"Won't Sell Even for 50 Million Won More"... Visiting Seoripul District [GB Lifted 50,000 Households]

Seoul Seocho-gu Naegok, Wonji, Yeomgok-dong, etc.
Listings withdrawn and asking prices raised after 8.8 Measures
Residents "Welcome new apartment supply"
Expectations "Transportation and infrastructure will improve"
Signs of damage found in Greenbelt areas of Naegok-dong

"Even when offered an additional 50 million won on the house price, the seller wouldn't budge"

On the 5th, near the greenbelt (GB) development-restricted area in Naegok-dong, Seocho-gu, Seoul, there are apartment complexes and commercial buildings. Photo by Kwon Hyun-ji

On the 5th, a real estate agent in Naegok-dong, Seocho-gu, Seoul, shared the housing transaction situation in the area for the second half of this year.

The land transaction situation is similar. He hinted, "Originally, the land price was around 3 to 4 million won per 3.3㎡ (pyeong), but as the possibility of lifting the Greenbelt (GB) restriction increased, owners withdrew their listings and have not expressed any intention to sell."

The real estate agent said, "Since the announcement of the August 8 measures, transactions have noticeably increased, especially direct transactions without going through real estate agents. I think if positive factors like the lifting of the Greenbelt and transportation improvements follow, the surrounding house prices will also rise."

On the 5th, a notice restricting activities was installed in front of the Greenbelt (GB) development-restricted area in Naegok-dong, Seocho-gu, Seoul. Photo by Kwon Hyun-ji

Naegok-dong was one of the areas mentioned for Greenbelt lifting following the government's 'Housing Supply Activation Plan' announced in August. At that time, the government announced plans to supply new housing sites for about 80,000 households by lifting Greenbelt areas within Seoul. Subsequently, it announced the supply of 20,000 new homes in the Seoripul district, which includes Naegok-dong, Wonji, Sinwon, Yeomgok, and Umyeon-dong. Among these, 11,000 homes, accounting for 55%, will be offered as Long-term Lease Housing II (My Own Home) for newlyweds.

Residents expressed anticipation for the new housing supply through the Greenbelt lifting. Mr. Lee (in his 50s) from Naegok-dong said, "Apartments for newlyweds would be perfect. It's a great neighborhood for young people to live in, being close to Gangnam and Pangyo with just a short commute." He added, "Transportation is already convenient, but if more apartments are built, conditions will improve even further."

Mr. Kim Hong-bae (76), who has lived in Naegok-dong for 15 years, said, "The neighborhood has been too quiet, so I hoped more people would come." He added, "If apartments are built, convenience facilities will increase, so I hope the government proceeds well." A representative from Naegok-dong N Real Estate Office also said, "The Greenbelt lifting is a significant positive factor, and many residents hope it will be in their neighborhood. There is a lot of expectation that infrastructure will improve and house prices will rise."

On the 5th, a vinyl greenhouse was installed within the Greenbelt (GB) development restriction zone in Naegok-dong, Seocho-gu, Seoul. Photo by Kwon Hyun-ji

The Greenbelt area in Naegok-dong visited that day showed signs of damage in many places, just as the government described. Behind a locked iron gate secured with a padlock, there were vinyl greenhouses and flower farms. Burial mounds were scattered here and there. The head of J Real Estate Office nearby explained, "Many areas are damaged as they are being used as greenhouses or fields. The Greenbelt in this area is quite large, enough to supply over 100,000 households."

Park Sang-woo, Minister of Land, Infrastructure and Transport, stated that day, "The Seoripul district is already damaged, so its value as Greenbelt preservation is relatively low. We minimized the area to be lifted by improving land use efficiency and plan to develop it as a child-friendly residential complex centered on public housing to ensure public interest is not compromised."

On the 5th, residential houses were built in the greenbelt (GB) in Naegok-dong, Seocho-gu, Seoul. Photo by Kwon Hyun-ji