Seoul apartment jeonse price index has been on an upward trend for over a year since rebounding in June last year and continuing through August this year. This is attributed to a shift in demand towards relatively safer apartments due to a villa avoidance trend following jeonse fraud incidents.
The rise in jeonse prices has driven up sales prices. The Seoul apartment sales price index, which had been declining, recorded a positive growth rate of 0.13% in April this year and has maintained positive growth for five consecutive months. In August, it rose by 1.27%, expanding the increase compared to the previous month’s 1.19%.
Transaction volumes have also increased. According to the Seoul Real Estate Information Plaza, the number of apartment sales transactions in Seoul, which was in the 2,000 range at the beginning of this year, rose to the 4,000 range in March and the 7,000 range in June. In July, a total of 8,894 transactions were recorded.
In some areas, prices are approaching or even surpassing previous peak levels. According to the Ministry of Land, Infrastructure and Transport’s real transaction price disclosure system, an 84㎡ unit in ‘Risence’ in Jamsil-dong, Songpa-gu, was traded for 2.6 billion KRW in June this year, close to the highest price of 2.65 billion KRW recorded in April 2022.
In the same month, an 84㎡ unit in ‘The H Xi Gaepo’ in Irwon-dong, Gangnam-gu, sold for 3 billion KRW, surpassing the 2021 peak price of 2.95 billion KRW. Meanwhile, in Banpo-dong, Seocho-gu, an 84㎡ unit in ‘Banpo Raemian Prestige’ was contracted for 4.1 billion KRW in July this year, setting a new record price.
An industry insider said, “Currently, house prices are rising mainly in popular major complexes in Seoul, but as buying momentum revives, the warmth is gradually spreading. It is expected that real buyers will become even more active in securing their homes before prices rise further.”
Meanwhile, attention is focused on an apartment in the Magok district of Seoul being offered on a first-come, first-served basis at prices in the 500 million KRW range. The property, ‘The Truel Magok HQ,’ boasts an excellent location in Gangseo-gu.
The Truel Magok HQ is located at 67 Gonghang-daero, Gangseo-gu, Seoul, consisting of three buildings from basement level 2 to 14 floors above ground, with 148 apartments sized 36 to 48㎡, 20 office rooms, and neighborhood living facilities, forming a small luxury residential complex.
The complex is a pre-construction, post-sale product, allowing buyers to view the actual units before signing contracts, with immediate move-in available. It is supplied at a reasonable price 20-30% lower than surrounding market prices, with no resale restrictions, allowing free sales after registration transfer.
First-come, first-served sales do not require a subscription savings account, and anyone aged 19 or older can contract regardless of residence. Unlike general sales, buyers can select their preferred building and unit number.
The Truel Magok HQ is a double-station complex within walking distance of Songjeong Station on Line 5 and Gonghang Market Station on Line 9. From Songjeong Station, Gimpo Airport Station is just one stop away, providing access to five lines: Line 5, Line 9, Seohae Line, Gimpo Gold Line, and Airport Railroad. It is also adjacent to Gonghang-daero and Banghwa-daero, making travel throughout Seoul convenient.
Nearby amenities include Ewha Seoul Hospital, Magok Botanical Garden, and Lotte Mall (Lotte Department Store, Lotte Cinema, Lotte Mart), offering a variety of lifestyle infrastructure for convenient living. It is also close to major corporations such as LG Science Park and Kolon One & Only Tower, providing excellent work-life proximity.
A sales representative stated, “The Seoul real estate market has revived this year, and especially new apartments are seeing increased demand due to reduced supply. The Truel Magok HQ, located in the highly preferred Magok district and offered at a reasonable price compared to surrounding market prices, is expected to be advantageous for future price appreciation.”
The Truel Magok HQ sales office is located within the commercial area of The Truel Magok HQ complex at Gonghang-daero, Gangseo-gu, Seoul.
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